Critical Illness Insurance

Critical illness is similar to life insurance, but rather than paying out a lump sum on your death, it pays out on the diagnosis of one of a number of listed serious illnesses or injuries.

Critical Illness Insurance

Critical illness is similar to life insurance, but rather than paying out a lump sum on your death, it pays out on the diagnosis of one of a number of listed serious illnesses or injuries.

The cash sum is only paid out if the illness is diagnosed during the plan term and you survive for 30 days following diagnosis.

It is often used by people to pay off some or all of their mortgage or to make adjustments to the house to help them cope following illness or injury. Others choose to spend it on specialist medical treatment or simply to go on a once in a lifetime holiday. 

Many people want to protect their mortgage, and most mortgage protection policies allow you to include life cover and critical illness cover. You may prefer to buy critical illness cover as a separate policy, for example if you already have all the life cover you need. It is important to remember that the name of each critical illness is only a guide to what is covered.

For example, some types of cancer are not covered. The conditions usually covered by critical illness cover are:

1. Alzheimer’s Disease
2. Aorta Graft Surgery
3. Benign Brain Tumour
4. Blindness
5. Cancer
6. Coma
7. Coronary Artery Surgery
8. Deafness
9. Heart Attack
10. Heart Valve Replacement or Repair
11. HIV/AIDS as a result of a blood transfusion
12. HIV/AIDS contracted in certain circumstances
13. Inability to perform duties of occupation
14. Kidney Failure
15. Loss of Limbs
16. Loss of Speech
17. Major Organ Transplant
18. Motor Neurone Disease
19. Multiple Sclerosis
20. Paralysis/Paraplegia
21. Parkinson’s Disease
22. Stroke
23. Third Degree Burns
24. Total Permanent Disability

Two Ways To Buy Critical Illness

Critical illness protection – as a rider

Adding a Critical Illness Protection Rider from Financial Insurance to your new or existing life insurance coverage offers more comprehensive protection than what you could get from life insurance alone.

Purchasing critical illness insurance as a rider means that it is attached to a life insurance policy and has to be purchased at the same time as life insurance coverage. This is called bundling, and there is no additional policy fee for rider.

You can do this in one of two ways:

  • You can purchase a new life insurance policy from Financial Doctor and add a Critical Illness Protection Rider to it
  • You can purchase additional life coverage for your current life insurance policy and add a Critical Illness Protection Rider to it

Bundling saves you a bundle

Just like purchasing a combo meal at your favourite restaurant, combining, or bundling, your life insurance with your critical illness insurance can save you money. In fact, it can save you up to 15%||(5) over purchasing these products separately.

Critical illness protection – on its own

Purchased on its own, Critical Illness Protection from Financial Doctor offers the same great features as our Critical Illness Protection Rider with the addition of the waivers that can help you protect your valuable policy.

Waiver of Premium

This rider waives the premium if the person insured under this rider is considered totally disabled before age 65.

Adding a waiver to your policy

Have you considered what would happen if you became disabled by a condition other than a Critical Illness Covered Condition and you were unable to pay your premiums? A waiver attached to your Critical Illness Protection policy would allow you to keep your valuable coverage in effect even if you became disabled.

Payor Waiver of Premium

This rider, which is attached to a policy on the life of a child, waives the premium if the person responsible for paying the premiums dies or is considered totally disabled before age 65. Premiums will continue to be waived until the child is age 25.

Benefits Of Critical Illness

Critical Illness Protection Benefit

Provides a one-time, lump-sum payment if the life insured is diagnosed with one of the Critical Illness Covered Conditions and survives the 30-day survival period.

Early Detection Benefit

Provides a one-time, lump-sum payment per policy if you are diagnosed with one of the Early Detection Covered Conditions and survive the 30-day survival period.

Return of Premium on Death Benefit

What’s Included ?

Lifetime Renewability

The policy can be renewed for a lifetime period.

No medical Check-ups

No medical check-ups up to the age of 45 years.

Tax saving under section 80D

Taking this insurance will also give you tax benefits and you can save tax up to ^^Rs. 50,000.

Free Look Period

We provide a free look period of 15 days starting from the date of receipt of the policy document.

Safeguards your finances

Your treatment will have little or no impact on your hard-earned savings as the insurance will take care of the hospital bills.

Ensures quality medical treatment

You won’t have to worry about not being able to afford the medical expenses at quality hospitals.Courtesy the insurance, you can get the best treatment available that will get you up and running in no time.

Frequently Asked Questions

What is the meaning of insurance?
Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection and losses are paid out of the premiums collected from the insuring public.
Why do I need Insurance?
Insurance is a hedge against the occurrence of unforeseen incidents. Insurance products help you in not only mitigating risks but also helps you by providing a financial cushion against adverse financial burdens suffered.
Why should one cover oneself immediately ?
Accidents and mishaps can occur anytime and anywhere. It is important to identify the risks faced and insure oneself against these at the earliest.
How to Choose the Best Term Plan?
While selecting a term plan, you need to look for the following and ensure that your family has the best financial protection with the term plan:

Claim settlement record of a life insurance company indicates the ultimate moment of truth for the customer. Claim settlement record can be assessed through a percent number (Claim Settlement Ratio) released by IRDAI (Insurance Regulatory and Development Authority India) every year.

How much life cover do I need?
The life cover you need depends on your current annual income. We recommend that a life cover equivalent to 10-15 times your annual income is sufficient to provide for a safe future for your family.
If budget is a problem, you could go for monthly premium payment option over a yearly commitment. However, it is important to have a sufficient life cover so that your family’s financial security is not compromised.
What is Critical illness benefit ?
If you are ever diagnosed with a critical illness, it can affect you physically, emotionally and financially. The optional benefit of covering 34 Critical Illnesses such as cancer, heart attack and kidney failure for a maximum of 30 years without any change in premium. But here’s the best part – It gives full claim payout on the first diagnosis of any of the covered 34 Critical Illnesses. No Hospital Bills required. This amount can also safeguard your family against the loss of income arising out of the illness.
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