What should you know about Critical Illness Insurance?

A critical ailment can strike at any time, and as costs of medical treatments continue to increase, it becomes more important to devise ways to cope up with expenses of a critical illness diagnosis. If you’re worried about landing in debt, and rising costs of medical bills, consider taking a critical illness policy that protects you and your loved ones.

Before you proceed to buy a critical illness cover, make sure you choose the one that is right for you. Here is a breakdown on how to find the critical illness insurance cover that is right for you.

What is covered under Critical Illness Insurance?

Critical illness insurance provides coverage for medical treatment of critical ailments such as cancer, kidney failure, paralysis, a stroke and the like. Anything that could be classified as a life-threatening condition is typically covered by a critical illness insurance policy, although different policies cover different sets of ailments.

It is important to find a policy that is right fcrtiior you, based on your unique medical requirements. For example, Bajaj Finserv’s Critical illness insurance Policy includes coverage of donor treatment for transplant surgery, something that a regular health insurance doesn’t. So, make sure you read the fine print and find a plan that works for you.

How to claim your critical illness insurance benefits

Most critical illness insurance policies will pay out a lump sum upon diagnosis to cover all medical expenses from hospital bills, follow-up treatments, medical advice or medicine. Depending on the sum assured, you may be able to pay for the entire treatment plan, if not a significant amount. Bajaj Finserv’s policy assures a lump sum of up to Rs.50 lakh, which could go a long way towards your financial and physical wellbeing.

Exemptions in your critical illness plan

It is important to note that some ailments may not be covered by your policy. For example, self-inflicted injuries, injuries that occurred as a result of intoxication, injuries incurred during military service or due to a natural calamity are all usually exempt from critical illness insurance coverage. What’s more, even for ailments that are covered by the policy, you might have to wait for a period of 30 days from the time of diagnosis before claiming your benefits.

Tax benefits on critical illness insurance coverage

In an effort to make medical insurance more accessible for all citizens, Section 80D of the Income Tax Act states that the premium paid towards critical illness insurance policies is eligible for tax rebates. The Bajaj Finserv Critical Illness Plan offers you a tax exemption of up to Rs. 60,000, which is quite a significant sum. Not only does signing up for a critical illness plan help you medically and financially, it also lets you save a bundle on income tax.

How to sign up for critical illness insurance?

Signing up for a critical illness health insurance plan has never been easier. With most issuers, you can initiate the application online and get hassle-free coverage with quick approval. Depending on your age and medical history, however, you may have to undergo a medical examination at a partner centre.

Once you’ve got these factors in place, finding the best critical illness insurance in India for you or your family members will be a whole lot easier. With a range of policies to choose from, it can seem a daunting task, but one that is worth the effort. A solid critical illness insurance plan can help you plan for your long term physical, mental and financial wellbeing, and give you the peace of mind too. To get started, check your pre-approved offer from Bajaj Finserv to apply stress-free and benefit from competitive premiums customised for you.

What restrictions should you remember?

Last but not the least, there are some restrictions as well you must know about all of them before buying critical illness insurance policy as a party of your health cover. It is important to note that many critical illness insurance plans do not cover the cost of certain ailments or injuries that were incurred voluntarily, either during military service or due to a natural calamity, at a site that was prone to nuclear contamination, or incurred while intoxicated. Moreover, you will have to wait out a 30 day survival period after diagnosis before you can file a claim for your critical illness insurance benefits.

It goes without saying that critical illness insurance is a life-saver in more ways than one. While it is imperative that you should consider investing in critical illness insurance after the age of 40, it is never too early to start planning for the long term.

Find the policy that works for you, and rest assured that your health and finances are in good hands. To get started, check your pre-approved offer from Bajaj Finserv to get an affordable and customised deal for insurance as well as other financial needs.