Iffco Tokio Launches Critical Illness Plan that covers family members

Iffco Tokio Launches Critical Illness Plan that covers family members-minIffco Tokio Launches Critical Illness Plan that covers family members


Critical Illness plans generally are considered less important by many of us. Few days back, Iffco Tokio Insurance has launched critical illness plan that has unique features and covers family members too. This critical illness plan comes with low premium too. What are the features of Iffco Tokio Critical Illness Plan? Should you opt for Iffco Tokio Critical Illness Plan?

Also Read: Best Health Insurance for you and your family

What are Critical Illness Plans?


Critical illness plan insurance, also known as critical care insurance, is a type of insurance plan that compensates policyholders with a lump sum payment after getting diagnosed with a specific illness that is listed on their insurance document. Critical illness insurance policies can also be structured to make serial payments based on the policyholder’s ongoing medical treatments and condition. Again, this would depend on company to company that offers such plan.

How Does Critical Illness Plan Work exactly?


If you are confused on how such critical illness works, you can read further.

Critical illness plan generally comes with a list of critical illnesses that are included in the policy document. Each illness will have criteria that define when you qualify for a payout of such insurance amount. There are many cases where people think they will get covered because they have been diagnosed with “cancer”, for example. But then the wording of the policy itself has criteria that must be met, and if it is not, the critical illness claim may be denied. It is important to review policy conditions of a critical illness policy carefully, as well as how the policy defines the disease or condition and if there is a waiting period.

If you want to know more info, you can check this video about Critical Illness Plan and how does this work.  

This Infographic would provide the details of incidents and survival rates of Critical illnesses.

Features of Iffco Tokio Critical Illness Plan


Iffco Tokio has launched this unique policy wherein single plan it covers all family members. You can add any of your family members including spouse, parents, children and parent in-laws.

This critical illness plan offers a sum insured of Rs 1 Lakh to Rs 1 Crore.

Policy can be bought for 1, 2 and 3 year tenure.

This critical illness plan covers for 25 critical illnesses. In case of diagnosis of these 25 critical illnesses, lumpsum would be paid.

Discount on premium is offered if you include family members in this plan.

If you take sum insured of Rs 1 Lakh, premium works out to be Rs 257 per annum.

What are various benefits offered in Iffco Tokio Critical Illness Plan?


This critical insurance plan covers 25 critical illnesses and covers health conditions such as blindness, deafness, loss of speech and loss of limbs and also surgery procedures.

This health plan covers 25 critical illnesses that include paralytic cerebral strokes, coronary artery diseases, cancer, renal failure, major organ transplants and accidental injuries which result in loss of limbs. In case you are diagnosed any of these critical illness one would get a lump sum amount.

One would get income tax benefit u/s 80D for the premiums paid for this plan.

What are the premiums in this critical illness plan?

Here are sample premiums.

1)  If an individual aged 25 years consider this plan for Rs 1 Lakh sum insured, the premium works out to be Rs 257.

2)  If an individual aged 25 years consider this plan for Rs 10 Lakh sum insured, the premium works out to be Rs 2,566.

3)  If an individual aged 25 years consider this plan for Rs 1 Crore sum insured, the premium works out to be Rs 25,651.

Who all can be included in this critical illness plan?


One can consider this as a single plan or can add their spouse, children, parents and parent in-laws in this critical illnesses plan.

What are the various critical illnesses covered in this plan?


Here are the major critical illnesses covered under Iffco Tokio Critical Illness Plan.

Cancer

Kidney failure

Coronary Artery (Bypass) Surgery

Heart Attack (Myocardial Infarction)

Heart Valve Surgery

Major Organ Transplantation

Multiple Sclerosis

Primary Pulmonary Arterial Hypertension

Aorta graft surgery

Paralysis

Coma

Total Blindness

Stroke

You may like: Best Health Insurance Plans for your parents

Should you opt for Iffco Tokio Critical Illness Plan?


In case of diagnosis of Critical illness, one would get a lump sum with these critical illness insurance plans. However, the premium is always high. There are several term insurance plans which provide coverage even for critical illnesses (e.g. ICICI Pru Term Plan that covers over 30+ Critical illnesses). There are even health insurance plans which are being offered now that covers majority of critical illnesses. We are already spending so much money on a term plan + health insurance plan every year. In such case do you still think we need 3rd plan which is a critical illness plan to cover these critical illnesses again? Think, Think, you would get answer.

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Suresh KP

Iffco Tokio Launches Critical Illness Plan that covers family members

2 comments

  • R Ramakrishna

    It is not clear whether it is applicable to those who are 25 years old or even the elderly.

    • Hello Ramakrishna, This can be taken by every one. However one can add their spouse/parents/parent-in-laws too in this plan. Max age of entry is not available, hence I am assuming it would be atleast till 60 years of age.

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