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This article is about critical illness policy. The write up speaks about features and benefits of the policy. Documents required for purchasing the policy and policy providers are listed herein.

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Critical Illness Policy

Overview of critical illness policy:-
In the history of mankind, diseases and methods to combat them have competed fairly with each other. Nevertheless, we are always encountered by different set of critical health problems. If not the disease themselves, at least the names change. Therefore the list of diseases covered by the health insurance companies also keeps changing. For e.g.: there is a difference in the list of diseases covered by a policy that existed decades ago and the one existing today. Critical illnesses that existed during those days are now very simple illnesses, as, for most of those illnesses treatments are available. Today there are many more critical conditions added in this list.
Such conditions can threaten an individual and make him feel helpless when it comes to purchasing the best medical facility to treat the illness. A policy that provides financial support in such conditions can make a person feel secure and optimistic.
How to purchase a critical illness policy:-
Critical illness insurance policies resemble health insurance policies except that there will be a set of critical health conditions listed. The claim procedure and few more additional conditions will exist when it comes to critical illness insurance. Following factors may affect your choice of policies:

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.

– 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.
Benefits of critical insurance policy:-
Critical insurance policy gives flexibility to a person in getting the best possible treatment for a critical condition and few policies also assure financial support during crisis due to critical condition. Few of the benefits are listed below.
  • 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.
Documents required for application:-
As of now there are no specific documents mandatorily required while purchasing a policy, but during a claim process a person may have to present an ID proof along with other documents related treatments and medicinal bills. The policy provider may ask for a medical test while purchasing policy depending on the age of the policy holder.
Market providers for critical illness insurance policy:-
  • Axis bank
  • ICICI Prulife
  • National Insurance Company Limited 
It is noted that approximately 3 individuals among every 10 suffer from one of the critical health problems in India between the ages 40 and 60. With such statistic figures it is always preferable to have a critical illness policy for a peaceful and secure lifestyle.