Critical Illness Health Insurance

• The plan will provide you with coverage towards 8 critical illnesses, and the costs can be paid full with one lump sum amount after the diagnosis for the first time after survival of the 30 day period.
• The 8 critical illnesses covered under this plan are: heart attacks, cancer, stroke, paralysis, kidney failure, major organ transplants, coronary bypass, and multiple sclerosis.
• The coverage under this plan can be used for treatment payments, recuperation necessities, paying off loans if any, will be provided as income for loss of any due to the illness

2. New India: Asha Kiran Policy

• The policy is eligible for parents of only female children, and are in between the ages of 18 years - 65 years of age.
• The New India Asha Kiran Policy covers medical and hospitalization expenses as well as congenital diseases and abnormalities
• The policy cover pre and post hospitalization. And have 74 types of day-care treatments covered under this policy.
• The policy also cover up to 1 % of the sum assured per day for room, board, and nursing expenses and 2% of intensive care unit expenses per day

3. Star Health: CriticCare Insurance

• This plan covers up to 9 critical illnesses, and the costs can be paid full with one lump sum amount after the diagnosis.
• The policy covers both pre and post hospitalization for a 24 hours minimum.
• The policy also covers non-allopathic treatments up to specified limits.
• The 9 critical illnesses covered under this plan are: heart attacks, first diagnosis of cancer, stroke, paralysis, chronic kidney failure, brain tumour undergoing for the first time- major organ transplant, irreversible coma, and irreversible quadriplegia.

4. Bajaj Allianz: Critical Illness Plan

• This plan covers critical illnesses, and the costs can be paid out in lump sum amount after the diagnosis if the insured survives 30 days post diagnosis.
• The policy covers expenses of the donor in the case of a transplant, and is covered in both India and abroad as well.
• The policy is eligible for anyone aged between 6 years - 59 years.
• The critical illnesses covered under this plan are: cancer, coronary artery bypass surgery, heart attack for the first time, chronic kidney failure, stroke, aorta graft surgery, primary pulmonary arterial hypertension multiple sclerosis, and paralysis.

Who Should Buy Critical Health Insurance Plan?

Indian citizens above 18 years of age and less than 65 years can avail critical insurance health policies. Applicants more than 45 years may have to go through pre-policy medical checkup. As a rule, plans under the health insurance segment should be bought when you are young and healthy, as this directly affects the premium asked by the insurer.

Family members can also be covered under a single plan as per policy documents. If more than one person is covered under a single critical illness policy, each member stands to receive cover once during the policy tenure.

What is not Covered?

Critical insurance policies come with certain exclusions such as:

• No coverage for 60 days (30 in some cases) after the policy is purchased. However, policy renewals are exempt from this exclusion.
• Pre-existing diseases as specified by the insurer.
• Overseas treatments (depending on the provider).
• Treatments such as dental treatment, birth control, sex change, hernia, cataract, gastric etc. are exempted from coverage.

Advantages of Critical Illness Riders:

Critical illness health insurance policies are your best bet against life-threatening diseases or ailments. With the extensive cover provided under this plan, even treatments lasting for months can be potentially compensated in full if the sum assured is sufficient. Key advantages are:

• Tax benefits under Section 80(D) of the Income Tax Act.
• Lumpsum amount to be paid at the end of waiting period, which may be used any way the insured wants to.
• Easy documentation for making claims.
• Wide range of options for sum assured, premium, and policy tenure.
• Additional riders can be bought as per company policy.
• Hassle-free claim settlements once all documents are received by the insurer.
• Pre-hospitalization expenses covered up to 30 days before getting admitted in a hospitalization.

Key Features:

Critical illness health insurance plans are meant for the specific purpose of providing a safety net against serious illnesses such as heart attack, paralysis, cancer, organ transplant, bypass surgery, kidney failure, coma, stroke etc. Typically, critical illness cover ranges between Rs.1 lakhs to Rs.10 lakhs, with higher coverage available on satisfying criteria set by individual insurers. Key features of health insurance for critical illness are:

• Usually a 30 day grace period will be applicable after diagnosis (depending on insurer), with compensation being paid out on survival during this period.
• Sum assured will be paid out as lumpsum post-hospitalization.
• Pre-medical check-ups required for people over a certain age limit (generally 45 years).
• Day care procedures can also be covered, wherein treatment such as dialysis that can be done within a few hours will be covered.
• Pre-existing diseases are not covered under this health insurance plan, though most insurers allow cover for pre-existing diseases on completion of a certain period of uninterrupted premium payment (usually 4 years or more).
• Most insurers will have a list of cashless network hospitals where treatment can be availed without payment of cash (settled by the insurer itself).

GST rate of 18% applicable for all financial services effective July 1, 2017.

Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.