What is a critical illness insurance plan?
A Critical Illness Insurance Plan pays a lump sum amount to the policyholder if diagnosed with a critical illness as specified under the plan. You may already have a health insurance plan which may provide you a cover of Rs 10 lacs. However, your health plan will cover your hospitalization costs. Critical illnesses like cancer, heart disease, kidney disease have significantly increased in the last few years. The cost involved in cancer treatment could range from Rs 15 to 20 lacs. What if such a thing were to ever happen to you? Your regular health plan may or may not be able to cover all the treatment expenses. You may have to dip into your savings to pay for your treatment. You may also need to go abroad for advanced treatment. In case of kidney failure, the organ has to be transplanted or on permanent regular dialysis. Dialysis may not need hospitalization, so do you think your health insurance or mediclaim policy will cover it? Do you think your mediclaim will be sufficient for an organ transplant? It is imperative to have a health insurance policy. However, your health insurance policy may help in covering basic ailments or minor injuries. Critical illnesses do need higher cover. In this case, a Critical Illness Insurance plan can be an answer to all your worries. A critical illness plan provides a lump sum amount to the policyholder if diagnosed with a critical illness. The amount is paid on the diagnosis itself, and thus, a critical illness insurance plan covers both hospitalization and non-hospitalization costs. Another plus point is that a critical illness plan can provide much-needed cash flow during the recovery phase; you can use this amount to pay your EMIs, bills, advanced treatments, daily expenses, etc.
Hence, securing yourself with a critical illness plan should be considered. There are critical illness plans available in the market. One such plan which provides comprehensive protection against major critical illnesses is Edelweiss Tokio Life – CritiCare+. It provides cover against 17 critical illnesses like cancer, major burns, heart disease, chronic kidney disease, organ transplant, etc. There is a multi claim option that Edelweiss Tokio Life only provides – CritCare+ that lets the policyholder claim thrice, so if one is diagnosed with a second critical illness, they can claim for it. Also, the future premiums are waived off after the first claim. This is a comprehensive plan that can help anyone bounce back from a critical illness.
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According to, a critical illness insurance plan is essential to secure one’s savings, and one can live in peace without any financial worries.