Critical Illness cover comes as a rider or as a stand alone plan. It provides the insured a lump sum, in case he/she gets diagnosed with a critical illness such as cancer, sclerosis, coma, heart attack, paralysis, kidney failure, etc. The insured has to bear a 30 days waiting period before the first diagnosis can be made.
More often than not, critical illness is considered as an exclusion in a standard health insurance policy. Even if covered, the lump sum paid out is simply not enough to suffice the whopping expenses involved in the treatment of such dreadful illnesses. So, getting a critical illness cover is imperative to protect yourself and your family from any possible financial calamities.
Covers major illnesses which are usually excluded from a standard health insurance policy. Covers all expenses associated with a critical illness. Large sum insured. For most of the plans, no medical check up is required up to 45 years of age. Regular tax benefits and no claim benefits.
A critical illness can be a life shattering experience. It makes it difficult for the sufferer to get back to the normal rhythm of life even if he/she recovers. Hence, the critical illness cover opted should be more or less, equivalent to the life cover. The exact cover amount depends on many factors such as number of dependents, present savings, nature of job, financial obligations and so forth. But in any case, it should not be less than 2-3 times the annual salary.
Getting a critical illness cover requires minimal documentation. In most cases, all you need to do is submit a proposal form and a medical declaration form. However, it varies from insurer to insurer.
