With medical inflation on the rise, having a critical illness insurance policy is necessary to safeguard against inflated hospitalisation charges. In addition to 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.
One can easily choose the best suggested Critical Illness Insurance Policy by checking below details.
|Sum Insured||Minimum coverage up to Rs. 50 lakh or above|
|Waiting Period||Minimum of 30 days from policy start date or a maximum of 2 years|
|Survival Period||As specified in the policy documents|
|Number of Diseases Covered||Up to 50 or more notable critical illness depending on the policy|
|Age of Renewability||Usually, the maximum age or lifetime renewability|
Here are the key features and benefits offered under critical illness insurance:
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.
Use the policy to cover extensive medical treatment, expert medical advice, or pay for the medicines.
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.
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, they 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.
Settle your claims in a hassle-free manner without involving any third party.
This policy covers expenses which are not usually covered under a regular health insurance policy
A critical illness insurance policy offers coverage against life-threatening critical diseases like renal failure, heart attack, cancer, organ transplants, etc. Such policies offer a one-time lumpsum coverage against the exorbitant cost associated with treating these diseases.
Since medical treatment costs are rising with each passing year, access to a comprehensive insurance policy is vital to meet medical and non-medical expenses.
A notable advantage of a critical illness policy is the availability of income tax benefits*. Under the Income Tax Act, 1961, you can claim an income tax deduction per prevailing tax laws of Section 80D (individuals below the age of 60 can avail of the benefit up to Rs. 25,000 on insurance premium paid for self, spouse, and children.). Additionally, senior citizens can claim a deduction of up to Rs. 50,000 as income tax deductions for individuals more than the age of 60 years.
*Tax benefit is subject to changes in tax laws
Many people mistakenly believe that critical illness policy and health insurance are identical. Both plans provide financial coverage per the specific requirements of the policyholder. In actuality, the coverage and benefits these plans provide are unique and cannot be interchanged. Furthermore, it is inaccurate to assume that getting any one of these two insurances is enough.
Health insurance cover is imperative to address medical contingencies. Critical illness insurance extensively covers a specified list of illnesses that are often life-threatening and not covered by regular health insurance. Investing in comprehensive health insurance supplemented with a critical illness policy is advisable to maximise financial security and ensure complete coverage.
When investing your hard-earned money to safeguard your future well-being and peace of mind, it is vital to have complete clarity. This is only possible through informed decision-making. The table below outlines some key differences between a critical illness policy and health insurance.
Critical illness insurance plan
Health insurance plan
|Meaning||It offers coverage against life-threatening diseases.||It offers comprehensive health insurance coverage that includes hospitalisation expenses.|
|Benefits||Hospitalisation is not imperative to receive policy coverage: diagnosis is enough.||The policy coverage is only available after submitting hospitalisation bills. One can also get cashless benefits at network hospitals.|
|Coverage||It provides coverage against up to 50 diseases.||It offers comprehensive coverage, including pre and post hospitalisation expenses.|
|Waiting period||The waiting period depends on the severity of an illness.||It comes with a standard waiting period of 30 days.|
Recently, life-threatening illnesses like cancer, heart disease, stroke, kidney failure, etc. have increased. Also, many people require critical procedures like coronary artery bypass surgery, heart valve surgery, etc. Often, basic health insurance coverage proves inadequate as they don't cover these critical illnesses or procedures. Supplementing your health insurance plan with a critical illness cover to secure your finances and your and your family's health thus becomes essential.
Critical illness cover, purchased on its own or as a rider to your health insurance, safeguards policyholders from specific illnesses otherwise excluded under comprehensive health insurance plans.
When choosing the best critical illness cover, make an informed decision by comparing the various features of available plans and picking the one that best suits your needs. Also ensure you consider important factors such as income, age, and personal liabilities when choosing.
The table below compares different critical illness plans to provide a basic overview.
|Insurance plan||Age||Sum insured||Policy term|
|ManipalCigna ProHealth Insurance Policy - (Super Top Up Scheme)||18 – 56 + years||Rs. 15 lakh, Rs. 21 and Rs. 30 lakh||1 year|
|Niva Bupa Health Companion||18 - 60 years||Rs. 5 lakh||1 year|
|ManipalCigna Super Top Up||18 - 91 years||Rs. 3 lakh to 30 lakh||1/2/3 years|
Here are the complete process for the Claim Process for Critical Illness Insurance Policy:
Cashless treatment is only available at a network hospital registered with Bajaj Allianz. To avail of the cashless treatment, the following procedure must be followed:
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 manage the healthcare expenses other than the hospital bills.
Critical illness insurance provides a lumpsum payment, which increases its value in managing healthcare costs. The lumpsum payment is made regardless of the hospitalisation bills. This money can be used for post-hospitalisation medication, transportation, lodging, at-home therapy, and other costs.
Critical illness insurance plans are crucial in the fight against critical illnesses. Due to a lack of funding, many people suffering from a serious illnesses cannot 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.
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.
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.
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.
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.
Here’s the list of some of the critical illnesses that are commonly covered under the policy:· Cancer
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.
Yes, a critical illness can pay off your health mortgage if the policy coverage includes this facility.
Typically, critical illness health insurance providers complete the pay-out within 30 days of filing a claim. However, this timeline can vary from one insurance provider to the other.
The pay-out amount or percentage of a critical illness insurance plan will alter as per each policy.
Their is no exact amount for the coverage you should avail. Various factors like lifestyle, age, city of residence, income, etc., are considered.
A critical illness insurance policy provides financial coverage against acute diseases such as organ transplants, heart attack, renal failure, cancer, etc. This policy extends lumpsum coverage against substantial costs associated while treating these illnesses, and the policy is over and above the basic health insurance plan.
A critical illness policy could cover diseases like:
In the critical illness policy, any illnesses developed due to smoking, drug intake, alcohol, tobacco etc., will not be included. Besides, the policy does not include illnesses due to external or internal congenital disorders. Moreover, this policy does not cover pregnancy and child-birth-associated critical conditions.
In the critical health insurance policy, self-harm, adventure sports or war injuries are not included. Also, there will be no compensation if a person dies within 30 days of treatment.
Here is the list of 36 most common critical illnesses/health conditions usually covered under critical illness plans:
1. Kidney failure
3. Heart attack
5. Multiple sclerosis
6. Parkinson’s disease
7. Terminal illness
10. Full-blown AIDS
11. Chronic lung disease
13. Motor-neuron disease
14. Muscle dystrophy
15. Benign brain tumour
16. Chronic liver disease
17. Alzheimer’s disease
18. Aorta surgery with the help of laparotomy or thoracotomy
19. A major head trauma
20. Apallic syndrome
21. Bacterial meningitis
22. Permanent loss of speech
24. Craniotomy or brain surgery
25. If the victim has contracted AIDS due to the blood transfusion when receiving infected blood
26. Chronic persistent bone marrow failure which leads to anaemia
27. Third-degree burns or major burns on the body covering at least 20% surface of the body
28. Permanent or total deafness
29. Major transplantation of an organ such as heart, kidney, lungs, liver or bone marrow
30. Heart valve replacement because of abnormalities or defects in the body
31. Permanent or total blindness
32. AIDS contracted by medical staff, where it is caused due to an injury or an exposure to the contaminated blood
33. Fulminant viral hepatitis is massive necrosis of the liver caused by a virus that may lead to a liver failure
34. Various other serious coronary heart diseases are caused due to the narrowing of the lumen of the three major arteries - the Circumflex, RCA, LAD
35. Primary pulmonary arterial hypertension
36. Medullary cystic disease
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