Critical Illness Insurance

If you are looking for an excellent critical illness policy, you have come to the right place. At Tata AIG, we offer one of the best critical illness policies in India.

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What is A Critical Illness Insurance Cover?

There are many things in life you simply have minimal control over, and your health is certainly one of those things. Although it is impossible to exert full control over your health, present and future alike, you can take a significant stride towards doing so by investing in a suitable health insurance policy.

With the selection of the Tata AIG health insurance plan, you can benefit from extensive coverage against a wide gamut of illnesses and medical emergencies, including accidents. Our plans have been designed to offer you the maximum protection possible at a feasible price.

However, even if you choose the best medical insurance in line with your health insurance requirements, you may end up facing a dearth of adequate coverage should you get diagnosed with a critical illness. A basic health insurance policy does not encompass coverage for critical ailments such as cancer, cardiac stroke, and paralysis, to name a few.

Therefore, it is prudent to opt for a critical illness health insurance plan. Our critical illness cover enhances the scope of your health insurance policy and provides you coverage against critical illnesses such as cancer, kidney failure, blindness, and coma. By purchasing a critical illness plan with Tata AIG, you do not have to worry about your medical bills upon being diagnosed with any of the critical ailments covered under the plan.

In order to have sufficient protection against critical illnesses, you must consider buying a critical illness insurance policy. The best critical illness insurance plan for you is one that offers optimal coverage without putting a huge dent in your pockets, and the Tata AIG critical illness health insurance plan ticks all those boxes.

Why Should You Buy A Critical Illness Cover Even If You Already Have a Mediclaim Plan?

It is true that one can never quite have enough health insurance. Such is the unpredictability of health-related issues that irrespective of the amount of advance planning and careful preparation you have in place, you are still vulnerable to an incredible number of ailments, not to mention accidents. It is, therefore, wise to have a suitable health insurance policy to provide you with financial protection against such ailments. However, since medical inflation is consistently on the rise, a basic health insurance plan may not suffice to ensure sufficient medical coverage for you. This is why it is prudent to purchase a critical illness insurance policy. Here are some reasons why you should opt for a critical health insurance policy.

Coverage Against Critical Illnesses

By buying a critical illness cover, you can easily enhance the coverage provided by your existing health insurance policy. As a result, not only will you have adequate financial protection against common ailments but also against severe ones such as cancer, cardiovascular diseases, renal failure, etc.

The Security of Your Savings

In the absence of a critical illness cover, you will have to foot the burden of extensive medical bills arising out of the treatment required for critical illnesses. This would entail you delving into your savings or being forced to resort to debt, none of which are sound options for the financial safety of your future.

Since your savings are sacrosanct, you must not let them be exhausted by the financial impact of a critical illness diagnosis, and a critical illness insurance policy helps you do that.

Benefits Of Critical Illness Insurance Plans

Buying a critical illness policy entails several significant benefits for you, some of which have been discussed below.

Provides Financial Support in Times of Need: A critical illness plan plays the role of a faithful friend during your times of need. Not only can the diagnosis of a critical illness cause immense physical trauma but also immeasurable emotional stress and economic burdens.

With the cost of your medical treatment potentially coinciding with the loss or reduction of your monthly income, it can be difficult to make ends meet, much less be able to pay your medical bills. In such a scenario, a critical illness health insurance plan can prove to be of great assistance through the Lump-sum payout of the sum assured.

Covers Numerous Critical Illnesses: Our critical illness insurance India plans cover a wide range of critical illnesses, including cancer, kidney failure, blindness, and paralysis. Therefore, with one plan, you get extensive coverage against several critical illnesses. Instead of having to shell out a significant amount of money for the cost of the treatment of a critical illness, you can benefit from the sum assured under our critical illness plan.

Acts as a Substitute for Your Lost Income: A critical illness diagnosis comes as a shock to anyone, but it may hit you harder if you are the sole breadwinner of your family. The potential loss of your ability to work and earn during the course of the ensuing treatment can cause severe financial stress for your family and household.

However, if you have a critical illness plan or a life insurance plan with a critical illness rider, you can be assured of a benefit payout that can help you substitute your lost stream of income.

Offers Additional Support aside from Your Health Insurance Plan: A critical illness health insurance plan allows you to have additional financial support over and above your basic health insurance policy. What is more, is that it makes up for the coverage for critical illnesses not available in the latter. Thus, you are better placed to bear the medical and other expenses following a critical illness diagnosis.

Affordable Premiums: It is a myth that a critical illness cover is beyond the reach of most people because of its premium. In reality, such a cover is available at an affordable and cost-effective premium which is far below the value of the benefits that you are assured under the plan. Therefore, opting for a critical illness health insurance plan is a prudent decision.

Tax Benefits: Not only do you get sufficient coverage against several critical illnesses under a critical illness plan, but you also get certain tax benefits for the premiums paid for said plan. Under Section 80D of the Income Tax Act 1961, you can claim a tax deduction of ₹25,000 for health insurance premium payments. This deduction is ₹50,000 for senior citizens.

What Are The Documents Required At the Time of Critical Illness Insurance Claim?

If you are filing a critical illness insurance claim, you must ensure that certain documents are handy. Here's a list of the documents that are needed to file such a claim.

Claim Form: First things first, you must submit a duly filled and signed health insurance claim form to us. This form can now be filled and submitted online here. You can track the progress of your claim here. It is advisable to inform us and submit this form within 30 days of the diagnosis of a critical illness covered by your critical care insurance policy.

