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Critical Illness Insurance Policy

Life is unpredictable, and you may not always lead a healthy lifestyle. At a certain point in life, you might acquire a life-threatening disease that could force you to become bedridden. Moreover, if you are the sole earner in the family, such a situation can severely take a hit at the finances.

This is where critical illness insurance can come in handy. With this policy, the expenses incurred in the treatment of life-threatening diseases are well taken care of by the insurer. With critical illness benefit under term insurance plans, you receive a pre-defined percentage of the sum assured amount when diagnosed with the illness.

Why do you need a Critical Illness Insurance Policy?

The rate of people acquiring life-threatening diseases in India is gradually increasing. The Indian Council of Medical Research’s National Institute of Cancer Prevention and Research (ICMR-NICPR) released a report that stated the cancer cases across the country have spiked by 15.7 per cent since 2012. In fact, over 11.6 lakh cancer cases were reported in 2018 alone.

Moreover, according to the Globocan report of 2018, deaths due to cancer have increased by 12.2 percent since 2012. This means, over 7 lakh people lost the battle against cancer in the year 2018. Statistics recorded by the WHO also stated that one of the leading causes of death and disability conditions in India is due to cardiovascular diseases.

With so many facts present in front of us, it only makes sense to buy a term insurance plan which covers such ailments. That way, if you are diagnosed with a critical health condition, the sum assured amount paid out could be utilised for expenses incurred during medical treatment of the disease. Moreover, if you die during the treatment, the insurer will pay the death benefit to the beneficiaries of the policy.

Buying term insurance with critical illness benefit will safeguard yours and your family’s financial future against critical ailments. You can get a quote for Bajaj Allianz Smart Protect Goal Term Insurance with an add-on Critical Illness Benefit at Finserv MARKETS, right away!

Why choose Term Insurance with Critical Illness Benefit?

As explained earlier, the impact of being diagnosed with a critical illness can lead to serious lifestyle changes. Tackling the hefty medical expenses of the treatment can put a burden on you and your family. Moreover, in case of your death during this time can put your family in financial turmoil.

Hence, it is imperative for people to get a term plan with critical illness benefit, as these ailments can lead to the death of the earning individual. Bajaj Allianz Smart Protect Goal Term Insurance offers an add-on Critical Illness benefit that will protect you and your loved ones by taking off the financial overburden caused by life-threatening diseases.

The policy offers protection against 55 critical health conditions, including cancer, organ transplant, heart attack, and more. It includes 19 minor illnesses and 36 major illnesses. These include –

  • Cancer

  • Alzheimer's Disease 

  • Carotid Artery Surgery

  • Kidney failure

  • Major organ/bone marrow transplant 

  • Multiple sclerosis with persisting symptoms

  • Permanent paralysis of limbs

Key Features of our Critical Illness Benefit 

Bajaj Allianz Smart Protect Goal Term Insurance with add-on Critical Illness benefit at Finserv MARKETS has the following key features and benefits to protect you and your loved ones.

  • Critical Illness Cover – The policy offers comprehensive insurance coverage for 55 critical health conditions

  • Payout – Depending on the severity of the critical illness, the insurer will pay out the sum assured amount. You will receive 25% of the sum assured amount in case of minor critical illnesses and 100% in case of major critical illnesses.

  • Tax Benefit – When you buy critical illness benefit as an add-on cover on your term insurance plan, you can avail the tax benefits under Section 80D of the Income Tax Act, 1961.

Exclusions of Critical Illness Benefit 

  • Critical illnesses diagnosed or for which care, treatment, or advice was recommended before the issuance of the policy are not covered

  • The policy does not cover for critical illnesses that are diagnosed within the first 90 days of the policy term

  • The policy does not cover for death within 30 days following the diagnosis of the critical health condition

  • It does not cover Sexually Transmitted Diseases such as HIV/AIDS

  • It does not cover for treatments arising from or traceable to pregnancy or childbirth

  • It does not cover treatment expenses incurred in case of wars, invasion, an act of a foreign enemy, terrorism, hostilities, civil war, rebellion, or revolution

Now that you know the importance of having a critical illness cover, read about how to choose the best critical illness insurance plan in India.

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