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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 Should You Buy Term Insurance with Critical Illness Cover?

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 with critical illness benefit that 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 use the term insurance calculator to get a quote for Bajaj Allianz Smart Protect Goal Term Insurance with Critical Illness Benefit at Finserv MARKETS, right away!

Who Can Buy Term Insurance with Critical Illness Insurance Cover?

The eligibility criteria for buying critical illness insurance cover on your term insurance plan is as follows –

  • The minimum entry age is 18 years old.

  • The maximum entry age is 65 years old.

  • The maximum maturity age for term insurance with critical illness cover depends on the variant chosen.

How to Select Term Insurance with Critical Illness Insurance?

Here are a few factors that will help you choose the right critical illness insurance cover.

Factors

Details

The Sum Assured Amount

Ideally, the sum assured you choose should be 10-15 times more than your current annual income.

Waiting Period

Check with your insurer beforehand whether the rider benefit has any waiting period or not.

Survival Period

It is the number of days one should survive after the diagnosis of critical illness. Here, the survival period is usually between 30-90 days.

Number of Diseases Covered

Make sure that the insurer covers a wide range of critical illnesses.

Key Features of Term Insurance with 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. We’ve discussed the same in detail below.

Tax Benefits Under Critical Illness Insurance Cover

As we know, the premiums paid towards the term insurance plan can be claimed for tax deduction under Section 80C of the old income tax structure. However, those with critical illness insurance cover on their term plans can claim additional deduction on the premiums paid towards the policy under Section 80D of the Income Tax Act, 1961.

The following table gives an overview of the term insurance tax benefits for critical illness insurance.

 

When everyone is below the age of 60 years.

When you are below the age of 60 years and your parents are senior citizens.

When you and your parents are above the age of 60 years.

Self + Family Members (Spouse and Children)

Rs. 25,000

Rs. 25,000

Rs. 50,000 (including other expenses)

Parents

Rs. 25,000

Rs. 50,000 (including other expenses)

Rs. 50,000 (including other expenses)

Maximum Deduction under Section 80D

Rs. 50,000

Rs. 75,000

Rs. 1 Lakh

Critical Illness Insurance Cover vs Health Insurance Plan

The following table helps you understand the difference between term insurance with critical illness cover and health insurance plan.

 

Term Plan with Critical Illness Insurance Cover

Health Insurance Plan

Type of Policy

It is a rider benefit on your existing term insurance plan. So, securing your family’s financial future in your absence, it also helps cover the expenses related to life-threatening diseases that you may acquire during the policy tenure.

It is a basic health insurance plan that covers medical and treatment expenses for the policyholder(s). The policy does not have the provision to offer death benefits to your dependents after your death.

Benefits

The policy pays a lump sum benefit after the first diagnosis of the critical illness.

The policyholder can avail cashless treatment at network hospitals or has to claim for reimbursement after getting discharged from the hospital.

Coverage

Provides extensive coverage to a wide range of life-threatening diseases.

Provides extensive coverage that includes pre- and post-hospitalisation expenses.

Waiting Period

Usually, there is no waiting period. Check with your insurer as it can depend on the severity of the illness.

The waiting period is usually between one month to two years, depending on your insurer.

Diseases Covered under Term Insurance with Critical Illness Benefit

Bajaj Allianz Smart Protect Goal Term Plan with critical illness benefit covers for 19 minor critical health conditions and 36 major critical health conditions. Below we’ve listed a few of these for your understanding.

  • Cancer

  • Alzheimer's Disease 

  • Carotid Artery Surgery

  • Kidney failure

  • Major organ/bone marrow transplant 

  • Multiple sclerosis with persisting symptoms

  • Permanent paralysis of limbs

Exclusions of Term Insurance with 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

How to Claim the Term Insurance with Critical Illness Cover?

If your dependents want to make a successful claim on your term insurance plan with critical illness benefit, here’s what they need to do.

  1. Register for the claim through Finserv MARKETS online.

  2. Provide the necessary documents – diagnosis test reports, hospital bills and discharge summary.

  3. The insurer will assess your claim application.

  4. Upon verification of the submitted documents, a lump sum benefit will be paid out.

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.

FAQs

  • ✔️How to determine if I need critical illness cover?

    Ideally, whether you should buy critical illness cover on your term plan depends on your age, current income, lifestyle habits, area of residency, and family medical history. For instance, if you acquire a life-threatening disease over time, the critical illness cover on your term insurance plan will pay a lump sum amount that can be used for your treatment and other expenses. While you might have a health insurance plan to cover the treatment and hospitalisation expenses, the lump sum benefit received from your term plan can be used as a compensation for loss of income during your treatment and to overcome other financial shortcomings.

  • ✔️Can I buy term insurance with a critical illness benefit online?

    Yes. You can purchase Bajaj Allianz Smart Protect Goal Term Insurance Plan with critical illness benefit at Finserv MARKERS online. Just follow the steps below:

    1. Visit Finserv MARKETS online and go to the ‘Term Insurance’ section.

    2. Choose the type of term plan and coverage you need.

    3. Select necessary rider benefits. Don’t forget to include the critical illness rider benefit.

    4. Enter your details and upload supporting documents.

    5. Make the premium payment online.

    6. The insurer will assess your application and issue the policy in no time.

  • ✔️Do I have to undergo a medical test before buying term insurance with critical illness benefit?

    Yes. You have to take a medical examination before buying term insurance in India.

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