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Why is critical illness insurance necessary?
Sep 7, 2016

Critical Illness Insurance: A Necessity

A major illness has a drastic effect on a person’s life. It is not only mentally stressing but it also translates into big medical bills and leaves the entire family struggling. A critical illness insurance cover acts like a saviour in such situations guaranteeing the person financial security. Critical illness plan is basically a health insurance plan which provides cover from critical illnesses like cancer, kidney failure, heart attack etc. In case a person get diagnosed with any of these specified illnesses , the insurer will give you a lumpsum amount upto the sum assured which will help you pay for the hospitalization expenses and other medical expenses and day to day expenses of the family like school fees, EMI s, etc.

Who Should Buy A Critical Illness Insurance Cover?

A critical illness cover is the best gift you can give yourself if you are one of those who likes everything planned and do not wish to take chances with your health.  It is advisable to buy a critical illness cover in case you have a medical history. Also, primary breadwinners who cannot afford a hit on their finances, people who do not have sufficient savings or people who do not have employee benefits and cannot afford prolonged sick leaves should certainly consider buying this cover.

Who Can Buy A Critical Illness Insurance Cover?

Critical Illness policies can be availed by Indian citizens in the age group of 18 -65 years. People who are over 45 years of age need to go for pre-policy medical checkups. Family members like spouse, children and parents can get coverage in a single critical illness policy. Each member qualifies to get the cover during the policy tenure in a single critical illness plan. Entry age for children is 6 years.

Illnesses Covered in a Critical Illness Insurance Cover

  1. Cancer
  2. Coronary Artery Bypass Surgery
  3. First Heart Attack (Myocardial Infarction)
  4. Kidney Failure
  5. Major Organ Transplant
  6. Stroke
  7. Aorta Graft Surgery
  8. Primary Pulmonary Arterial Hypertension
  9. Multiple Sclerosis with Persisting Symptoms
  10. Permanent Paralysis of Limbs

Advantages of a Critical Illness Insurance Policy

  1. Lump sum amount is paid after the specified waiting period in case of a critical illness and one can plan the further treatment accordingly
  2. Option to buy additional riders
  3. Coverage for all pre-hospitalization expenses up to 30 days
  4. Many options for policy tenure, sum insured and premium
  5. Tax benefits
Health is Wealth! Think about your health in advance and take a look at Bajaj Allianz’s Critical Illness cover to avoid panic later.

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