Plans for critical illness are designed to insure your health against a list of severe health conditions that can be expensive to treat and typically have a lengthy recovery period. Such diseases can devastate a person's life and the lives of their family members because they require costly and time-consuming diagnoses, in addition to the person's inability to work and cover the costs.
If you are diagnosed with a critical illness and survive the waiting period, your health insurance company will pay a lump sum to cover it. A critical illness insurance policy will typically cover you for conditions including cancer, stroke, paralysis, kidney failure, heart attack, and replacing a heart valve owing to defects or abnormalities. This article will explain the best critical illness insurance policies.
Some of India's Leading Critical Illness Insurance Policies
Various health insurance plans available on the market provide policyholders with additional advantages in addition to covering severe illnesses. Read the table below for more information about these plans:
Health Insurance Company | Plans | Benefits |
| Care Health Insurance | Cancer Mediclaim | Sum insured - INR 10 lakh-2 crores Coverage for all major cancers Coverage for chemo and radiotherapy Organ donor cover No pre-policy medical check-ups required Annual health check-ups Coverage for day care treatments Ambulance cover |
| Star Health and Allied Insurance | Critical Illness Multipay Insurance Policy | Sum insured options - INR 5-25 lakh Lump sum payout in case of specified critical illnesses Coverage for 37 critical illnesses Premium discounts basis wellness points earned Wellness points basis attaining health parameters Weight and chronic management programs |
| Niva Bupa Health Insurance | CrtiCare | Sum insured - INR 3 lakh- 2 crore Coverage for 20 critical illnesses Hospital cash allowance Lifetime renewability Premium discounts for long-term plans |
| Star Health and Allied Insurance | Cancer Care Platinum Insurance Policy | Sum insured options - INR 5 lakh, INR 7.5 lakh and INR 10 lakhs Coverage for cancer Indemnity and lump sum coverage available Lump sum available for cancer only upon the payment of additional premium Indemnity coverage available for both cancer and non-cancer Indemnity coverage includes pre and post-hospitalisation expenses, day care treatment, ambulance charges, etc. No medical tests required before policy purchase |
| ManipalCigna Health Insurance | Lifestyle Protection Critical Care Health Insurance Plan | Plan variants - Basic and Enhanced Sum insured - INR 1 lakh-25 crore Coverage for 15 critical illnesses under Basic Plan and 30 illness under Enhanced Plan Payment options - lump sum/staggered Online wellness initiatives Second opinion |
Unlike standard health insurance plans, critical illness insurance plans offer ample alternatives for sum insured since they cover severe and long-term illnesses that call for pricey medical care. In addition, these plans cover lost wages and medical costs if the insured contracts a severe illness.
Features
Plans for critical illness health insurance act as a safety net in the event of major illnesses like heart attack, paralysis from a stroke, cancer, organ transplant, bypass surgery, kidney failure, coma, etc. Critical illness coverage typically varies from INR 1 lakh to INR 25 lakh, with more coverage available upon meeting conditions established by specific insurers. Important characteristics of critical illness health insurance include:
- Depending on the insurer, there is typically a grace period of 30 days following diagnosis, during which compensation is not paid. One has to survive this period for compensation. This is called the ‘survival period’ clause.
- The sum assured will be given in a lump sum upon the diagnosis of any specified critical illness.
- Pre-medical examinations are necessary for those older than a particular age (usually over 45 years).
- Day care operations may also be reimbursed, which means that short-term treatments like dialysis will be funded.
- Most insurance companies publish a list of hospitals in their cashless network where patients can receive care without paying cash, as the insurer will take care of this task.
Critical Illness Health Insurance Coverage Types
Health insurance companies offer critical illness coverage in the following ways:
Rider
By paying an additional payment, you can add a critical illness rider to your base health insurance plan. The base plan under which the rider is purchased defines the coverage in this scenario. However, the coverage of the rider won’t exceed the one available under the base policy. One advantage of purchasing a rider is that a medical examination is unnecessary.
Standalone Policy
A fixed-benefit policy with a standalone critical illness rider covers the policyholder for all critical diseases. This is more efficient in terms of the insured amount. However, this plan requires a medical exam to be covered. Also, remember that while a rider alone cannot be moved, a standalone critical illness plan can be transferred to a comparable insurance plan.
What Justifies Buying the Critical Illness Health Insurance Plan in Addition to Your Existing Health Insurance?
A critical illness plan is a fixed benefit plan. This offers you a lump sum amount if your diagnosis declares a critical sickness like cancer, stroke, etc., according to the coverage. In contrast, a conventional health insurance policy pays you for hospitalisation bills. Typically, critical illnesses are not covered by a base health insurance plan unless you add a rider to it for an additional premium. On the other hand, critical illness insurance policies offer complete coverage for all severe illnesses indicated in the policy.
What Does Your Critical Illness Policy Offer You?
You will get a lump sum benefit amount following a diagnosis of a serious illness covered by the policy. Benefits under your critical illness plan will be paid to the covered person directly when you (or they) file a claim.
You can use the money you receive as a benefit from a critical illness policy to meet your needs, including paying for medical expenses, a mortgage, groceries, utilities, a child's education, receiving treatment abroad, etc. In addition to these choices, you can use the money to pay for any experimental therapy that might aid your rehabilitation. In the situation of a life-threatening illness, critical illness coverage lowers stress and enables you to concentrate solely on treatment.
Conclusion
People's lives are significantly altered, and with them, the requirement for critical illness insurance. Most people in today's society engage in little physical activity and consume unhealthy, processed or fast food. Additionally, they are too busy to take care of their health. The likelihood of developing a severe illness has increased as a result. Buy the best critical illness insurance to shield your family from the financial burden that serious illnesses will place on you.
After carefully assessing the benefits and drawbacks, you should only choose a critical illness insurance policy for yourself or a family member. Before signing the critical illness plan agreement, thoroughly read its terms and conditions. To acquire the proper coverage, ensure you understand the exceptions and limitations. Then, choose a plan that meets the most requirements while having the fewest exclusions possible.
