Critical Illness Insurance Policy

Critical Illness Insurance Policy

Critical illnesses show up when you least expect them and throw a wrench in all your plans. Fortunately, there is an easy way to tackle the financial impact of these major ailments it is to get critical illness insurance cover While you might not be able to predict when illnesses can strike, these plans ensure that you are adequately prepared to handle things if they do.

Thanks to the advancements in modern medicine, most critical illnesses now have better treatment options and quicker recovery times. However, you will still need a financial helping hand during these trying times and this is where a critical illness policy can help. A good plan will take away all your financial worries and let you focus fully on your recovery.

Critical illness insurance can be added to our individual and family-based plans. It will provide a sizeable payout in case the policyholder is diagnosed with any of the illness specified under the plan. This payout will be in addition to the sum insured of your health insurance plan and can be used for non-medical expenses as well, such as EMI payments, bills, lifestyle costs, etc.

Main features of Our Critical Illness Insurance
They say that tomorrow belongs to those who prepare for it today, and a critical illness policy is a must for a secure tomorrow. These plans ensure that major illnesses do not burn through your savings. Adding critical illness cover to your health insurance policy is a smart move that will help you tackle life-threatening conditions such as cancer, stroke, and so on from putting undue stress on your financial situation.

Cover against 25 Critical Illnesses and Surgeries
Sum insured of up to1 crore
Lifelong renewal
Policy Issuance without Medical Test up to age 50
Daily allowance up to Rs. 1,000 per day for cancer, bypass surgery, etc.
Tax benefits under section 80D - subject to change in tax laws
Mitigates the financial hardship in case of critical injury
Can be added to Individual or Family Health Insurance Plans
What are the illnesses covered?
Our critical illness insurance plans provide coverage from a number of major conditions, surgeries, and medical events. This is to ensure you get complete peace of mind from life's uncertainties. With critical illness cover from IFFCO-Tokio General Insurance Pvt. Ltd. you get protection against the 25 conditions listed below

A. The below-mentioned Illnesses: Cancer of specified severity, Kidney failure requiring regular dialysis, Multiple Sclerosis with persisting symptoms, Benign Brain Tumour, Motor Neuron Disease with Permanent Symptoms, End-Stage Lung Failure, End-Stage Liver Failure, Primary (Idiopathic) Pulmonary Hypertension, Parkinson's Disease Before the Age Of 50 Years, Alzheimer's Disease Before the Age Of 50 Years

B. The following surgical procedures:

Major Organ (Heart/ Lung/ Liver/ Kidney /Pancreas) or Human Bone Marrow Transplant, Open heart replacement or repair of heart valves, Open chest CABG, Surgery of Aorta

C. The following medical events:

Stroke resulting in permanent symptoms, Permanent Paralysis of Limbs, Myocardial Infarction (First Heart Attack of specified severity), Third Degree Burns, Loss of Speech, Blindness, Loss of Limbs, Deafness, Coma of Specified Severity, Major Head Trauma, Muscular Dystrophy

What's not covered by critical illness insurance?
While a critical illness policy from IFFCO-Tokio does offer a wide scope of protection, there are a few standard exceptions that escape the coverage of all health insurance plans. These include, but are not limited to the following

Pre-existing conditions
Any pre-existing loss, injury, or accident are not covered during the first 48 months of coverage.

Self-inflicted injuries
Injury, disease, or damage due to willful act, including attempting suicide or intentional self-injury.

Substance abuse
Illness/accident caused by intoxication or addiction or overdose of drugs or narcotics/ alcohol

Defense operation
Any claim if the Insured person is taking part in a naval, military, air force or law enforcement operation.

Sports activity
Any claim arising out of sporting risk in so far as they involve the training or participation in competitions of professional or semi-professional sportsmen or women.

Adventure activities
Any critical illness/medical event/surgical procedure arising out of any adventure activities/ sports.

Why is it important to have critical illness cover?
Following a healthy diet, exercising regularly, maintaining a good sleep cycle we should do all we can to keep critical illnesses at bay. However, despite our best efforts, these conditions can still affect us. It could be due to hereditary problems or simply because of old age. This is why it is so important to get critical illness cover for you & your family.

1 Complements your health insurance plan
Your health insurance policy is your first line of defense against critical illnesses. However, since treatment for such illnesses can be quite expensive and can last for months, the sum insured of your normal health insurance will be exhausted pretty quickly. This is where the payout from your critical illness insurance plan will come in and help you cover costs.

2 Covers loss of income
The treatment of a critical illness could cause you to lose your source of income. This is where the payout from a critical illness policy can be extremely helpful. You can use it to cover your bills, your EMIs and household expenses while you recover.

3 Tax-free payout
Another plus point about a critical illness cover is that the payout it provides is tax-free. This ensures that you have the entire sum insured of the CI plan at your disposal. The best part is that these plans do no restrict the end use of the funds. They can be used to serve a multitude of expenses and ensure you can focus on your recovery.

4 The rising cost of healthcare in India
The rate of inflation on medical expenses is extremely high. This is another reason why your standard health insurance plan will fall short when it comes to covering the cost of a critical illness. In a few years, the cost of treatment will have increased exponentially. This creates the need for critical illness cover to ensure protection from the cost of life-threatening illnesses.

5 Rise in critical illnesses
There is an increase in the prevalence of life-style illnesses in the country. Some studies have shown that 1 out of 4 Indians are at the risk of dying before the age of 70 due to critical illnesses like cardio-vascular ailments or cancer. To protect yourself from such risks, it is essential to have a good critical illness insurance policy by your side.

Types of critical insurance cover
There are 2 types of critical illness insurance you can purchase. You could either purchase it as an add-on with your existing individual/health insurance policy or you could purchase a standalone critical illness policy.