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Need for Critical Illness Insurance in India

Medical treatment costs have risen unchecked over the past few years in India. If you or someone in your family contracts a life-threatening critical illness, it may end up depleting all of your life savings. If the medical bills are astronomically high, you may have to take loans to pay them off. Fortunately, you can choose to buy a critical illness health insurance policy that can help you deal with these high medical costs. 

A critical illness insurance plan offers coverage against life-threatening diseases such as cancer, heart attack, renal failure, etc. Here, you receive the sum insured amount as a lump sum when you are diagnosed with the illness. This amount can be used for treatment and care expenses. In this article, we’ll take a look at how to choose a critical illness cover. 

How to Choose the Best Critical Illness Cover?

Here are some important points to keep in mind when choosing a critical illness policy

  • Rider or Stand Alone Policy 

You can choose to buy critical illness cover in two ways. First, you can buy a standalone critical illness cover. Alternatively, you can buy critical illness as an add-on cover with your health insurance plan

  • Critical Illness Benefits

To avail coverage for critical health conditions under a health insurance/term plan, you should purchase a policy that offers critical illness benefits. Even though you may have to pay additional premiums over and above the existing term plan premiums, you will be covered against several critical illnesses during the policy term. 

  • High Sum Insured 

The medical expenses in India are rising rapidly, and when it comes to treatments of critical ailments, the costs are off the roof. It can easily burn a hole in your savings. Moreover, some critical illness treatments can go on for a longer time. Opting for term insurance with a critical illness benefit that offers a high lump sum amount will help tackle the situation financially.

  • Longer Coverage Duration

While you consider a high sum insured, it is also important to choose a plan that offers coverage for a longer time. As explained earlier, some critical illness treatments usually take time. Hence, a longer policy tenor will ensure that you are well protected for a longer duration.

  • Payout

A policy with critical illness benefits will pay out the sum insured amount either as a lump sum or in percentage (depending on the level of severity of the disease). Choose a plan that offers optimum coverage so that you get enough money as the payout to manage the expenses incurred.

  • Special Critical Illness Plans 

Many insurers offer highly specific critical illness health plans for certain demographics. For instance, insurers offer women’s critical illness plans with a focus on providing better coverage for certain critical illnesses faced by women, such as breast cancer, cervical cancer, etc. Similar plans are also available for senior citizens. 

  • Inclusions and Exclusions 

Inclusions and exclusions refer to what’s covered and not covered under the policy. Read the inclusions and exclusions of all available critical illness policies, then decide which one to buy based on how many inclusions it offers. 

  • Waiting Period 

If you are suffering from an existing illness at the time of buying the policy, you should try to opt-in for a critical illness cover that has the lowest waiting period. This will allow you to get coverage for your pre-existing illness as soon as possible. 

Why Choose Bajaj Allianz Life Smart Protect Goal Term Plan at Bajaj Markets?

Dealing with a critical illness can have a severe impact on the way you lead your life. The hefty medical and treatment expenses can put you and your loved ones under a financial burden. If you are the sole breadwinner of the family and suffer an unexpected and unfortunate death, it can cripple your family financially. 

Thus, an insurance policy that offers both financial security for your family in your absence and critical illness coverage is essential. Bajaj Allianz Smart Protect Goal Term Insurance with Critical Illness benefit available on Bajaj Markets provides just that.

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. Some of these are as follows:

  • Cancer

  • Alzheimer's Disease 

  • Carotid artery surgery

  • Kidney failure

  • Major organ/bone marrow transplant 

  • Multiple sclerosis with persisting symptoms

  • Permanent paralysis of limbs


Critical illnesses can strike anyone at any time in their lives. In order to be better prepared for dealing with the medical and financial aspects of critical and life-threatening illness, having a critical illness cover is important. If you and your family do not have a critical illness policy cover in place, you should consider buying the Bajaj Allianz Smart Protect Goal Term Insurance with Critical Illness benefit, available on Bajaj Markets. 

Term Insurance Covers and Requirements

Read More About Term Insurance

Government Life Insurance Schemes

FAQs on Critical Illness Cover

✔️Why is term insurance with critical illness benefits needed?

Dealing with the expenses incurred during the treatment of a critical health condition can put a strain on your finances. Moreover, the financial security of your loved ones is important if you happen to die during this time. Hence, a term insurance plan with critical illness benefits will provide financial security to your family in your absence and will also help you bear the expenses of the disease.

✔️How much critical illness insurance coverage should I opt for?

The coverage that you should opt for depends on the following factors: 1. Your age at the time of purchasing the insurance 2. The lifestyle you currently lead 3. Area of residency 4. Annual income

✔️ Can I buy a critical illness policy without purchasing a health or term plan?

Yes, many insurance companies offer standalone critical illness cover plans.

✔️Which diseases are covered under a critical illness plan?

Some of the diseases covered under a critical illness plan include: Cancer Kidney failure Paralysis Organ/bone marrow transplant, etc.

✔️ How can I choose the cheapest critical illness policy?

You can look for different critical illness plans available online and compare their costs to find the cheapest critical illness policy.