Top 4 Best Critical Illness Insurance Plans in India

Top 4 Best Critical Illness Insurance Plans in IndiaTop 4 Best Critical Illness Insurance Plans in India

Critical illness is a serious state of health that has a serious effect on ones’ lifestyle and requires a considerable amount of money towards the treatment. It may also result in loss of income due to incapacity to work. It creates double financial loss as critical illness involves high medical expenses along with loss of earnings. Normal health insurance may not be sufficient to cover such huge expenses. In this case, you need critical health insurance. What is Critical Illness Insurance? What are the features of Critical Illness Insurance Plans? Which are the Top 4 Few Best Critical Illness Insurance Plans in India. What are the approximate premiums for these Top Critical Insurance Plans?

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What is Critical Illness Insurance?

Critical Illness insurance is an health insurance policy that covers only life threatening diseases like tumor, permanent paralysis etc. It covers your high medical costs as well as provides lump sum reimbursement to meet your day to day expenses. These plans offer a comprehensive cover against a defined list of critical illnesses. These plans are quite affordable and provide cover against most of the major critical illnesses.

Features of Critical Illness Insurance Plans

The key features of Critical Illness Insurance Plans are:

1) Hospitalization is not required as the diagnosis is enough to get the critical illness benefits.

2) The insured receives the entire amount at once which they can use it as he / she wishes.

3) There is a waiting period of 3 months. This would depend on the insurance company and can be higher.

4) It has very restrictive coverage as it covers few life-threatening diseases.

Why should you opt for Critical Illness Insurance Plans?

The critical illness insurance plans would serve with many advantages:

1) If you don’t have critical illness plans, your savings would vanish in paying the medical bills for the illness and your financial planning may spoil.

2) Once the critical illness is detected, the company pays the cash to the insured. Then, he may utilize it the way he finds fit.

3) Some critical insurance illness plans have multi-claim option with a waiver of premium principle after the first claim which means you can claim multiple times during the policy tenure.

4) If you are the only breadwinner of your family, you have the financial back up support from the plan. The money you receive from the policy can be utilized for your child’s education or regular expenses like utility payment bill or for paying EMI.

5) Apart from these, the Critical Illness Insurance Plan also provides for tax benefits for the premium paid u/s 80D of the Income Tax Act.

What does Critical Illness Insurance Plans does not cover?

There are certain exclusions in Critical Illness Insurance Plans.

1) Critical illnesses diagnosed within first 90 days from the inception of policy.

2) Death within 30 days of diagnosis of critical illness or surgery

3) Illness due to smoking, consumption of tobacco, alcohol or drug intake

4) Illness occurring due to internal or external congenital disorder

5) Critical conditions or consequences due to pregnancy or childbirth

6) HIV/AIDS infection

7) War, terrorism, civil war, navy, or military operations

8) Any dental care or cosmetic surgery

9) Infertility treatment

10) Hormone replacement treatment

11) Treatment received outside India

12) Treatment to assist reproduction

Who should buy this Critical Illness Insurance Plan?

Here are some of the individuals (though not comprehensive) should buy such plans.

1) The person who has the family history of critical illnesses in his forefathers should definitely consider such plans.

2) The bread-winner member of the family should buy this plan without doubt.

3) The persons who don’t have enough savings to help himself at the time of critical illness should go for this plan.

4) The person with no employee benefit packages to cover a period of time off work due to critical illness. 

Which are the Best Critical Illness Insurance Plans in India?

Today, almost all the insurance companies are providing critical illness insurance plans. One must choose a plan that is suitable to him as per his needs.

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Top#1 – Max Bupa Critical Illness Mediclaim Policy – Criticare

Here are the features of this critical illness plan.

1) The policy covers 20 critical illnesses such as Cancer, First Heart Attack, Permanent Paralysis of Limbs, Coma, Kidney failure etc.,

2) This plan comes with 1 or 2 or 3 years policy tenure option.

3) The company settles the claim directly with its team without involving any third party.

4) There are two benefit options available – the sum insured can be payable as lump sum or sum insured payable as lump sum plus additional 10% of the sum assured payable each year for the subsequent 5 years.

5) You can get premium discounts if you opt for 2 or 3 years plan

6) Critical illness is not covered for first 90 days of the plan.

7) Pre-existing diseases coverage only after 48 months

8) You can cover yourself and your spouse in single critical insurance plan.

