A critical illness plan has become mandatory in today’s age when the incidence of illnesses, especially critical ones, is on the rise. Where two decades or so earlier, cancer, paralysis, brain tumor, etc. were very rare occurrences, recent times have seen a spate of such illnesses, especially cancer. Being a major illness, the treatment too is extensive in nature, and above all, expensive. The common man finds himself at dire straits when a critical illness strikes because of the inherent financial curse. So what is the solution?
Critical Illness Plans
To beat the financial dilemma a critical illness brings, critical illness plans are available in the market. These plans provide a lump sum benefit, which is the Sum Assured, when the insured is diagnosed with any critical illness covered under the policy.
Are such Critical Illness Plans useful?
Most people argue that since they already have a mediclaim or a health insurance plan, buying a separate Critical Illness Plan is useless. Is it? While it is true that a normal health plan too provides coverage in case of such illnesses, it might not be sufficient to cover the huge costs involved in treating a critical illness. Moreover, critical illness plans are specialized plans while a health insurance policy is a general mediclaim policy. As such, mediclaim plans compensate only the hospital bills incurred. Critical Illness plans pay a lump sum benefit on mere diagnosis of the illness and the money can be used by the insured either on treatment or for meeting the family’s expenses in his malady. Thus, Critical illness plans are important and they can act as a supplement to your mediclaim plan.
Edelweiss Tokio Life Criti Care+ Plan
Edelweiss Tokio Life has launched a unique Critical illness Plan called the Criti Care+ Plan which provides a lump sum benefit if the insured suffers from any covered Critical Illness. The features and benefits of the plan are as follows:
- Age limits – the plan can be bought by individuals aged 18 to 65 years and the plan continues till the insured attains 70 years of age.
- Term – the plan can be taken for any tenure ranging from 5 years to 30 years and premiums are required to be paid annually every year for the chosen tenure. The premium rates remain fixed for a period of 5 years after which they are reviewable and might be increased or decreased.
- Coverage – the plan provides ample coverage and the Sum Assured ranges from Rs.5 lakhs to Rs.1 crore.
- Benefits – the plan provides a lump sum amount (Sum Assured) when the insured is diagnosed with any of the 17 critical illnesses covered. There are two variants of the plan. One is the Single Claim Option and the other is the Multi Claim Option.
- Single Claim Option – the Sum Assured is paid on diagnosis of the illness and the plan terminates.
- Multi Claim Option – the Sum Assured can be availed thrice during the policy tenure. On the first diagnosis, the Sum Assured is paid and the future premiums are also waived off. If during the plan tenure, the insured does not suffer any other illness, the policy would run till the chosen tenure. If after the first claim, another illness is diagnosed which is unrelated to the first one, the Sum Assured is again paid. In case of any subsequent diagnosis of another ailment, the Sum Assured would be paid again and the plan would be terminated.
- Discounts – the premiums attract discounts if a high level of Sum Assured is chosen as coverage.
The plan’s USP
Though there are other Critical illness Plans available in the market today, the plan scores on two fronts. One is the unique multiple claim facility available under the plan which enables the policyholder claim three times in the same policy. Second is the comprehensive list of ailments covered under the plan. There are 17 major illnesses which are covered and they encompass almost all the critical illnesses commonly suffered by an individual.
Thus, supplement your health plan with a Critical Illness Plan for a comprehensive coverage and when you are considering a Critical Illness Plan, Edelweiss Tokio Life’sCriti Care+ Plan is an ideal solution.
“I am writing this review for BlogAdda.”