How to Battle your Critical Health Problem with Critical illness Insurance?


Being diagnosed with a critical illness can be difficult. Not only does it involve the physical strain and lifestyle constraints, but it can also become a financial burden. Don’t let the financial burden of paying heavy medical bills drag you down from your trek to recovery.

A Critical Illness Insurance can help you cope up with the financial burdens associated with critical ailments, especially if the illness prevents you from working. It ensures that you’re long-term savings remain intact.

Here is a brief lowdown on everything you need to know about this critical insurance cover, the various types available to you, and how you and your family can benefit from it.

Critical illness insurance pays out on diagnosis

Critical illness insurance makes a lump sum benefit payment upon diagnosis. This means that if and when you are diagnosed with one of the covered ailments, you can claim the entire sum assured, hassle-free, without needing to provide receipts and proofs of every individual check-up appointment and medication purchase. What’s more, with a policy such as Bajaj Finserv’s Critical Illness Plan, you’re offered a sum assured of up to a whopping Rs.50 lakh, not to mention a tax rebate of up to Rs.60,000 on your insurance premiums.

You can add a critical illness rider onto your life insurance policy

Signing up for a specialised critical illness insurance policy has its own benefits. For example, you can get a specialised plan that covers an extensive list of ailments. However, you can spare yourself the hassle of taking out an additional policy by adding a critical illness rider onto your existing life insurance policy for an added premium.

Many life insurance and term insurance policies include the option for a critical illness rider, though the benefits may differ from a specialised critical illness policy. So, make sure you read the terms and conditions before you sign on.

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How to choose the policy that is right for you?

The policy that works best for you will vary based on your age, any pre-existing conditions you may have, and any family history of ailments such as cancer or heart disease. Your own lifestyle will also play a role in deciding what sort of plan will work best for you, and you may be required to take a medical examination before being approved for a policy. Make sure you compare the benefits of all the best critical illness insurance in India before making your decision. Bajaj Finserv, for example, has a policy tailor-made to include otherwise neglected treatments such as donor expenses for transplant surgery, which is rare as far as critical illness coverage goes, and something to bear in mind when comparing different plans.

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