Types of Critical Illness Insurance
More About Critical Illness Policies
A Critical Illness Insurance Policy is a specialised health insurance plan that provides a lump sum payout upon the diagnosis of a life-threatening illness. This policy offers financial support to cover medical treatment, lifestyle adjustments and income loss due to prolonged illness. Having a critical illness plan ensures that illnesses like cancer, heart attack, kidney failure and stroke don’t drain your savings.
Coverage for multiple critical ailments allows policyholders to use the lump sum amount as needed. Whether for treatment, recovery or household expenses. With flexible options, low survival period requirements and added wellness support, critical illness insurance provides much-needed security for individuals and families.
The coverage under a Critical Illness Insurance Plan varies based on the insurer and policy type. However, common plans may include financial protection for the following life-threatening diseases:
When choosing a Critical Illness Insurance Policy, consider the following factors to ensure comprehensive coverage and financial security:
The claim process for a Critical Illness Insurance Policy varies by insurer, but it generally follows these key steps:
Check your policy terms for specific requirements.
Here are critical illness insurance plans offering comprehensive coverage and financial security:
- HDFC ERGO Critical Illness – Silver Plan
- Bajaj Allianz Critical Illness
- HDFC ERGO Critical Illness – Platinum Plan
- Aditya Birla Activ Secure – Critical Illness
- Aditya Birla Activ Secure – Cancer Secure
Frequently Asked Questions
It depends on the policy terms. Some plans allow multiple claims if diagnosed with different critical illnesses, while others provide coverage only for the first diagnosis. Certain policies also offer enhanced benefits for recurring conditions.
The coverage amount should be based on medical inflation, treatment costs, lifestyle expenses and income loss during recovery. However, it varies based on personal financial needs. Therefore, assessing your financial obligations can be helpful to determine adequate coverage amount.
Pre-existing conditions may not be covered or may have waiting periods. Some insurers might offer coverage with higher premiums or exclusions, so it’s best to check policy terms before purchasing.
Most policies have an initial waiting period of 30-90 days and a survival period of 7-30 days after diagnosis before a claim can be made. It is suggested to check your policy conditions when purchasing.
Anyone with a family history of critical illnesses, individuals with high-stress jobs and self-employed professionals. Moreover, those seeking financial security against major medical expenses should consider this policy.