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Secure Your Future with Critical Illness Life Insurance

Critical Illness Life Insurance : Protect yourself and your loved ones from the financial burden of a serious illness. Get peace of mind with critical illness insurance.

The only insurance you need for your life's changing needs

Starting at ₹534/month*

A product of ACKO Life Insurance - ARN: L0021

 Critical Illness Insurance

Home / Life Insurance / Types of Riders in India / Critical Illness Life Insurance

Protect yourself and your loved ones from the financial burden of a serious illness. Get peace of mind and tax benefits with a critical illness life insurance rider.

What is Critical Illness Rider?
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A critical illness rider is an optional add-on that policyholders can add to their base life insurance policy. It is one of the most popular riders that provides financial protection against severe and long-term critical illnesses that demand expensive medical treatments. The rider offers a lump-sum payout that can help cover medical expenses, easing financial burdens during a major health crisis or caused by the disease. You can add a critical illness rider when getting a base plan or later during policy renewals.

How does the Critical Illness Rider work?
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A Critical Illness rider is like a financial safety net. It's not the same as regular health insurance but rather designed to help you with serious medical conditions that are costly to treat. 

Here's how it works:

Let's look at an example.

A 29-year-old Reema bought a term insurance plan covering INR 1 Crore for a 20-year policy term. Later, she added a critical illness rider for 10 Lakh concerning the prevalence of various health issues. Choosing this rider increased her premiums from 655 Rs to 845 Rs, which remained quite affordable.

Ranjana's life took an unforeseen twist when she had a stroke, resulting in permanent symptoms (a health concern striking people in their 30s and 40s). During this challenging period, she received the sum assured from her critical illness rider as her term plan is still active. This benefit helped her access quality care and manage her medical expenses. What's more? Even after the payout, her term insurance plan remains in force until the policy term ends.

Critical Illness Rider Coverage
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A critical illness rider typically covers a set list of serious medical illnesses. However, the specific illnesses covered may vary between insurers. The commonly covered critical diseases are cancer, heart attack, and stroke.

ACKO Life Critical Illness Benefit Rider covers 21 critical illnesses. It includes life-threatening common diseases among women, such as breast cancer, cervical cancer, fallopian cancer and ovarian cancer.

Treating these illnesses is costly and affects your ability to work and earn money. This rider is like having a financial superhero to help you when battling a serious illness so you can heal and recover without worrying about money matters.

ACKO Life Critical Illness Rider: List of Covered Critical Illnesses
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Cancer of Specified Severity

Benign Brain Tumor

Myocardial Infarction (First Heart Attack Of Specific Severity)

Blindness

Open Chest CABG

Deafness

Open Heart Replacement Or Repair Of Heart Valves

End Stage Lung Failure

Coma Of Specified Severity

End Stage Liver Failure

Kidney Failure Requiring Regular Dialysis

Loss Of Speech

Stroke Resulting In Permanent Symptoms

Loss Of Limbs

Major Organ /Bone Marrow Transplant

Major Head Trauma

Permanent Paralysis Of Limbs

Primary (Idiopathic) Pulmonary Hypertension 

Motor Neuron Disease With Permanent Symptoms

Third Degree Burns

Multiple Sclerosis With Persisting Symptoms

 

8 Benefits of Buying Critical Illness Rider
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If you get hit by a serious illness like cancer, heart attack, or stroke, a critical illness rider comes to the rescue. You can use the lump sum payout however you want. Whether it's for medical bills, paying off loans, or even taking a well-deserved vacation to heal both physically and mentally – it's up to you. Let’s look at some of the benefits:

Financial Security during times of serious illness
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Medical expenses can be extremely high when dealing with critical illnesses like cancer or heart disease. This insurance acts as a financial safety net, ensuring that you won't have to deplete your savings or take on crippling debt to cover medical bills.

Peace of Mind
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Coping with a severe illness is emotionally challenging enough without the added stress of worrying about money. Critical Illness Insurance offers peace of mind by guaranteeing that your finances are taken care of while you focus on recovery.

Income Replacement
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If you're the primary breadwinner in your family, your illness can significantly impact their financial stability. This insurance provides a lump sum payment that can help your family maintain their lifestyle and meet daily expenses, even when you're unable to work.

Access to Quality Care
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Critical illnesses often require specialised and costly treatments. Having this insurance means you can afford the best medical care available, potentially improving your chances of a successful recovery.

No Waiting for Pre-existing Conditions
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Unlike many health insurance policies in India that have waiting periods for pre-existing conditions, Critical Illness Insurance typically doesn't have such waiting periods. This makes it accessible to most people, regardless of their health history.

Financial Planning Continuity
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It acts as a safety net in your financial plan, allowing you to continue working toward your financial goals, such as buying a home or saving for your children's education, even if you face a major health setback.

Affordable Premiums
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With the ever-increasing cost of healthcare and the unpredictable nature of life, getting critical illness coverage is a wise decision. Pay an extra small amount above your base insurance premium and stay protected.

Tax Benefits
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The premium you pay for your Critical Illness Insurance is eligible for a tax deduction under Section 80D of the Income Tax Act. You can get a deduction of up to Rs. 25,000 per year if you're under 60 years old. If you're over 60, this limit goes up to Rs. 50,000.

Flexibility: ACKO Life Critical Illness Benefit Rider
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Explore more than just benefits with ACKO Life Critical Illness Benefit Rider. 

Who should buy a Critical Illness Rider?
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Imagine you're a person who works hard to take care of your family and yourself. You're healthy and doing well, but life can be unpredictable. Serious illnesses like cancer, heart problems, or kidney diseases can happen to anyone, even if you're leading a healthy lifestyle. This is where a Critical Illness Insurance Policy comes in.

