Special insurance for critical diseases like cancer, heart attack! Know its terms and conditions, what are the benefits


In a critical illness policy, a lump sum sum assured is provided to the insured.
The exorbitant expenditure on a critical illness like cancer cannot be covered by a normal health insurance policy.
The critical illness policyholder is also entitled to income tax exemption on the sum assured.

New Delhi. Due to the changed lifestyle and diet, nowadays cancer, heart attack and many serious diseases related to kidney and liver are engulfing the common man. A separate insurance plan is required for serious diseases, because it is not possible to cover the exorbitant expenditure on the treatment of these serious diseases with a normal insurance plan. The treatment of critical diseases takes a long time, adding to the financial burden. In such a situation, it is very important to take a Critical Illness Insurance Policy along with a basic health insurance plan.

There are many benefits of taking Critical Illness Insurance Policy. It not only provides cover against critical illnesses, but also offers the benefit of tax deduction under section 80D on the premiums paid. Almost all the major insurance companies in India provide critical illness insurance plans. In a Critical Illness policy, a lump sum sum assured is provided to the insured, which has been spent on the treatment of critical illnesses covered under the insurance policy.

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What is Critical Illness Insurance?
According to policybazaar.com, critical illness insurance is quite different from normal health insurance. This insurance policy compensates a person for the expenses incurred on the treatment of life-threatening diseases. There is a lot of expenditure on the treatment of other serious diseases including cancer. Under the Critical Illness Plan, the entire sum assured is available for the treatment of any critical illness. It also includes treatment and care cost.

A Critical Illness Insurance policy can also cover about 36 diseases such as critical illnesses such as tumors, cancer, heart disease and kidney failure. However, the number of diseases covered varies among critical health insurance policies offered by different insurance companies.

get quick policy
Critical illness policy can be taken as a rider along with life or health insurance plans. Usually, only the same cover is available under the rider as that of the base policy. Critical illness insurance plan should be taken at an early age, so that less amount has to be paid as premium. Another disadvantage of buying this type of plan at an older age is that coverage can be available only for fewer diseases.

Various insurance companies have fixed a certain time limit for claiming after the treatment of critical illnesses or after purchasing the policy. Some insurance companies offer coverage amount after 90 days of purchase of the policy and claim on survival up to 30 days after the treatment of critical illnesses.

Hospitalization not necessary
To get a claim in a critical illness insurance plan, it is not necessary to go to the hospital for the treatment of the disease. The insurance company pays the lump sum amount only after the treatment is done. The waiting period in this insurance policy depends on the severity of the illness. By the way, this time is usually 30 days from the date of purchase of the policy.

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get tax exemption
In a Critical Illness health policy, the policyholder can avail tax exemption of up to Rs 1,50,000 on premium under section 80D of the Income Tax Act. For senior citizens, this exemption is up to Rs 2,00,000.

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