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Best Critical Illness Insurance in India

A few life-threatening diseases can put you and your family in financial turmoil. Especially if you are a sole income earner in the family, such situations might force you to take a sabbatical or quit your job for recovery.

What follows is a never-ending medical treatment expense, which usually takes a toll on your savings. Thus, in today’s time, it is essential to buy an insurance policy that covers you in times of crisis. A term insurance plan with critical illness benefit is just the right policy for you.

Why? Well, the policy not only offers death benefits to the beneficiaries of the policy in case of your death but also pays the sum assured amount when you are diagnosed with any critical health condition.

A critical illness insurance plan offers coverage against life-threatening diseases such as cancer, heart attack, renal failure, etc. Here, you receive the sum assured amount as a lump sum when you are diagnosed with the illness. This amount can be used for treatment and care expenses.

But how do you choose a term insurance plan that offers the best critical illness cover? In this article, we will be discussing the same.

Things to Consider when Choosing the Best Critical Illness Insurance Cover

  1. Critical Illness Benefits

To avail coverage for critical health conditions under a term insurance plan, you should purchase the policy with 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.

  1. High Sum Assured

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, and it will require money. Opting for term insurance with critical illness benefit that offers a high sum assured will help tackle the situation financially.

  1. Longer Coverage Duration

While you consider a high sum assured, 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 tenure will ensure that you are well protected for a longer duration.

  1. Payout

A term insurance plan with critical illness benefits will pay out the sum assured 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 payout to manage the expenses incurred.

  1. Tax Benefits

Along with the term insurance tax benefits, buying critical illness benefit as an add-on cover on your term insurance plan, you can avail tax benefits under Section 80D of the Income Tax Act, 1961.

Choose Bajaj Allianz Smart Protect Goal Term Insurance for Critical Illness Coverage

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 a financial overburden on you and your loved ones. Furthermore, in case of your death during this tough time can throw your family into economic chaos.

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

FAQs on How to Choose the Best Critical Illness Policy

  • ✔️Why is Term Insurance with Critical Illness benefit 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 benefit 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?

    Well, 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
  • ✔️What documents are needed for critical illness insurance?

    The following documents are required when buying critical illness insurance in India. 1. Age proof 2. Address proof 3. Identity proof 4. Medical test (depends on the insurer)

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