Critical Illness Insurance

Hello Dear Readers, Warm Greetings Of The Day, We Hope You Have Landed Here Just Because You Are Interested In Managing Your Tough Times And Saving For Your Future, So Today We Are Sharing A Very Important Article On

♥ Critical Illness Insurance: Manage Your Tough Time ♥

We All Know That In Today’s Internet World All The Tech-Savy Or Computer Friendly People Goto  Various Search Engines Available On The Internet Like Goolge, BingRediff, etc. And Many A Times Even We Search On Some Of The Specific Life Insurance Companies Websites Like Policy Bazaar, Bank Bazaar, Cover Fox, Life Insurance Corporation Of India, Max Life Insurance, etc. Whenever They Have To Buy Critical Illness Insurance Policy Plan Or Critical Illness Cover Online.

Our Today’s Discussion Is Also Same As We Will Share All The Necessary, Relevant And Needed Information Regarding Critical Illness Insurance Why It Is Necessary To Buy Critical Illness Insurance And Should I Buy Critical Illness Cover-Answer. So, Let’s Begin.

The most worst situation in life is when we or our loved ones suffer due to health issues, in this time becomes more hard if we don’t have any financial backup to manage that tough time. In this condition our patient and his family both are not in a condition to take any type of mental pressure as they are completely drained emotionally, physically and yes! financially also. If at that time any unwanted things happens we automatically break down and to cover this wound we will take many years. At present times the situation is very critical as pollution level is going higher and due to this every 3 people out of 10 are suffering from some sort of critical disease.

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Many of us have Term Life Insurance and Health Insurance. However, we never give importance to Critical Illness Insurance Policies. Let us see the importance of having a Critical Illness Insurance. But firstly let us give you critical illness definition?

should i buy critical illness cover

What Is Critical Illness Insurance?

Critical Illness refers to serial illnesses that have a higher rate of mortality. Critical Illness policies are also known as “Fixed Benefit” Plans. As in case of health insurance, the benefits are defined like room rent cap or ICU cap. However, in the case of critical illness insurance, an insurance company will just pay you the lump sum. It will not cover the entire medical expense towards treatment. In simpler terms, there is a limit on certain expenses like prosthetic, intensive care or even medicines and your spending on such ailments is always more than what your health insurer will pay.

List of Critical Illness

  • Kidney failure
  • Paralysis
  • Heart Attack
  • Stroke
  • End Stage Lung Disease
  • End Stage Liver Failurecritical illness list
  • Heart Attack
  • Major Organ Transplantations
  • Bone Marrow Transfer
  • Open Chest CABG
  • Aplastic Anemia
  • Muscular Dystrophy
  • Fluminant Viral Hepatitis
  • Loss Of Speech
  • Deafness
  • Major Burns
  • Bening Brain Tumor

The diseases which are given above all comes in the list of Critical Illness now the point is that what is the extra benefit of Critical Illness Insurance since we have already taken a health insurance? So here allow us to explain that who all should buy Critical Illness Insurance and what are the major points you should check out before buying any Critical illness policy.

Benefits Of Critical Illness Insurance

These critical illnesses are always associated with an increased cost of treatment along with a long and expensive recovery process.

  • A normal health Insurance Policy may not be sufficient to cover all medical expenses in case of Critical Illness. For this we need financial backup by a special financial Plan.
  • It also gives you fixed benefits.

benefits of critical illness insurance

  • In case of basic health insurance, the benefits are pre defined like room rent cap or ICU cap. However, in the case of critical illness insurance, an insurance company will just pay you the lump sum.
  • In case of critical Illness the survival ratio is very low around 1% according to survey report of ICICI Lombard so under this situation who will take care of your family and who will carry the burden of child’s education and your financial responsibility, in this condition you need a special financial support which can compensate such losses.
  • In Basic Health Insurance the expenses are reimbursed after submitting the bills of the hospital. And for Cashless Benefit you can only use that particular hospital which comes in their network facility. But In Critical Illness Insurance there is no need to hospital’s bill as Diagnosis is enough to get Critical Illness benefit.
  • You will get free Medical Checkup
  • In critical Illness insurance you will also get Tax Benefits as per Under section 80D.

Exclusions Under Critical Illness Insurance

As we all know that every insurance has its own terms and conditions and also some exclusions. In the same way Critical Illness Insurance also have some exclusions, so before investing in insurance we must know about their terms and conditions and it’s Exclusion Categories. Some of the exclusions of critical Illness Insurance are given below:

  • Critical Illnesses acquired due to Human Immune-deficiency Virus (HIV) infection
  • Critical Illness diagnosed within first 90 days from the inception of the policy.
  • Critical condition or consequences due to pregnancy, childbirth also including caesarean.
  • Critical Illnesses as a result of self-inflicted injury is also excluded.
  • Death within 30 days of diagnosis of critical illness or any critical surgery
  • Dental care and Cosmetic Surgery and Obesity related treatment.
  • Critical illnesses attributed to external and internal congenital diseases
  • Critical Illness occurred during war, terrorism accident, military operation, civil war or navy operation
  • Treatment which is done outside India.

After Knowing all the facts and information now the question might come in your mind that Should I Buy Critical Illness Cover

critical illness insurance worth it

As we all know that treatment expenses of critical Illnesses are expensive and generally these expenses comes in lakhs. So, firstly you must make sure that your Critical Illness Insurance should be budget and pocket friendly, then the next thing you should remember is about the expensive treatments and along with it you must also not ignore your age factor, lifestyle, city, etc. as all these are the important points to be considered while buying insurance policy. As per the present scenario and looking at the expenses of Critical Illness Insurance you should purchase a cover plan of Rs. 10 lakhs or more.

Let Us Consider The Following Instance To Have A Better Understanding:

Anil is living in Mumbai. He is 32 years old and he is a smoke addict person. Anil is going to purchase Critical Illness Insurance with a cover of 10Lakhs. There are some insurance companies whose premium is given below for a cover of Rs. 10 Lakhs.

Insurance Company Name Premium In Rs. Plan
HDFC ERGO 2949 Critical Illness Insurance
APOLLO MUNICH INSURANCE 3834 Optima Vital
MAXBUPA 2632 Critical Illness Insurance

How To Claim For Critical Illness Insurance

If you want to file a claim for your Critical Care Insurance then firstly you have to contact with your insurance company and then register for your claim request. At the time of claim registration there are some basic documents which you have to keep along with you.

  • Certificate of Critical Illness Insurance which is approved by a doctor and also certifies the critical Illness.
  • Photocopy of ID Card/Aadhaar Card
  • Claim form which is correctly filled
  • Detailed Discharge Summary

After submission of all the above documents along with claim request form. The claim team will check for the authenticity of your documents and it will then proceed for further proceedings.

Hope these tips and important points will help you in your bad times (God Forbid), but let’s always be prepared for the worst and manage our financial backups accordingly.

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