By | December 11, 2022
Buy Critical Illness Insurance Plans

Buy Critical Illness Insurance Plans – December 2022

You might debate that you don’t need any additional coverage like critical illness insurance as you are covered in a comprehensive health plan and also under group medical policy offered by your employer. Well, yes, but any critical illness calls for specialized treatment & care and as your comprehensive health insurance plan has limitations on hospitalization, doctors’ fees, etc. it will not cover the entire medical expense towards treatment.

Buy Critical Illness Insurance Plans

Buy Critical Illness Insurance Plans

In simpler terms, there is a limit on certain expenses like prosthetic, intensive care or even medicines and your spending on such ailments is always more than what your health insurer will pay. In such cases, you’ll have no option but you’ll end up paying from your own pocket.

Examples of Critical Illnesses:

  • Heart attack
  • Stroke
  • Major Organ Transplantations
  • Kidney failure
  • Paralysis
Care Super Mediclaim Critical Illness Plan
5 years to 50 years
Aditya Birla Activ Secure – Critical Illness Plan
1 year to 65 years
Maximum Rs. 50 Lac
National Critical Illness Plan
18 years to 65 years
Rs.1 Lack to 75 Lack
SBI Critical Illness Plan
18 years to 65 years
Rs.2 Lac to 50 Lac
Bajaj Women Specific Critical Illness Plan
25 years to 55 years
Rs.50K to Rs. 2 Lac

Why Buy Critical Illness Insurance?

Gives you cash: It gives you a lump sum cash on getting a critical illness listed in your plan. These diseases can be cancer, stroke, heart attack and many other diseases.

Pays for loss of income: You can use the lump sum as security money in case of loss of income from business or job due to critical illness.

Other medical expenses: You can use this cash to pay for regular medical expenses that are not covered by your regular health insurance plans.

Peace of mind: Critical illness insurance protects you against any medical emergencies related to various critical illnesses. So, it keeps you free from worries.
Features and benefits of critical illness insurance

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So Critical Illness Insurance provides the following features:

Critical Illness Coverage: Critical Illness Insurance policy provides coverage for 36 major critical illnesses including kidney diseases, heart complications, tumors and cancer etc. Since each insurer’s list of critical illnesses is unique, it’s important to review your policy to understand which illnesses are covered. covered and how many of them are included.

Easy claim processing: Claims can be made and processed easily after diagnosis. To ensure that you choose the right critical illness health insurance, make your decision after evaluating the claim-settlement ratio of the insurance provider.

Lump-sum payment option: There are critical illness plans that allow you to opt for a lump-sum insurance, which offers full coverage in the event of a life-threatening illness or expensive treatment. At the time of claim, the insurer issues a one-time lump sum payment.

Hassle-free experience: With Coverfox you get all your policy needs met in minutes. There is almost zero paperwork. And in the digitized world, you can experience a quick and easy process whether you want to buy a critical illness policy or simply renew a policy.

Cashless facility: The patient gets faster treatment, which is one of the most significant benefits of critical illness coverage. In other words, the insured can get treatment at any network hospital without paying any cash. By getting treatment under a network hospital, you can avoid paying any emergency cash.

Waiting Period: Generally, policies have a waiting period of 48 to 90 days. This waiting period may vary according to different insurance companies. It is advisable to check the policy details and see if it meets your needs.
Benefits of Critical Illness Insurance

Protection for you: Provides lifetime coverage for your loved ones.

Critical Illness Benefit: Ensures payment of Critical Illness Benefit in case of diagnosed illness (out of 36 major critical illnesses).

Tax Benefit: Under section 80C and 80D of the Income Tax Act, 1961 Rs. 15000 (Rs. 20000 in case of senior citizen) tax exemption.

Accidental Death Benefit: In case of sudden death due to accident, the sum assured is paid to the nominee.

100% Benefit Payout: You get 100% sum assured as payout if you are diagnosed with terminal illness.

Types of Critical Illness Health Insurance Covers

Rider: A critical illness rider is like an add-on to your basic health insurance policy. Under a critical insurance rider, you are paid a lump-sum amount on the diagnosis of such critical illness specified in the policy. The rider comes with an additional payment on the insurance premium. Though, today, several insurance companies are developing new critical illness riders that cover both lifestyle and old diseases, it is always wise to confirm the extent of coverage prior to adding a rider.

Health Insurance Covers

Health Insurance Covers

Standalone Policy: A standalone critical illness cover is much better as compared to a rider. This is because it provides a comprehensive coverage and also offers a much larger coverage as compared to a rider. If the mediclaim or health insurance policy provides coverage of Rs. 2 lakhs, the critical illness rider will provide coverage of only Rs. 2 lakhs. If you want comprehensive insurance coverage, insurance experts recommend purchasing a stand-alone policy.

Diseases Covered in Critical Health Insurance

Here is the list of the diseases covered under critical illness health insurance. However, the inclusion may vary depending on the insurance provider.

  • Cancer
  • Heart attack
  • Kidney failure
  • Multiple sclerosis
  • Stroke
  • Coma
  • Coronary artery bypass surgery
  • Major organ transplant
  • Paralysis
  • Bone marrow
  • Benign brain tumor
  • Major burns
  • Brain surgery
  • Blindness
  • Deafness
  • Parkinson’s disease
  • Alzheimer’s disease
  • Open chest CABG
  • Goodpasture’s syndrome

The key benefits are:


Cover provided for life threatening diseases
Coverage is provided for up to 36 life threatening diseases
Convenient fast claims process
Convenient, fast, hassle-free claims process
lump sum payment
The sum assured provided is in the form of lump sum payment
terminal illness
100% benefit payout upon diagnosis of terminal illness
Provides accidental death benefit
Provides accidental death benefit.
Protection against disability
Protection against disability
Tax Benefits
Tax Benefits under Critical Health Insurance

How to Save Tax On Critical Illness Insurance?

  • Double Benefit: A critical illness insurance offers tax benefits upto 1 lakh under Section 80D of IT Act of 1961.
  • Tax deduction on premium: Get a tax deduction of up to 25,000/- per budgetary year on premium paid
  • Deduction on annual health check-ups: Expenses due to annual health check-ups are entitled for tax benefits. The tax exemption limit here is 5,000/-.




2 Replies to “Buy Critical Illness Insurance Plans – December 2022”

  1. coin fiyatları

    Reading your article helped me a lot and I agree with you. But I still have some doubts, can you clarify for me? I’ll keep an eye out for your answers.


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