Critical Illness – Neviim Insurance

What is a Critical Illness Rider?

Critical illness^#rider is a necessity in today’s times with rising costs of healthcare. Critical Illness benefit provides 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 for doctor visits, medical expenses, and more. A Critical Illness benefit 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 benefit can offer the required funds at the right time.

Why should one buy a Critical illness benefit?

A Critical Illness benefit can help you cover expenses like doctor consultation fees, the cost of medicines, and more. You can use the money from a critical illness benefit 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 payout 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 benefit, 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 benefit offers the financial support you need at the time and helps keep your other savings intact for their respective objectives.

Benefits of our term plan with critical illness rider

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^#*.

^~ Terms and Conditions Apply

Tax benefit

Save tax^{^} up to 54,600/- under Sections 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 accidental death benefit Sum Assured.

Protection against disability

In case of permanent disability⁺⁺ due to an 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.

Benefits of our term plan with critical illness rider

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 for monthly salary<. This benefit is available under ICICI Pru Heart/Cancer Protect

Critical illness benefit coverage:

The coverage is wide and vast with 34 major critical illnesses# covered under the policy

Why should you buy a critical illness rider?

A critical illness^# rider 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 benefit, 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 cover?

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

Age:

Buying a critical illness rider 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 iProtect Smart Term 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# benefit 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 during 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 benefit. 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.

FAQs

1. How much critical illness benefit is required for an individual?

Recovery from a critical illness# may need long-term follow-up treatments and rest. Therefore, when you decide the critical illness benefit amount, think about how long you might have to undergo treatments. Some of the factors to consider include: Medical expenses for the duration of recovery, such as: Treatment costs Prices of medicine and medical aids Nursing charges Doctors' fees Diagnostic test costs Your family's monthly expenses, so that they can be financially supported, in case you need to stop working to improve your health Financial liabilities, such as loans or your children's college admissions Inflation A general rule of thumb is to multiply your annual income by the number of years you might need to recover. This calculation gives you the minimum coverage you should look for.

2. Is it worth buying a critical illness# benefit?

Yes, it is worth buying a critical illness benefit. The costs of treatment for critical illnesses are substantially high1. Moreover, these illnesses can require long-term care. The expenses of hospitalisation, medicines and other costs can diminish your savings and cause a lot of financial stress. However, a critical illness benefit can help you cover all health-related expenses of a critical illness#. The premiums are affordable, and you can purchase a high sum assured without burdening your pocket.

3. How much critical illness benefit does one require?

The cover amount for critical illness benefit can depend on a number of factors, such as your age, income, savings, and more. It would help if you also considered medical inflation and the costs of healthcare in your city. Given the fact that critical illness treatments can be long and extensive, it may be advised to pick a high sum assured.

4. Is there any medical test required before purchasing a critical illness rider?

If you buy a critical illness# rider as an add-on benefit with the ICICI Pru iProtect Smart term plan, you need to undergo a medical examination.

When you fill the application form, you need to mention your medical history and PIN code. Based on this data we will decide the diagnostic tests you need as per your health status. According to the tests needed, either a medical practitioner will visit your home or you will have to go to a medical centre near you. You can select the date and time for the tests as per your convenience.

Your health condition decides the premium you need to pay for your term plan and critical illness benefit. Such medical tests are necessary to assess the state of your health and assign the correct premium. If you suppress any health details or misstate facts, the insurer can deny claims later. Hence, a medical test before purchasing the policy ensures hassle-free claim settlements in future.

5. Can I purchase a critical illness benefit once I am diagnosed with an illness?

Critical illness# benefit provides a payout on the first diagnosis of the disease covered under the plan. If you are already suffering from the ailment, you will not be able to buy this insurance. It does not cover health conditions for which you would have received treatment or medical advice within 48 months before purchasing the policy.

However, certain lifestyle disorders such as high blood sugar, increased blood pressure and elevated cholesterol levels increase the risk of critical ailments. These are precursors of life-threatening conditions such as heart attack, stroke, kidney failure, liver damage, and more. Hence, if you get diagnosed with such disorders due to today's fast-paced lifestyle, you can buy a critical illness rider. It will safeguard your finances against the steep medical costs if the listed ailments arise later.

6. How does critical illness rider payout?

If you are diagnosed with any of the 34 critical illnesses# covered by ICICI Pru iProtect Smart for the first time, you will receive a lump sum payout from your critical illness benefit. All you need is a copy of the diagnosis report to process the claim.

7. List of the documents required for critical illness rider

Here are the documents you would need for a critical illness rider:

The claimant's statement or the claim intimation form

A certificate from the attending doctor

A copy of all medical records like admission notes, discharge summary, as well as test reports

The original policy certificate

A cancelled cheque

8. Does term insurance cover critical illness?

Yes, term insurance covers critical illnesses. You can add a critical illness# benefit on top of your base plan at an additional cost and be financially protected against the costs of 34 critical illnesses#.

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