As the name suggests, critical illness insurance is a financial cover that can be availed for treatment of debilitating and serious illnesses. The fundamental need for critical illness cover comes from the fact for most life-threatening illnesses, the treatment costs tend to be over the roof. A critical illness plan enables patients to take advantage of a financial support system that is built on periodic premiums.

Calculate
Term Insurance Premium

What is a Critical Illness Insurance Cover?

The critical illness policy provides the policyholder with a lump-sum amount at the end of a waiting period, specifically to enable them to cater to the financial pressures of suffering from a critical illness. The waiting period associated with a critical illness insurance plan indicates the minimum time period after which the lump assured can be availed. Critical illness policies also tend to be associated with the age of the policyholder, often being liable for renewal until a specific age, such as 60. The cover offered by a critical illness policy tends to differ in varied cases as well. For instance, owing to the fact that senior citizens are prone to be vulnerable to lifestyle illness, critical illness cover for this segment of the population tends to be much more comprehensive with higher sum assured.

Why do you need a critical illness insurance cover?

Critical illnesses include those diseases and ailments that impact the vital organs, such as the lungs, heart and the brain. Such diseases, including chronic obstructive pulmonary diseases, stroke, cancer and cardiovascular disorders, are in most cases a result of lifestyle choices whose implications tend to accumulate over several years. Due to this reason, these ailments require comprehensive treatment which extends beyond the nominal charges of medical services. This is where the critical illness insurance cover comes into play, acting as a financial umbrella for you in times of need.

What’s included?

In terms of the financial cover offered by a critical illness plan , there are various critical illnesses and ailments that are included as a part of the monetary support provided by this premium-based instrument. Some of the major disorders included within the scope of critical illness insurance policies are

  • heart attack (in case of first time occurrence),
  • cancer (within a specific stage of severity),
  • coma (restricted to specific levels of severity),
  • multiple sclerosis,
  • aplastic anaemia,
  • deafness,
  • loss of speech,
  • muscular dystrophy,
  • wide scale burns,
  • viral hepatitis,
  • bacterial meningitis, and others.

Depending on the type of policy you choose, you can avail comprehensive financial support for a wide spectrum of illnesses excluding those included in the list above. Make sure you read the intricate details of the policy before buying so as to know which specific diseases as well as the amount of monetary benefit that is offered to the policyholder.

What’s not included?

As is the case with most policies, there are certain exclusions when it comes to the coverage provided by critical illness policies. Some of the fundamental exemptions pertaining to such financial covers include:

  • Coverage liable for critical illnesses which are diagnosed during the waiting period
  • Critical illnesses that have congenital origins (genetic diseases)
  • Death of policyholder within 30 days of diagnosis
  • Critical illnesses that are borne out of drug abuse, alcohol or tobacco consumption
  • Critical illnesses that were treated outside national borders
  • Treatment methods that are associated hormone replacement
  • Cosmetic or dental interventions or treatment procedures
  • Treatment processes associated with infertility/sexual health
  • HIV/AIDS
  • Critical health conditions that are borne from pregnancy related complications
  • Critical health conditions caused due to war, famine, terrorist activities or military interventions

What is Term Insurance with Critical Illness Insurance Cover?

Bharti AXA Life does not merely provide standalone critical illness plans. You can also explore top-up plans for critical illness related financial support that can be availed along with your existing term insurance policy. In case of term insurance policies such as Bharti AXA Life Flexi Term Plan, policyholders have the options to choose an additional and optional critical illness cover which provides financial assistance for a range of 34 illnesses up to the age of 75. There are a few differences when it comes to availing critical illness cover with a term insurance policy, including the fact that such a financial policy instruments tends to cover a vaster range of support systems in times of need rather than merely critical illnesses.

Key features of Bharti AXA Life Critical Illness Cover

Some of the fundamental features of the critical illness insurance plan offered by Bharti AXA Life include:

  • Obtain financial coverage for a range of more than 20 critical illnesses
  • Avail the benefit of cashless hospitalization by choosing to opt for treatment in one of the 4300+ hospitals in India that are a part of this scheme
  • Tax benefits can be availed on the policy as per the guidelines given in Section 80 D of the Income Tax Act.
  • 24/7 customer support and an easy-to-use intuitive interface makes policy purchase and claim processing simple, efficient and rapid.

How to Buy Critical Illness Cover?

Purchasing the right critical illness cover that is perfectly suited as per your lifestyle choices and your personal vision for the future of your family is a task that requires a considerable amount of refinement in terms of decision making. Before buying a policy for critical illness coverage, you need to consider a slew of parameters which define the degree to which said policy can help you in dire times. After you land on the Bharti AXA Life page and find the Critical Illness Insurance Cover purchase page, you need to consider the following parameters before continuing the process of buying:

  • Consider the sum insured that is associated with the policy to understand the premiums and end amount that you are applicable for
  • Make sure you pin-point the waiting period associated with the policy so that any nasty surprises can be avoided later
  • Ensure that you consider the survival period mentioned in the policy, which indicates the number of days after which death of the policyholder can yield the sum assured to family members
  • Make sure you glance through the comprehensive list of the specific diseases/ailments which are covered under the policy
  • Lastly, ensure that you are aware of the policy’s renewability age, which indicates the policyholder’s age up to which the policy can be renewed

Critical Illness Insurance FAQ's

There is definitive tax benefits associated with the critical illness insurance policy. The benefits assured to the policyholder for such a policy are based on the Income Tax Act of 1961. As per this act, the tax benefit that the policyholder is liable for is approximately INR 15,000. At the same time, owing to the comprehensive nature of coverage offered by such policies in the case of senior citizens, tax benefits of up to INR 20,000 can also be availed.
The only eligibility criteria associated with critical illness policies such as those offered by Bharti AXA Life is that the policyholder’s age has to be anywhere between 5 and 55. Anyone who fulfills this specific criteria is eligible to purchase the policy, barring any other complications.
The claim process for critical illness insurance plans is similar to other insurance policies, whereby the first step involves registering your claim on the insurance company’s website and contacting them regarding the same through more intimate means, if necessary. The process involves completing the claim form and sending it to the insurer along with some specific documents. You can choose to complete the process through the website or also visit the outlet of the insurance company in person if you prefer a more direct claim filing experience.
Some of the core documents that are required for the claim process include:
  • Detailed summary report of patient discharge after treatment
  • Diagnosis confirmation in the form of medical certificate pertaining to the validity of the critical illness
  • ID Card Photocopy
  • Claim Form that has been duly filled and completed
As mentioned above, anyone who falls within the age groups of 5 to 55 can buy critical illness insurance cover. However, when it comes to specific buyer groups, a critical illness cover is especially useful for people who are involved in high pressure jobs as well as individuals who hold the responsibility of being the primary breadwinners of their families. Moreover, individuals over the age of 40 are usually recommended to utilize this financial instrument owing to the medical uncertainties that come with old age. Finally, those who have a history of critical illness in their immediate family are especially recommended to opt for such a cover in order to reduce the financial risks that are imminent.

Disclaimers:

*Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time’

The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale


Consult with your financial advisor before making any decisions on insurance purchase.

Get Quote