In recent years there has been an increase in the number of people suffering from critical illnesses such as cancer, heart attack and stroke. The costs incurred for treatment of such diseases are generally very high and it’s not just the cost of treatment that will pinch your pocket but the out-of-pocket expenses that would result in a fanatical race for money arrangement while the treatment is in progress. Hence it becomes all the more necessary to invest in Critical Illness plans to safeguard self from the unexpected financial burden.
Advantages of Critical Illness Plans
a) The best critical Illness policy provides you a lump sum benefit upto 25, 00,000 on diagnosis of any of the pre-specified critical illnesses, to compensate the financial loss or hardships that may arise from your critical illness.
b) Critical Illness covers the cost of care and treatment, recuperation aid and helps you to maintain the same lifestyle that you had before.
c) You get tax benefit under section 80 D on your investment in a critical illness cover.
d) Renewal Bonus: As a No Claim Bonus (NCB) insurance company entitles you to increase the sum insured by 5%, up to a maximum accumulation for 10 claim-free years.
e) Medical Test: No Medical tests are required upto a certain age limit.
Critical Illnesses covered Under Critical Illness Insurance in India
Critical illness plans cover broadly the following diseases: Cancer, Kidney failure, Organ transplant, Multiple sclerosis, Major burns, Coronary artery surgery, Coma, Arota graft surgery, First heart attack, Heart attack, Coronary artery bypass surgery, Paralysis, Primary pulmonary arterial hypertension and Stroke. However, the diseases covered may vary depending on the Insurer.
Companies offering Critical Illness Plans
Critical illness cover is provided by general insurance companies like Bajaj Allianz, ICICI Lombard, HDFC Ergo, Max Bupa, Apollo Munich as individual policies, whereas life insurers provide it as a Critical Illness rider attached to the life insurance policy.
Before buying a critical illness rider or cover from a life or non-life insurer, you should carefully look at the illnesses covered under the policy. Buy the best critical illness policy that covers the maximum number of frequently occurring illnesses that run in your family. Remember critical illness plans are year-on-year contracts, which means that the insurer might refuse to renew your policy as you grow older.
Critical illness insurance comparison can be done at policybaaar.com. Here we will help you zero down on best critical illness plan.