Critical Insurance

A must addition to your mediclaim policy.

 

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We have witnessed a crisis in form of Covid19 2nd wave where the expenses of medication and hospitalization were humongous for anyone to deal with. Many found themselves with an insufficient Sum Assured and had to use their savings to pay the bills. Similarly, the critical illnesses are another difficult phase to deal with where big SA policies might not prove to be sufficient and that eventually disturb cash flows of any family. Diseases like cancer, heart diseases, kidney failures and many such ailments can cost anything between a few lakh to crores depending on the situation and gravity of disease. We have been discussing solutions of health insurance with our readers and we are suggesting another option to enhance their coverages to deal with major ailments. Critical Insurance Cover-another option to add higher coverage to your existing policy and following are features and advantages of the policy:

Features

  1. Lifetime Renewability 

  2. Tax benefit under section 80D Income Tax Act 1961 

  3. Offers Lump Sum benefit or Indemnity based plans on diagnosis of any critical illnesses. 

  4. Entry age 5 years to 65 years. 

  5. Sum Insured Enhancement - The insured may seek enhancement of sum insured in writing at the time of renewal, before the payment of premium. The enhanced sum insured will have a fresh proposal status where the waiting period and exclusions shall apply a fresh. However, the quantum of increase shall be as per underwriting guidelines of the company. 

  6. Critical Illness covered- Heart Attack (Myocardial Infarction), Coronary Artery Bypass Surgery, Stroke, Cancer, Kidney Failure, Major Organ Transplantation, Multiple Sclerosis, Paralysis, Primary Pulmonary Arterial Hypertension, Aorta Graft Surgery, Heart Valve Replacement, Benign Brain Tumor, Parkinson’s disease, Alzheimer’s disease, End Stage Liver Disease etc. 

Advantages

  1. The policy works as an additional cover over and above your existing plan; it is an additional cover irrespective of claim sought from the base policy. 

  2. The policy also works as a benefit policy since the SA amount gets paid when the disease is detected. 

  3. The amount is paid irrespective of hospitalization and without submitting any bills, producing of reports confirming the disease is sufficient for release of payment. 

  4. The amount released can be used for the expenses which may not be payable in base policy such like attendant charges, nursing charges, accommodation charges for attendant, travelling charges and many more. This spending’s not paid in any mediclaim policy and the amount of such expenses can also be huge for any family to manage without disturbing savings.

It is important to understand that this policy isn’t a substitute to the main mediclaim policy but it certainly can prove to be useful in many ways as and when any critical disease is diagnosed. The policy is priced reasonably so it could also be bought by those who avoid taking a policy as they are either covered under corporate policy, government health plans (CGHS) and any other plan and such a policy can be helpful for the family to deal with any critical disease. It would be a wise to act today to complete your health insurance needs and seek advice from your consultant to give you best suited Critical Insurance plan as the claims in these policies need to be well guided.