To sum it up, if you're the main provider for your family, have a history of serious illnesses in your family, work independently, don't have significant savings, or have a high-stress job. You might want to consider getting a critical illness insurance policy.

How to buy ACKO Life Critical Illness Benefit Rider online?
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Here's how you can easily buy ACKO Critical Illness Rider online.

Step 1: Download the ACKO app

Step 2: Share the necessary information

Step 3: Medical Checkup (if required)

Step 4: Payment

After completing the form and any required medical checkup, you'll need to make the premium payment.

And that's it! You've successfully purchased a Critical Illness Plan online in India. Remember that having this coverage can provide financial security and peace of mind during challenging times.

What documents are required at the time of claim?
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You may need the following documents while raising a claim against your Critical illness rider.

How to file a claim for a Critical Illness Insurance Policy?
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Our process is designed to be straightforward, ensuring you can easily make a claim if the time comes. Below, we've outlined the steps for raising a claim.

Step 1: Download the ACKO app and log in
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Start by downloading our user-friendly ACKO app if you haven't already. Then, log in using your account.

Step 2: Open your policy and initiate the claim
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Within the app, locate your ACKO Insurance Plan and click on the "claim" option.

Step 3: Upload the necessary documents and submit
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Next, we'll ask you a few basic questions and request the essential documents. Take a moment to verify all the details, and once you're satisfied, go ahead and submit your claim.

Exclusions of a Critical Illness Insurance Policy
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Imagine you have a Critical Illness Insurance policy. It's like a safety net that helps you financially if you get sick with certain severe illnesses. However, there are some situations where this safety net won't catch you, and those are called "exclusions." Exclusions are the things that the insurer doesn’t cover. Here are some of the exclusions of a Critical Illness Rider.

Frequently Asked Questions (FAQs)
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Here are some common questions about Critical Illness Insurance.

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Is there a Waiver of Premium in Term Insurance with Critical Illness?

Yes, some term insurance plans in India offer a Waiver of Premium (WOP) benefit with Critical Illness riders. This means that if you are diagnosed with a critical illness covered by your policy, you won't have to pay the premiums for the remaining term of the policy, but your coverage continues. It's like a safety net during challenging times.

Why Your Corporate Health Plan may not be enough?

While corporate health plans are beneficial, they may not always be sufficient. These plans often have limits and may not cover specific critical illnesses comprehensively. Also, if you change jobs or retire, you might lose this coverage. So, having an additional individual critical illness policy ensures you have extra protection tailored to your needs.

What Documents are Required to Raise a Claim against Critical Illness?

To file a claim for a critical illness policy in India, you need.

-A claim form

-A medical certificate confirming the critical illness diagnosis

-Original bills and medical records

-ID and address proof

-Policy documents

-Always check your policy for specific document requirements, and keep these ready for a hassle-free claim process.

How much Critical Illness Cover do I Need?

The amount of critical illness cover you need varies depending on factors like your age, lifestyle, financial responsibilities, and existing health coverage. As a general rule, consider a coverage amount that can replace your annual income for a few years and cover medical expenses. 

Can I avail Critical Illness Coverage after being Diagnosed with Cancer?

Unfortunately, once you're diagnosed with a critical illness like cancer, it's challenging to get new coverage. It's essential to buy critical illness insurance before any diagnosis to ensure you're protected. So, don't wait until it's too late; secure your coverage when you're healthy.

Are Medical Tests Important to Get Critical Illness Cover?

Yes, medical tests are usually necessary when applying for critical illness cover. These tests help us assess your health and determine your premium. It's a way to ensure fairness in pricing and coverage. Providing accurate health information is crucial for a smooth insurance experience.

Can I take multiple claims under Critical Illness Cover for the same disease?

In most cases, you can't make multiple claims for the same critical illness under the same policy. Critical illness policies usually provide a lump sum payout upon the first diagnosis of a covered illness. 

Are pre-existing illnesses covered under this policy?

No, pre-existing conditions are not covered under Critical Illness Insurance.

Do I have to undergo a compulsory health check-up?

Yes, most insurance companies ask buyers to undergo a medical health check-up as a prerequisite.

What is the maximum sum that can be insured under this policy?

Most insurers provide a sum of up to rupees 50 lakhs. Kindly read the policy document carefully for detailed information.

Can I claim this policy for multiple medical conditions?

No, Critical Illness Insurance cover can be availed for one illness only.

If I have claimed the policy once, can I renew it?

No, if claimed once, the policy is terminated and cannot be renewed. You must buy a new policy.

Does Critical Illness Insurance cover all illnesses?

Most critical Illnesses are covered by Critical illness Insurance Plans. Exclusions under this category vary from one insurer to another. Kindly read the policy document for more information.

Do Critical Illness Insurance Plans have higher premiums than health insurance plans?

No, different insurers provide different benefits and come with varying prices. The best way to find a suitable policy is to compare the plans with other providers.

Is the amount disbursed immediately after the diagnosis of the illness?

The time taken to disburse the amount post-diagnosis is usually short and can be up to 90 days. This may vary from one insurance company to another.

Can I transfer my Critical Illness cover from one insurance company to another?

Yes, according to the rule passed by IRDAI - Insurance Regulatory Development Authority of India in 2011, you can transfer your policy from one company to another. Read the policy document for more information.

Should I buy Critical Illness Insurance?

Yes. Critical Illness cover provides a monetary cushion to you and your dependents in life-threatening circumstances and financial hardships.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content, and before making any insurance-related decisions.