Critical Illness Policy
Critical illness covered – List out the critical health problems covered by different policy providers and note down how each provider differs from the other. Most of the illness conditions will be common except for a few in the list. But this difference can make a change while purchasing a policy. Find out all the hidden conditions related to each critical illness condition.
Sum assured – Premium and maximum expected expense on critical condition can be considered while choosing a particular critical illness policy. The sum assured will have a minimum and maximum limit depending on critical condition.
Steps involved in claiming the amount – These steps will lead to getting a lump sum amount that is assured for the particular illness condition. If these steps are simple then it makes the policy friendlier to the policy holder.
Waiting period and survival period – Waiting period is the minimum time period that has to be crossed to face a critical illness condition after purchasing a policy. For ex: A person purchases a policy that has 90 days waiting period. If the person faces a critical illness condition on 89th day after the policy is purchased then the condition cannot come under claims.
Survival period is the minimum time period that a person has to survive in after a diagnosis in order for him/her to be eligible to claim the sum assured for particular critical condition.
Exclusions – These are the set of illness conditions that will not come under the policy coverage. Apart from STDs and other diseases the policy holder will be tested for medical conditions while purchasing a policy and incase if a person has pre-existing illness condition by genetics or by any other means then the policy shall not be issued. Body mass index, alcohol or nicotine or drug intake, genetic disorders are all few criteria that will be checked while issuing a policy.
- Financial support due to loss of income during diagnosis of critical conditions
- Financial flexibility to bear medical expenses like ambulance charges, treatment, nursing, surgery, medical charges during recovery from a critical condition etc.
- Tax exemptions according to section 80D and 80C of the income tax act.
- Axis bank
- ICICI Prulife
- National Insurance Company Limited