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WHAT IS A CRITICAL ILLNESS PLAN?

Understand the features and benefits of a critical illness plan. Critical illness is a serious health condition that can have a debilitating effect on your lifestyle and the cost involved in the treatment is extensively high. Few critical illnesses include Cancer, Heart Disease, Kidney disease, etc. Such serious critical illnesses will exhaust your entire life’s savings and may also lead to a loss of income. A critical illness plan provides a lumpsum amount to the policyholder on the diagnosis of a pre-listed critical illness.

BENEFITS OF HEALTH PLANS

  • 01

    ONLINE DISCOUNT

    You can avail 5% discount if you buy a critical illness plan online

  • 02

    MULTICLAIM OPTION

    The multi claim option lets you claim thrice incase you are diagnosed again with a critical illness

  • 03

    TAX BENEFIT

    Save tax u/s 80D of Income Tax Act, 1961

  • 04

    EASY BUYING

    You can buy a critical illness plan in just a click

  • 05

    PREMIUM WAIVER

    Under the multi claim option, all future premiums will be waived off after the first claim

  • 06

    PAYOUT

    Provides the entire lumpsum amount on diagnosis itself

  • 07

    ILLNESSES COVERED

    It covers 17 major critical illnesses

  • 08

    AFFORDABLE

    Critical illness plan provides a large sum assured at affordable premium rates

WHY CHOOSE A CRITICAL ILLNESS PLAN?

WHY CHOOSE A CRITICAL ILLNESS PLAN?

Many times, we think that if we have a health insurance plan then why do we need to purchase a separate critical illness plan? Here’s the answer

Critical illnesses are major terminal illnesses that need utmost care and treatment. But this care and treatment may be extremely expensive. Now if you have a mediclaim or a health insurance cover your medical expenses may or may not be taken care of depending on the sum assured you are entitled to receive. Also, claiming this amount can be time-consuming as you may need to wait for all medical bills and records for submission. Unlike basic health plans, critical illness plan provides a lumpsum amount on the diagnosis of a critical illness and one doesn’t have to wait for bills to get the claim amount. A critical illness plan will cover critical illnesses like cancer, heart disease, etc. and not minor illnesses like fever, malaria, etc.

This is because treatment of a critical illness like cancer may be as high as Rs. 20 lakhs. So if you have a cover of Rs.30 lakhs, you will receive the entire amount on diagnosis of the critical illness. This amount will not only act as your medical cover but also as an income replacement. During this phase, you may not be in a position to work either temporarily or permanently so the cover amount you receive can be used for your advanced medical treatment, household expenses, repayment of EMIs etc. In this way, a critical illness plan can complement your existing mediclaim and provide you with complete protection.

HOW CAN A MULTI CLAIM OPTION HELP YOU?

Critical illness cover is generally not very expensive. It provides the entire sum assured to the policyholder on the diagnosis of a critical illness and then the policy is terminated. This means if a policyholder is diagnosed with cancer he receives the claim amount and will not receive any future claims. Few critical illness plans cover multiple critical illnesses like cancer, heart disease. In this case, one is protected against not just one but multiple critical illnesses.

HOW CAN A MULTI CLAIM OPTION HELP YOU?

Now the policyholder can also choose if he wants to protect himself against a reoccurrence of critical illnesses by adding a minuscule amount and choosing a multi claim option.Under multi claim option, you can claim thrice on the diagnosis of other critical illnesses. So if the insured is diagnosed with another critical illness he can claim the sum assured. In this case, the policy doesn’t discontinue after the first claim

Choosing a multi claim option will be a wise because critical illnesses hamper the other parts/organs of the body too and may give rise to a second critical illness. If you have a multi claim option you are financially prepared against any uncertainty a critical illness can bring along.

muliclaim-option

ARTICLES WORTH READING

  • Most-common-critical-illnesses-in-India

    Most common critical illnesses in India

    read more
  • How-much-critical-illness-cover-would-you-need

    How much critical illness cover would you need?

    read more
  • How-is-a-critical-illness-plan-different-from-Mediclaim

    Difference between Mediclaim & Critical Illness Plan

    read more
  • Why-do-you-need-a-critical-illness-plan

    Why do you need a critical illness plan?

    read more

FREQUENTLY ASKED QUESTIONS

  • No, the entire critical illness cover is paid on diagnosis. The full payout is made irrespective of undergoing hospitalization or medical costs due to the illness. This amount can be utilized to meet the costs of medical care, manage regular expenses, repay any loans that you may have or for any other expense.

  • There are two claim options. In a single claim option, the payout is done on the diagnosis of the critical illness to the policyholder and the policy discontinues. In a multi claim option, the policyholder can claim thrice on being diagnosed with three different critical illnesses. The policy continues even after the first claim. But the good part is that after the first claim the future premiums are waived off.

  • CritiCare+ provides cover against 17 critical illnesses like cancer, heart disease, chronic kidney disease, etc. It provides the claim amount on the diagnosis of the pre-listed critical illness. Unlike regular health plans, you don’t have to submit hospital bills to get the claim amount. Since a critical illness plan covers major critical illnesses, the premium for critical illness plan is comparatively low for a high sum assured.

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