Other necessary documents: After the receipt of your critical insurance policy claim form, we shall request you or whoever is filing the claim on your behalf to submit the necessary documents, including:

  • All the relevant reports about your medical condition, case history, investigation results, treatment papers, and hospital discharge certificate
  • A detailed and accurate diagnosis of the treatment for which the claim is being submitted
  • Any other document deemed necessary to the claims process by our claims department

We shall establish the veracity of the circumstances surrounding the claim for your critical illness insurance plan within 15 days of your discharge from a hospital or completion of treatment. After being satisfied with your critical illness cover claim and the supporting documents, we shall make the payment of the approved claim within 30 days of the receipt of all the necessary documents.

Factors to Keep In Mind While Opting for a Critical Illness Insurance Policy

While opting for a critical insurance policy, you must consider certain important factors. Some of these factors are as follows:

Sum Assured: You should ensure that your critical illness plan has adequate coverage in line with your health insurance requirements. This is possible only when you have clarity on how much critical illness health insurance you need and what the sum assured under the policy should be.

The Nature of the Plan: Critical illness insurance in India is offered in two forms, namely as a standalone policy and as a rider or additional cover with an existing health insurance or life insurance policy. Therefore, you must decide which form of critical illness insurance you want to opt for. As a general rule, the coverage provided by a standalone critical illness policy is higher than that offered by a critical illness rider, even if the critical illness list for the two are similar.

Sub-Limits: It is important to check the sub-limits for different expenses in your critical illness plan. There are usually sub-limits for surgeries and medical tests. Being aware of these sub-limits is critical to know how much actual coverage you have for a specific head of expense.

Inclusions and Exclusions:You would not enter a vegetarian restaurant to order non-vegetarian food, now would you?! Just as it is important to know what kind of food is served by a restaurant you are visiting, it is also important to know, perhaps more so, what is covered under your critical illness health insurance and what is excluded from it. Therefore, you must read the policy wordings with extreme care and attention. You must pay particular attention to the list of critical illnesses for insurance.

Age: Critical illness plans often have varying coverages and costs for people from different age groups owing to their varying health risks. This is why the plans for the elderly have higher coverage and a corresponding high premium, whereas the opposite is true for relatively young people. The best critical illness insurance for you is one that is in alignment with your age group as well as your health insurance requirements.

Maximum Renewal Age: Since some critical illness covers have a cap on the maximum age of renewals, it is advisable to check this ceiling before selecting a plan. It is advisable to opt for plans that offer lifelong renewals.

Waiting Period: There is a waiting period associated with a critical illness plan which means that you cannot avail of the benefits of the plan before the expiration of the said period. This is why you must check the waiting period specified in a plan before purchasing it.

Tax Benefits Of A Critical Illness Insurance Cover

he premium paid towards a critical illness insurance plan qualifies for tax deduction under Section 80D of the Income Tax Act, 1961. The tax deduction you get depends on the age group you are in.

Here is a quick glimpse of the tax benefits of a critical illness insurance cover.

The Age of the Assessee Beneficiaries of Critical Illness Cover Maximum Permissible Tax Deduction
Below 60 years Self, Spouse, Dependent Children, and Parents ₹25,000 for the premium paid for the self, spouse, and dependent children And ₹25,000 for the premium paid for parents under the age of 60 years and ₹50,000 for the premium paid for parents over the age of 60 years
Above 60 years Self, Spouse, Dependent Children, and Parents ₹50,000 for the premium paid for the self, spouse, and dependent children And ₹50,000 for the premium paid for parents over the age of 60 years

Frequently Asked Questions About Critical Illness Insurance

What Is A Critical Illness? A critical illness is an ailment that is serious in nature and emails a high medical cost. Some examples of critical illnesses are cancer, renal failure, paralysis, etc.

How Much Critical Illness Cover Do I Need? In order to determine the magnitude of the critical illness cover you need, you must account for factors such as the cost of the treatment of different critical illnesses, your medical history, your financial capability and financial obligations. It is pivotal to opt for a sufficient sum assured under your critical illness health insurance policy.

Can I Get Critical Illness Cover After Cancer? In most critical illness covers, a disease diagnosed after the purchase of the policy is not covered by said policy. Therefore, it is advisable to purchase a critical illness insurance policy early in life so that you can avail of its benefits if necessary.

Can I Increase the Sum Assured Under My Critical Illness Cover During A Policy Year? No, you cannot modify the sum assured under your critical illness cover in the middle of a policy year. This facility is available only when your policy is due for renewal.

Premium-related Questions:

Is Critical Illness Insurance Cover Costly? No, a critical illness insurance cover is not costly. A critical illness insurance cover helps you enhance your overall protection against health-related risks and is, therefore, cost-effective.

What Are The Factors That Affect My Critical Illness Health Insurance Premium? There are several factors that have a bearing on your critical illness health insurance premium, including:

  • Your age
  • Your medical history, including any pre-existing medical conditions
  • Your family's medical history
  • The sum assured chosen under the plan

Service-related Questions

What Are The Documents Required for Claiming Critical Illness Insurance? In order to file a claim for your critical illness cover, you need to submit the following documents.

  • A duly filled and signed claim form
  • Documentary evidence of your diagnosis of a critical illness
  • All the necessary medical reports, your case history, medical test results, treatment papers, and hospital discharge certificate

How Soon Should I Inform My Insurer About My Critical Illness Diagnosis? Ideally, you should inform your insurance provider as soon as possible after the diagnosis of a critical illness. However, the specific timeline for such an intimation varies for different insurers and policies, which is why you must peruse your policy document with utmost focus.

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