An Elaborate Guide To Critical Illness Health Insurance

Health Insurance

With age, our resistance to fight life threating diseases decreases. Our weak immune system and the rapidly decreasing age makes us prone to the inevitable causes of sickness. During such cases, we pour our money into expensive treatments to get cured which eventually create holes in our pockets. In order to avoid hefty expenses, it is advisable to invest in critical illness health insurance for financial support in times of need.

Here is everything that you need to know before making an investment in a critical illness health insurance for taking informed decisions:

What is Critical Illness Health Insurance?

If you’re looking forward to getting coverage for specific diseases like heart attacks, paralysis, bypass surgery, cancer, and so forth, then critical illness health insurance is the right choice for you. Under a critical illness policy, the policyholder is provided with a lump-sum amount on the time of his diagnosis. The received sum assured can be further utilized by the policyholder for his treatment, recovery, and so forth. Moreover, the amount provided by the insurance company might be free of taxes as well.

On the other hand, before purchasing this type of policy, every policyholder should look for certain inclusions and exclusions which their policy has to offer. For that, it is highly recommended to go through the terms and conditions of the policy with a keen eye. In the meantime, take a look at these inclusions and exclusion usually offered by a majority of insurance companies in their critical illness health insurance plans:

  • INCLUSIONS:
  1. Cancer
  2. Coma
  3. First heart attack or stroke
  4. Open chest bypass surgery or open heart replacement
  5. Kidney failure with regular dialysis
  6. Organ or bone marrow transplant
  7. Limbs paralysis
  8. Liver and lung disease
  9. Loss of speech and deafness
  10. Major burns
  • EXCLUSIONS:
  1. Illness because of your unhealthy habits like smoking, tobacco chewing, and alcohol consumption
  2. HIV or AIDS
  3. Critical illness diagnosed within 90 days from the time of inception of the policy
  4. The occurrence of death within 30 days of your diagnosis
  5.  The serious situation at times of pregnancy or childbirth
  6. Treatment of infertility
  7. Man-made calamities like war, terrorism, civil war, and military operations
  8. Any treatments based outside of India

What are the benefits of Critical Illness Health Insurance?

Typically, these critical illness health insurance covers are expensive. However, due to its exclusive benefits, this plan is worth every penny. In order to understand the benefits offered by critical illness health insurance in detail, here’s a better look at it:

Tax savings benefits

Under section 80D of the Income Tax Act, 1961, it offers tax-free benefits towards the premium payment.

Hospitalization and medical expenses

On the diagnosis of a certain disease, as specified under their policy, a critical illness insurance policy covers your hospitalization as well as non-hospitalization expenses.

Health care goal

This one benefit is exclusively offered by Bajaj Allianz General Insurance which promises not only health insurance but also critical illness insurance to all members of the family.

How to opt for a Critical Illness Health Insurance?

Investing in a critical illness health insurance is a simple process. Moreover, its minimal requirement for paperwork makes it a lot simpler. This easy procedure of filing a claim for critical illness health insurance not only guarantees a hassle-free journey but also convenience. Therefore, go through these steps mentioned below in order to begin the process of your policy to the soonest:

  1. Contact the insurance company of your choice and requirement
  2. Make registration for your claim
  3. Submit all the required paperwork to get the process started. The documents must compulsorily include a claim form, photocopy of your ID card, a medical certificate stating the diagnosis, and a detailed summary of discharge.

Once the entire process of filing a claim is completed, you will receive written communication from the insurance company for the approval of the insurance claim.

Now that you know the entire process and technicalities, we are sure that you’ll easily land up with the best critical illness policy. Due to the unpredictability of life, see to it that you invest in this policy smartly by keeping in mind all the aspects. Compare multiple policies or generate quotes from insurance companies in order to opt for the best one.

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