What is a Critical Illness Insurance Cover?
Critical illness# insurance cover is a necessity in today’s times with rising costs of healthcare. Critical Illness Insurance Plans provide coverage against specific life-threatening diseases. Treating such critical illnesses may require multiple visits to the hospital over a long period. In addition to the hospitalisation expenses, there will be other costs like fees on doctor visits, medical expenses, and more. A Critical Illness plan pays a lump sum amount that can be used to cover these high expenses. The good thing is that this lump sum payout is in addition to any of your mediclaim or health insurance policy.
Health problems, in most cases, strike unexpectedly. In such cases, the burden of paying for treatment costs can fall on your family. There could also be a loss of income due to the illness. Most of the time, the family dips into their savings kitty built for either their child’s education or one’s own retirement to overcome these expenses. But a critical illness insurance cover can offer the required funds at the right time.
Why should one buy a Critical Illness Cover, (even if you already have a mediclaim plan)?
In this case, a Mediclaim plan will only reimburse your hospitalisation costs. A Critical Illness Cover goes beyond that and helps you cover other expenses like doctor consultation fees, cost of medicines, and more. You can use the money from a critical illness plan to cover ambulance costs and room rent along with pre and post-hospitalisation expenses. Besides, if you have any outstanding loans like a home loan or a car loan, the pay-out can help with dealing with the EMIs. The payout can also be used by your family as a substitute for your income that may be compromised due to an illness.
If you do not have a Critical Illness Cover, you may have to dip into all the hard-earned money that you have saved. The high cost of treatment can erode years of savings in just a few months. However, a critical illness plan offers the financial support you need at the time and helps keep your other savings intact for their respective objectives.
PROTECTION FOR YOU
High life cover at affordable rates so that your loved ones are financially secure.
CRITICAL ILLNESS BENEFIT
Guaranteed benefit payout up to 1 Crore in case of 34 life critical illnesses**.
Save tax^ up to 54,075 u/s 80C & 80D of the Income Tax Act, 1961. Get Life Cover & Health Cover in one plan.
ACCIDENTAL DEATH BENEFIT
In case of death due to an accident+, the nominee will be paid the Sum Assured amount.
PROTECTION AGAINST DISABILITY
In case of permanent disability++ due to accident, your policy continues without you having to pay any premiums.
100% BENEFIT PAYOUT
If diagnosed with a Terminal Illness##, we pay you the complete Sum Assured.
Features of critical illness insurance cover
- Lump sum payment option:
On the diagnosis of a critical illness, the insurance company provides a lump sum payout to the policyholder to cover all associated costs of the treatment
- Hassle-free experience:
Thanks to the digital era, policyholders can enjoy a smooth, customer-friendly experience while purchasing or renewing their policies or making claims
- Monthly income:
On being diagnosed with a critical illness, a part of the sum assured is paid out that can substitute monthly salary
- Critical illness coverage:
The coverage is wide and vast with 34 major critical illnesses# covered under the policy
Why should you buy a critical illness insurance plan?
A critical illness# plan is critical nowadays. A few days of being sick can lead to exorbitant hospital bills, making it hard to maintain a favourable standard of living. With a critical illness insurance plan, you can rest assured that your loved ones will not struggle to meet hospital expenses, doctor’s fees, and other expenses. The payouts on the diagnosis of disease are instantly credited to you and can be used to cover varied costs.
How to choose the perfect critical illness insurance plan?
Here are some things you should pay attention to:
- Sum assured:
A high sum assured can offer you a safety net of sufficient funds in tough times. Make sure to select a high sum assured amount
Buying a critical illness plan at a young age can offer you a high sum assured with lower premiums
- Critical illness covered:
The more illnesses covered, the wider is the plan’s coverage. The ICICI Prudential Life Plan covers 34 critical illnesses#
- Renewal limit:
It may help to pick a plan that comes with a high age limit of renewal to maximise the benefits of your policy
- Inclusions and exclusions:
It may be advised to check the inclusions and exclusions of your policy and understand the features, terms, and limitations of your plan
How is a critical illness# insurance plan different from other health insurance plans?
Before you invest in health insurance, you need to remember that all costs are not covered by them. Let’s look at a couple of examples to understand the difference a bit better.
Mr. A was suffering from a health condition for which he used his health insurance plan. While his health insurance plan offered financial protection, he was required to submit hospital bills and could only cover the costs of the expenses incurred on his treatment. Auxiliary costs and the loss of income due to the illness were liabilities that Mr. A and his family had to bear on their own.
