What is an Online Critical Illness Insurance Policy?

An online critical illness insurance policy provides a certain level of financial protection when you fall severely ill. It pays a predefined sum if a person gets diagnosed with a critical illness. Moreover, the sum-assured is entirely tax-free.

Your life gets completely disturbed the moment you are diagnosed with a critical illness. Moreover, there are rising concerns regarding the future of your loved ones. Hence, it would be best if you do not let these concerns smash your future hopes. An excellent way out of this is to be prepared for these events and buy an online critical illness insurance policy.

Who should buy Critical Illness Cover Online?

The people belonging to different age groups have various reasons to buy critical illness cover Plan. For example, as a single person, you may have a loan payment facilitated if you fell critically ill. Similarly, the head of the family can ensure that his children's education is secure in the event of his critical illness.

Which factors to consider while buying Critical Illness Insurance?

  • Budget:Treatment of such an illness can cost you a fortune. Hence, it is essential to buy a critical illness insurance plan to cover all the treatment expenses.
  • Miscellaneous Costs: Apart from the hospital bills, there might be several other expenses, such as post-treatment, different tests, ambulance, etc. Furthermore, you might need to take a few days off work. So, while deciding the coverage amount, it would be best to consider income loss, debts, and living expenses so that your loved ones don't have any financial trouble.
  • Inflation: You must also consider the inflation rate while deciding the cover as every year medical, and all other expenses rise.
  • Check the list of illnesses included: It is also essential to check the diseases covered in a plan that you are willing to buy.
  • Waiting Time: It is a period after which a critical illness insurance policy becomes active. Hence, it's crucial to choose a plan that comes into force as quickly as possible.

Which are the Top Critical Illness Insurance Plans?

Below is the list of top critical illness insurance plans and their features:

Aditya Birla’s Activ Secure Policy

  • Sum Insured:
    • Early stage: 50%
    • Major stage: 100%
    • Advanced stage: 150%
  • Eligible Age: 18 years
  • Term: NA

Bajaj Allianz’s Critical Illness Insurance

  • Sum Insured: 1 Lakh - 50 Lakhs
  • Eligible Age: 91 days- 80 years
  • Term: 1 year

Bharti AXA’s Critical Illness Insurance Plan

  • Sum Insured: NA
  • Eligible Age: 3 months- 55 years
  • Term: 1 year

Cholamandalam’s Critical Healthline Plan

  • Sum Insured: 3, 5, 10 Lakhs
  • Eligible Age: 18- 65 years
  • Term: 1, 3, 5 years

Digit’s Cancer Health Insurance

  • Sum Insured: 10- 50 Lakhs
  • Eligible Age: 20- 65 years
  • Term: 10- 30 years

What are the benefits of Online Critical Illness Insurance Policy?

The following are the different benefits offered by a critical illness policy:

  • Provides cover for both treatment and hospitalisation: The treatment of a critical illness can be very costly and can be an immense financial burden.
  • Includes cover for income loss: You might require a few days off work for the treatment. A critical illness insurance plan will cover for the income loss for those leaves.
  • Predetermined sum: In the event of critical illness, apart from you, your family is financially impacted too. The critical illness insurance plan pays a predetermined amount that can help you cover your household and health expenses.
  • Tax-free premium: A critical illness insurance plan includes tax benefits, as its premium is completely tax-free (Section 80D of ITA.)
  • Relaxed mind: An online critical illness insurance policy ensures that you don't have to worry about the financial burdens of the treatment.

What are the Inclusions & Exclusions of Critical Illness Insurance?

Inclusions

Generally, a critical illness insurance plan has a list of diseases with a specification of severity and type. Hence, you must refer not only to the number of diseases, but also the specifications indicated for a better understanding of the coverage. The critical illness plan covers the below-mentioned illnesses.

  • Cancer of specified severity
  • Myocardial infarction
  • Open heart replacement/repair of heart valves
  • Kidney failure requiring regular dialysis
  • Major organ/bone marrow transplant
  • Multiple sclerosis & strokes resulting in permanent symptoms
  • Coma of specified severity
  • Permanent paralysis of limbs
  • Motor neuron disease with permanent symptoms
  • Benign brain tumour
  • Blindness & Deafness
  • End-stage lung and liver failures
  • Loss of speech and limbs
  • Major head trauma
  • Primary pulmonary hypertension
  • Third-degree burns
  • Alzheimer
  • Aplastic anaemia
  • Medullary cystic kidney disease
  • Parkinson's disease
  • Systemic Lupus Erythematosus with lupus nephritis
  • Apallic syndrome
  • Major surgery of the aorta
  • Brain surgery
  • Fulminant viral hepatitis
  • Cardiomyopathy
  • Muscular dystrophy
  • Poliomyelitis
Exclusions

The following are the exclusions of a critical illness insurance policy:

  • Any listed critical illness that occurs within 90 days after the policy comes in effect.
  • Pre-existing disease
  • Diseases due to a congenital disability
  • Any intentional injury
  • Consumption of alcohol/drugs
  • HIV/AIDS
  • Illnesses/injuries due to war, terrorism, or criminal activities
Final Words

Undoubtedly, a critical illness policy can help you through difficult health and financial conditions and give financial support to your loved ones. However, it would be best if you choose the right one. There is a wide range of options available in the insurance industry, and each insurance company offers excellent benefits. Before buying one, always remember to do thorough research and comparisons.

Frequently Asked Questions

It entirely depends on your choices and requirements. Your loved ones may use the received amount to fulfil their financial liabilities, maintain your pre-illness lifestyle. Moreover, it also acts as an income replacement in case you are on leaves from work due to treatment.

You are just required to submit a complete proposal & duly signed form with the asked details. Choose the insured amount and pay through cheque or credit card.

The claim process of an critical illness insurance policy is quite easy, and as follows:

  1. Inform your insurance provider the moment you get diagnosed with a critical illness.
  2. Your insurer will require diagnosis proof or tests that support the diagnosis.
  3. Once your insurance company verifies your documents, it will provide the insured amount within a month of making a claim.

Any disease for which the policyholder had signs, was diagnosed and went through treatment within two years before you buy the policy.

A critical illness insurance policy has a waiting period, which is the time after you purchase the policy. Remember that you can only enjoy its benefits once this period is over.