1.
What is critical illness insurance and how does it work?
Critical illness insurance is an insurance that provides a lump sum if an individual is diagnosed with any covered illness as per the policy conditions. One may choose to utilise the payout towards their treatment, recovery, or even for their home and family expenses. Critical illness insurance is available as a rider or standalone plan.
2.
What illnesses are covered under a critical illness plan?
It varies by plan. Some common illnesses include specified types of cancers, heart attack, stroke, kidney failure, major organ transplant, and paralysis as defined within the plan.
3.
How is critical illness insurance different from regular health insurance?
While health insurance pays the cost of eligible expenses incurred, the payout under a critical illness rider life insurance is a fixed amount depending on diagnosis, regardless of hospital expenses.
4.
How much critical illness cover does my family need?
There is no definite amount for everyone. This is dependent on one's potential costs of treatment, mortgage payments, household expenses, income lost, dependents, among others. It is also important to consider what your current insurance plans covers.
5.
Can I add a critical illness rider to my existing life insurance plan?
Some insurers allow you to get a critical illness rider for your life policy by paying extra premiums depending on your eligibility. You should check with your insurer if it offers a critical illness rider to your existing policy or only when purchasing a new one.
6.
Is there a waiting period for critical illness insurance?
Yes. Most insurers have a waiting period during which your claim cannot be made after taking the policy. Some insurers will require you to survive for a certain period from the date of diagnosis. The exact details can be found in your policy documents.
7.
Can I claim tax benefits on my critical illness insurance premium?
It depends on the policy, the premium and the tax rules in force. Eligible premiums may qualify for a deduction* under Section 80D, subject to conditions. A tax professional can confirm what applies to you.
FOR EXISTING POLICY 
1860 266 9966
FOR NEW POLICY 
10 mins read
