Critical illness insurance is a type of health insurance that only covers life-threatening illnesses such as tumours and permanent paralysis. It pays for the high medical bills and a lump sum payment to help with day-to-day expenses. These plans have extensive coverage for a specific set of serious illnesses. These plans are reasonably priced and cover the majority of primary critical conditions.
The Benefits of Critical illness Cover
If you want to know, is critical illness cover worth it in India? The following are the key benefits of Critical Illness Insurance Plans:
- Hospitalization is not necessary to receive critical illness benefits; the diagnosis is sufficient.
- The insured collects the whole sum of money at once and may use it as he or she sees fit.
- There is a three-month waiting period. This varies by insurance provider and can be very strong.
- It has minimal scope since it only includes a few life-threatening illnesses.
What Critical Illness Insurance Covers in India is the Best?
Almost all insurance providers now offer serious illness insurance policies. Here is the best critical illness policy in India in 2021.
Tip #1 –Max Bupa Critical Illness Mediclaim Policy
Max Bupa, critical illness package, has the following features.
- The proposal protects against 20 serious diseases, including cancer, a first heart attack, permanent limb paralysis, coma, and kidney failure.
- This policy may be purchased for one, two, or three years.
- Without involving a third party, the organization resolves the lawsuit directly with its staff.
- There are two benefit options: the amount insured can be paid out as a lump sum, or a lump sum plus an additional 10% of the sum guaranteed paid out per year for the next five years.
- If you choose a 2- or 3-year contract, you can receive a premium discount.
- For the first 90 days of the plan, the acute disease is not covered.
- Coverage for pre-existing conditions is only available after 48 months.
- You and your partner will be compensated by a single essential insurance package.
- You should go over the list of exclusions and see what isn't covered.
- The annual premium for a 30-year-old person with an amount guaranteed of Rs 10 lakhs is approximately Rs 2,400.
#2. HDFC Ergo Critical Illness policy
The following are the highlights of the HDFC Ergo Critical Illness:
- It is one of the best essential insurance policies, with Silver and Platinum options. It includes significant diseases that are life-threatening or cause permanent disability. The silver plan covers eight serious illnesses such as heart attack, cancer, paralysis, kidney failure, bypass surgery, and so on. The platinum plan covers everything in Silver Plan plus Heart Valve Replacement, Alzheimer's disease, end-stage liver disease, and so on.
- The policyholder has the choice of choosing either a one-year or two-year policy cycle of coverage.
- The policy allows you to select various plans based on the amount guaranteed, ranging from Rs. 2.5 lakhs to Rs. 10 lakhs.
- The candidate will receive the amount guaranteed in one lump sum.
- This package is available to those between the ages of 5 and 45. Children aged 5 to 18 are, however, only protected if the regulation covers both parents.
- If the person is under 45 years old, no medical tests are needed.
- For the first four years of the scheme, pre-existing conditions are not covered. The policy has the advantage of being able to be renewed indefinitely.
- The premiums charged are eligible for an income tax deduction under section 80D.
- For a 30-year-old male, the annual premium for a Rs 10 lakh amount assured is approximately Rs 2,500 for the silver plan and Rs 3,500 for the platinum plan.
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#3. Reliance Critical Illness Insurance Policy
Here are the main features of Reliance's Critical Illness Insurance Package.
- This critical illness insurance policy covers ten crucial illnesses, including cancer, major organ transplant, cardiac arrest, multiple sclerosis, third-degree burns, aorta graft surgery, heart valve replacement or reconstruction, coma, quadriplegia, total blindness, and end-stage renal disease, among others.
- This insurance policy is offered in one-year and three-year increments.
- It is only open to those over the age of 18. The permissible age for aRs five lakhs policy renewal is 65 years old.
- You have the choice of selecting a number assured of Rs. 5 lakh, Rs. 7 lakh, or Rs. 10 lakh.
- Persons over the age of 45 must undergo a medical examination.
- If you haven't made any claims in the previous year, the company will give you a 5% renewal discount for each claim-free renewal. For all claim-free times, the maximum total value is 50%.
- For the first four years of the scheme, pre-existing conditions are not covered.
- The annual premium for a 30-year-old person with a sum guaranteed of Rs 10 lakhs is approximately Rs 3,200.
#4 – Bajaj Allianz critical illness
Bajaj Allianz recently unveiled Health Care Goal, a comprehensive Bajaj Allianz critical illness plan that includes serious illness coverage for the whole family. Each family member may have a different sum assured, and if one family member has to claim a sum assured, it does not affect the sum assured for the other members. Healthcare Goal includes 36 vital diseases, and you can choose Return of Premium if you want to get your money back if you don't claim at the end of the policy.
Bajaj Allianz Critical Illness Policy Highlights
- Up to Rs. 50 lacs in Amount Assured is secure.
- A lump sum payout is paid if the insured survives 30 days after being diagnosed with a severe illness.
- Both in India and abroad, the amount raised can be used to pay for the donor's transplant expenses (typically not covered by medical).
- The insured collects the insurance amount as a lump sum, which allows him or her to budget for treatment.
Life and diseases both are unpredictable. The waiting period for critical illness is also unexpected. Acute conditions can have a devastating financial and mental effect on your life. Economic tensions provide an alternative to mental stresses. So, why not choose the best critical illness policy India 2021 and put an end to your worries?
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