Is Your Health Insurance Cover Adequate to Fight Critical Illness?

Buying an insufficient health insurance policy under the influence of friends or peers just to show that you have taken the right step might prove extremely costly in the long run. A health plan might provide you coverage, but in case you’re struck by critical illness, the very same health plan might prove worth pennies and leave you vulnerable to severe financial hardships!

Critical illnesses are life-threatening diseases like severe heart ailments, cancer, kidney disorders, paralysis and the likes. Just to put things in perspective, the basic treatment of cancer, including hospitalisation, multiple chemotherapy sessions, medication and other tests can cost approximately Rs. 10-15 lakhs. Angioplasty can easily set you back by approximately Rs. 3-4 lakhs and more. Can a simple health policy cover these expenses? No! Therefore, a critical illness insurance plan is the need of the day that pays you the sum assured right at the time of the diagnosis of the critical illness. The lump sum amount can help you tremendously in getting the right treatment while ensuring your family can meet the daily needs of running a household.

A lot of insurance companies are offering standalone critical illness plans out of which a few are listed below:

Religare Health Insurance- Assure Plan

Religare Critical Illness Assure Plan offers you the following benefits:

  • Coverage of as many as 20 critical illnesses.
  • Sum assured range starting from Rs. 5 lakhs up to Rs. 1 crore.
  • The best part is there is a zero day survival period. This means it pays out the claims the moment you’re diagnosed, unlike other policies where you have to survive a minimum of 14-30 days after being diagnosed with a critical illness.
  • The plan also offers accidental coverage as well as child education cover for an amount equal to the sum assured.
  • It also provides a free health check-up once during every policy year.

Bharti AXA Smart Health Critical Illness Policy

With Bharti AXA Smart Health Critical Illness Policy you can enjoy following benefits:

  • Coverage of 20 critical illnesses.
  • Every claim-free year earns you a discount of 5% on your premium up to a maximum of 5 years on a progressive scale.
  • You can get a sum assured of Rs. 2 lakhs, Rs. 3 lakhs and Rs. 5 lakhs and in case you’re diagnosed with any of the listed diseases, you’ll be paid twice the sum assured at the time of diagnosis.
  • A family option is also available to choose from.

Max Bupa Health Assurance Critical Illness Plan

The important benefits associated with Max Bupa Health Assurance Critical Illness Plan are:

  • This plan also covers 20 critical diseases.
  • The policy offers an option to buy a two-year tenure that also earns you a discount on premium.
  • You can renew your policy for life without worrying about any claims making an impact on the premium amount. The premium will be calculated only on the basis of age and the city you live in.
  • You can avail tax benefits under section 80D.

You can find out more about various other health plans available and do a thorough research on each and every plan before making your decision. The bottom line is that covering yourself for critical illnesses is a must given the high cost of medical treatments. Be wise; take a smart decision, now!

Harjot Singh Narula

Harjot Narula is founder and CEO of ComparePolicy.com, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry.

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