Critical Illness Health Insurance

Critical illness policy is designed to provide comprehensive coverage for life-threatening health conditions like cancer. It can be taken additional to your regular health insurance policy to seek financial protection in case of an unexpected, serious, and extended illness.

With medical inflation on the rise, having a critical illness insurance policy is necessary to safeguard against inflated hospitalisation charges. While taking care of your finances during health emergencies, the policy also offers tax benefits.

Bajaj Finance offers a comprehensive and cost-effective critical illness insurance plan that can be very helpful in case of an unlikely health emergency.

Key Features and Benefits

Here are the key features and benefits offered under critical illness insurance:

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    High coverage amount

    Critical illness policies offer coverage up to Rs. 50 lakh to help you to seek quality treatment. However, the coverage amount will depend on the policy you choose.

  • Comprehensive usage

    Use the policy cover for extensive medical treatment, expert medical advice, or to pay for the medicines.

  • lap documents required

    Covers major illnesses

    Critical illness health insurance mainly covers up to 50 major critical illnesses. Some of these are coronary artery bypass surgery, stroke, kidney failure, major organ transplant, etc.

  • Tax rebate

    The premium paid for this insurance is tax-deductible under Section 80D of the Income Tax Act, 1961. If a policyholder is below 60 years old, he/she can save up to Rs. 25,000 in taxes. Senior citizens over the age of 60 years can save up to Rs. 50,000 in taxes.

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    Hassle-Free Claim

    Settle your claims in a hassle-free manner without involving any third party.

  • Tailor-made policy

    This policy covers expenses which are not usually covered under regular health insurance policy.

Inclusions of Critical Illness Insurance Policy

Here are the standard inclusions under critical illness policy:

  • Critical illness health insurance mainly covers max upto 50 major critical illnesses. Some of these are coronary artery bypass surgery, stroke, kidney failure, major organ transplant, etc.
  • The critical illness cover amount varies depending upon the insurance provider.
  • You can benefit from critical illness insurance within 30 days of diagnosis or as mentioned in the terms and conditions of the critical illness insurance policy.
  • The insured gets the lump-sum amount as mentioned in the critical illness policy.
  • The critical illness insurance policy also covers annual health check-ups.

Exclusions of Critical Illness Insurance Policy

Here are the standard inclusions under critical illness policy:

  • No compensation if a person dies within 30 days of diagnosis of critical illness or surgery.
  • Any critical illness developed due to smoking, tobacco, alcohol, or drug intake is not included in a critical illness insurance policy.
  • The critical illness developed due to internal or external congenital disorder is not included in critical illness insurance.
  • Pregnancy or childbirth-related critical conditions are not covered under critical illness insurance.
  • Adventure sports injuries, self-harm, and war injuries are not included in the critical illness policy.

Importance of Critical Illness Insurance in India

Here’s why critical illness insurance is important in India:

Enhanced coverage

The extensive coverage offered by critical illness insurance is one of the reasons why it is so important. It encompasses a wide variety of serious illnesses with varying degrees of severity. In addition, the sum insured under this policy can help you to manage the healthcare expenses other than the hospital bills.

Benefits of lump-sum

Critical illness insurance provides a lump-sum payment, which increases its value in managing healthcare costs. The lump-sum payment is made regardless of the hospitalization bills. This money can be used for post-hospitalization medication, transportation, lodging, at-home therapy, and other costs.

Access to quality healthcare

Critical illness insurance plans are crucial in the fight against critical illnesses. Due to lack of funding, many people suffering from a serious illness are unable to receive care. The policy enables access to quality healthcare. Hence, patients can get the correct treatment with critical illness insurance coverage, increasing their chances of survival.

Why there is a need to buy a Critical Illness Insurance Plan?

While your primary health insurance will take care of the routine illness and standard hospital procedures, the critical illness plan will cover any unforeseen critical illness or medical complications. Here are a few reasons for the need for a critical illness insurance plan.

  • Added coverage for expensive treatments
  • Additional financial security
  • Stress-free hospitalisation
  • Savings are not disturbed
  • Substantial coverage at low premiums
  • Provide benefits not covered in the primary health insurance plan.

Frequently Asked Questions (FAQs) for Critical Illness Insurance

1. What is critical illness insurance?

A critical illness policy is a type of health insurance plan that covers your medical expenses if any critical illness mentioned in the policy is detected. It acts as an add-on policy to the regular Health Insurance.

2. Why is a critical illness cover necessary?

If you or your family member are diagnosed with a severe illness, critical illness cover offers you financial security. The coverage includes a lump-sum payment that can be utilized for treatment and healthcare costs, recuperation aids, etc. Therefore, a critical illness insurance policy is necessary as an add-on to your primary Health Insurance to provide additional and extensive coverage.

3. Is it worth getting critical illness insurance?

Not only your health but even your finances suffer grievously during a critical illness. It can put you in a financial crisis. Therefore, it is crucial to invest in a good critical illness insurance policy. It covers diseases that may or may not be covered under other health insurances and the most worthwhile point is that the insured has full liberty to decide how to use critical illness cover.

4. Do I need critical illness insurance if I have health insurance?

Yes, critical illness insurance can be beneficial in covering the medical expenses incurred for the treatment of major diseases like cancer, heart diseases, among others. It covers the additional costs incurred for any critical illness treatment, which may or may not be included in your regular health insurance policy.

5. What illnesses are covered under critical illness insurance?

Here’s the list of some of the critical illnesses that are commonly covered under the policy:

· Cancer
· Heart attack
· Open heart coronary artery bypass grafting
· Open heart replacement or repair of heart valves
· Coma of specified severity
· Kidney failure that requires regular dialysis
· Stroke
· Major organ transplant
· Bone marrow transplant
· Permanent paralysis of limbs
· Motor neuron disease (ALS)
· Multiple sclerosis
· Aplastic anaemia
· Bacterial meningitis
· Loss of speech
· End-stage liver disease
· Deafness
· Major burns
· Muscular dystrophy

6. Are there any eligibility criteria for purchasing this policy?

People between the age group of 5 years to 65 years can apply for a critical illness insurance policy. A pre-policy medical check-up is required for individuals after the age of 45 years.