9) You can go through the exclusions list to understand what is not covered.

10) Premium for a 30 years aged person for Rs 10 Lakhs sum assured is approx. at Rs 2,400 per year.

Top#2 – HDFC Ergo Critical Illness policy

Here are the key features of HDFC Ergo Critical Illness Plan.

1) It is one of the best critical insurance plans that come in two variants – Silver and Platinum. It covers major life-threatening and permanent disability diseases. Silver plan covers 8 critical illness such as Heart Attack, Cancer, Paralysis, Kidney Failure, Bypass Surgery etc., Platinum would cover all plans indicated in Silver Plan and additionally it covers Heart Valve replacement, Alzeimers disease, end stage liver disease etc.,

2) The policyholder gets the option of choosing between one year or two years of policy coverage period.

3) The policy allows to choose from a wide range of plans on the basis of sum assured from Rs. 2.5 Lakhs to Rs 10 Lakhs.

4) The sum assured would be paid in lumpsum to the nominee.

5) Any person falling under the age of 5 years to 45 years can be covered under this plan. However, children from 5 to 18 years are covered only when both the parents are covered under the policy.

6) No medical tests if the individual is below 45 years of age.

7) Pre-existing diseases are not covered for the first four years of policy. The policy comes with the benefit of life-time renewability.

8) Income tax benefit u/s 80D is available for the premiums paid.

8) Premium for a 30 years aged person for Rs 10 Lakhs sum assured is approx. at Rs 2,500 per year for silver plan and Rs 3,500 per year for Platinum plan.

Top#3 – Reliance Critical Illness Insurance Policy

Reliance offers Critical illness insurance plan and here are the key features.

1) This critical illness insurance policy cover 10 Critical illnesses which includes Cancer, Major Organ Transplant, Cardiac Arrest, Multiple Sclerosis , Third Degree Burns, Aorta Graft Surgery, Heart Valve Replacement or repair, Coma, Quadriplegia, Total Blindness, End Stage Renal Disease, etc

2) This insurance policy is available for one year and three years.

3) It is available for individuals of above 18 years of age. The maximum age of renewal for Rs 5 Lakhs policy is 65 years of age.

4) In terms of sum assured, you may choose any option between Rs. 5 lakh, Rs. 7 lakh and Rs. 10 lakhs.

5) Medical test is mandatory for individuals above 45 years of age.

6) If you have not made any claims during the year, the company offers you a renewal discount of 5% of base premium on each claim free renewal. The maximum overall discount is 50% over all claim free periods.

7) Pre-existing diseases are not covered for the first four years of policy.

8) Premium for a 30 years aged person for Rs 10 Lakhs sum assured is approx. at Rs 3,200 per year.

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Top#4 – Apollo Munich’s Optima Vital Critical Illness Insurance Plan

Here are the key features of this plan

1) This policy covers around 37 critical illnesses and related expenses till Rs. 50 lakh. Any individual with over 18 years to 65 years is eligible to take this policy.

2) The plan can be taken for 1 year or 2 years and premium needs to be paid regularly in case of a single year term or at once in case of a 2 year term and can be renewed lifelong.

3) Lumpsum Sum Assured is paid on diagnosis of the covered Critical Illness with defined severity or on the date of undergoing surgery for the covered Critical Illness, irrespective of the amount spent on treatment.

4) There is a unique option of e-opinion under which expert medical advice is provided by the insurer’s doctors.

5) If you opt for 2 years policy, discount of 7.5% is given on premium.

6) A maximum of 6 people can be added in an Individual Policy with a maximum of 4 adults (self, spouse and dependent parents) and 5 children

7) Free Healthline Service which provides for primary consultation, health counselling, individual referrals, nutrition and diet.

8) Free Health Risk Assessment which helps to profile every member’s health status and provide recommendations on nutrition and diet and lifestyle.

9) Pre-existing diseases are not covered for the first four years of policy.

10) Premium for a 30 years aged person for Rs 10 Lakhs sum assured is approx. at Rs 3,800 per year.

Conclusion: Life is uncertain and so are diseases. Critical diseases can hamper your life brutally financially and mentally. Mental tensions have no alternative but financial tensions have. So, why not opt a suitable critical illness insurance plan and say good bye to such tensions.

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Suresh KP

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