Mr. B was suffering from a similar health condition and could no longer continue with his job. However, he opted for a critical illness insurance plan. He received a lump sum payment. He used a portion of it to pay for his treatment, while the other part took care of his family’s expenses.
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*Only doctor’s certificate confirming diagnosis needs to be submitted.
^Tax benefits under the policy are subject to conditions under the provisions of the Income Tax Act, 1961. Applicable taxes will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time.
#Accelerated Critical Illness Benefit (ACI Benefit) is optional and available under Life & Health and All in One options. This benefit is payable, on first occurrence of any of the 34 illnesses covered. Medical documents confirming diagnosis of critical illness needs to be submitted. The benefit is payable only on the fulfillment of the definition of the diagnosed critical illness. The ACI Benefit, is accelerated and not an additional benefit which means the policy will continue with the Death Benefit reduced by the extent of the ACI Benefit paid. The future premiums payable under the policy will reduce proportionately. If ACI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the ACI Benefit. To know more in detail about ACI Benefit, terms & conditions governing it, kindly refer to sales brochure. ACI Benefit term would be equal to policy term or 30 years or (75-Age at entry), whichever is lower.
+Accidental Death benefit (ADB) is up to ` 2 Crores. ADB is available in Life Plus and All in One options. In case of death due to an accident Accidental Death Benefit will be paid out in addition to Death Benefit. Accidental Death Benefit will be equal to the policy term or (80-Age at entry), whichever is lower.
++On diagnosis of Permanent Disability (PD) due to an accident, the future premiums under your policy for all benefits are waived. To know more about definitions, terms & conditions applicable for permanent disability due to accident, kindly refer sales brochure of ICICI Pru iProtect Smart.
##A Life Assured shall be regarded as Terminally Ill only if that Life Assured is diagnosed as suffering from a condition which, in the opinion of two independent medical practitioners’ specializing in treatment of such illness, is highly likely to lead to death within 6 months. The terminal illness must be diagnosed and confirmed by medical practitioners’ registered with the Indian Medical Association and approved by the Company. The Company reserves the right for independent assessment.
3Existing customer discount of 5% on the first years premium is available only for policies with Regular Premium Payment Option, it is not applicable for Single pay policies. With one policy, you can avail either Family Benefit or Loyalty Benefit.
4A lump sum is paid out on diagnosis of any of the listed conditions. This payout is based on the level of the condition. In any case, the total payout in the policy cannot exceed 100% of the Sum Assured of the cover selected. Please refer to the sales brochure to know about the payouts at different level of condition.
5The Company shall waive all future premiums on a claim of Minor condition under the chosen cover; or on the diagnosis of Permanent Disability (PD)of the Life Assured due to an Accident. If both Cancer cover and Heart cover are chosen such waiver is allowed on a minor/major condition claim under either Cancer cover or Heart cover; or on the diagnosis of PD. This benefit is available only if the Policy is in force as on the date of diagnosis of the condition/at the time of accident.
6In case of Minor Conditions, the total payout will be capped at 100% of the Sum Assured.
7Under the Income Benefit, the Sum Assured has to be chosen at inception of the plan. An amount equal to 1% of the Sum Assured chosen at inception will be paid to the policyholder each month, for a period of 5 years upon a valid claim under any of the listed Major conditions. Where the Cancer cover and Heart cover are taken together, pay out under Income Benefit will be triggered for only that cover for which a claim of Major condition is registered and all Benefits through other cover remains unaffected.
8With Increasing Income Benefit, the Sum Assured chosen at inception increases by 10% simple interest on each policy anniversary, for every claim free year. The maximum Sum Assured under the cover will be capped at 200% of the Sum Assured chosen at inception. This increase in Sum Assured will stop on occurrence of first claim under the cover. Where Cancer cover and Heart cover are chosen together, the Sums Assured for both the covers increase by 10% simple interest on each policy anniversary, for every claim free year. The maximum sum assured will be capped at 200% of the Sum Assured chosen at inception for each type of cover. In case of occurrence of first claim under any one type of cover, the increase in Sum Assured will stop for that cover type and Increasing Cover Benefit will continue for the other type of cover, for which no claim has occurred.
ICICI Prudential Life Insurance Company Limited. IRDAI Regn No. 105. CIN: U66010MH2000PLC127837. ADVT No: W/II/0976/2016-17. ICICI Pru iProtect Smart UIN 105N151V06. ICICI Pru Heart/Cancer Protect UIN 105N154V03