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7 things to know before you buy a critical Insurance Policy

  3/14/23 11:28 AM

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Did you envision a time where you cannot live without technology? It has become a part of our everyday life, including our business. It has also played a significant role in increasing the lifespan and enhancing the quality of life. Apart from a terminal illness, there isn’t anything today that technology can’t solve. While it has improved specific areas in our lives, a fast-paced life also has increased stress and led to the possibility of critical illnesses. These illnesses include Heart Attack, Stroke, Paralysis and other such illnesses.

Critical illnesses have the potential to reduce your ability to work down the years. We all know that luck favours the prepared. It is always good to plan yourself for such uncalled times so that your family does not have to suffer the consequences. The best way to make provision for such situations is through critical illness insurance. But, what is critical illness insurance? What do you need to keep in mind before you buy critical illness insurance?

To answer these questions, let’s have a look at a comprehensive list of the things you should know before you buy a critical insurance policy.

What are the diseases covered under a critical illness insurance plan?

Critical illness insurance can cover more than 35 critical illnesses. Some of these illnesses can have long-lasting consequences. Heart Attack, Stroke, Total Blindness, Cancer are just some of the diseases covered by this insurance plan. If you do suffer from any of the above critical illnesses, your critical insurance plan will cover all the medical expenses for you.

Who should buy a critical insurance plan?

Diseases can be life altering to a point where you may not be able to continue to work or follow your dreams. To safeguard your future and that of your loved ones, you need to buy critical insurance. Especially if you’ve succumbed to an addiction like smoking, you are prone to more diseases than the average healthy person. Staying insured can help secure your family and you by claiming the necessary amount from your insurance for your medical expenses.

How is a term plan different from a Critical Insurance Policy?

term insurance plan provides you with death benefit or maturity benefit. In the case, if you survive the policy period, the policy is said to be void. With critical illness insurance, if you suffer from a critical illness, you will receive the best treatment for your disease, and your family does not need to worry about any financial burden.

What is the waiting period that I would receive the assured amount?

To obtain the sum assured for your medical expenses, the following criteria apply:

  • Initial Waiting Period: The claim for the sum assured will only be accepted if your illness has surpassed the 90 days expiry period from the date of issue.
  • Survival Period: You should survive for at least 28 days after the diagnosis of your critical illness.
  • Waiting Period between claims: If you have made multiple insurance claims, there is a minimum amount of time between these claims till you receive the full amount.

Does it have tax benefits?

Yes, it does. Tax benefits are one of the main features of insurance. As this is an insurance policy in itself, it is subject to tax benefits. Your premium amount due is tax deductible, and the amount that you get when you claim for critical illness is entirely exempt from tax.

When am I eligible to claim critical insurance?

You can claim for critical illness insurance as soon as the diagnosis of your disease has been confirmed. The insurance policy does not cover any signs or symptoms of the illness. There are many more clauses behind the insurance policy; this is just one of them.

Where to buy critical insurance?

Critical insurance is an essential part of your life and should be selected wisely. Edelweiss Tokio Life’s Criticare+ is one such critical illness insurance plan which covers up to 17 critical illnesses. Furthermore, unlike other insurance plans, your insurance amount can be claimed on diagnosis. Equipped with features like tax benefits and multiclaim options makes the policy a comprehensive one.

You can buy it online; so, apply today !

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