Critical Illness Policies cover the policyholder from various contingencies like Cancer, Stroke, paralysis, coronary artery bypass, etc. Kidney failure is also among the illnesses covered under a critical illness policy, the treatment of which costs around Rs 20,000 per month in a private set-up. There are very few government hospitals which offer this service.
About 5.4 lakh people in India are suffering from Kidney failure and an expense of Rs 20,000 per month for a normal middle class family can dig a hole in their pocket or could even burn their pocket altogether metaphorically.
Listed below are the critical illness policies which cover Kidney failure requiring regular dialysis:TATA AIG – CritiCare:
This Critical Illness Insurance Policy offers coverage for 11 Critical Illnesses & Surgeries. This plan pays out a lump sum amount to the insured. The policyholder is not required to undergo any medical check up for subscription. This policy also offers a unique opportunity of Free Second Opinion at no extra cost. Under this, the insured can take a second opinion on the illness from a panel of doctors in the US.
Bajaj Allianz – Critical Illness
This policy covers 10 critical illnesses with up to Rs 50,00,000 sum assured. Pre-medical test would be based on the age of the policyholder, sum insured opted and the adverse health declaration on the proposal form. There can be loading of minimum 10% to maximum 150% on the standard premium rates depending upon the health status of the insured and declarations on the proposal form.
Max Bupa – Critical Insurance
This plan comes in both individual and family floater options with a guaranteed cash benefit. There is also an option of two year policy and discounts as well. In addition, on renewal of the policy, the sum assured will be increased by 5% for every claim free year. This bonus is up to 25% of the Sum Insured. This policy covers 20 critical illnesses.
Bharti AXA – Critical Illness Insurance
This policy covers 20 critical illnesses with no medical check-up, upto 45 years of age. There is an option to either get your hospital expenses for treatment reimbursed or get payment of compensation on diagnosis of critical illness. Apart from this, this policy provides additional benefits like income tax benefit and renewal discount.
HDFC Ergo – Critical Illness
This plan provides a lump sum benefit amount after a survival of 30 days. It covers 8 critical illnesses and offers an option of one or two year policy coverage period. With lifelong renewability, this policy pays the lump sum amount on first diagnosis of any of the critical illnesses which are covered. There may be a pre-policy check depending on the age and sum insured.
There are certain points which one must consider while purchasing a critical illness policy:
Decide whether you want a standalone cover benefit or an add-on benefit along with a basic benefit.
Go through the brochure and key features document to determine the coverage.
Compare and study carefully the benefits of the plans along with their price. It’s not necessary that the cheapest policy will be the best.
Examine whether the premiums are reviewed periodically. Check the survival and waiting period as well.
Keep these few points in mind and you will surely be able to get a fruitful Critical Illness Policy. Moreover, don’t forget to reveal all material facts to the insurance company as not doing so may result in the cancellation of the existing base policy.