Critical Illness Insurance Policy FAQs

What is Critical Illness and Who Needs It?

Unlike common ailments that make you sick for a short while, critical illnesses have the potential to leave a debilitating effect on your life. These diseases not only affect your ability to work but can also be fatal to your life.

Critical Illness” means an illness, sickness or a disease or a corrective measure like-

  • Cancer
  • Kidney failure
  • Coronary Artery (Bypass) Surgery
  • Heart Attack (Myocardial Infarction)
  • Heart Valve Surgery
  • Major Organ Transplantation
  • Multiple Sclerosis
  • Primary Pulmonary Arterial Hypertension
  • Aorta graft surgery
  • Paralysis
  • Coma
  • Total Blindness
  • Stroke

Why to buy Critical Illness Insurance Policy?

We at IFFCO Tokio have noticed that more than often people’s lives come crashing down in the case of a critical illness. For example, if an ailing father or mother does not critical illness cover, it becomes difficult for the family to continue paying for the education of the children. There are other instances when aging parents have been diagnosed with critical illnesses and the lack of critical illness insurance has resulted in their son or daughter having to borrow money to continue supporting the expensive treatment.

Our experience at IFFCO Tokio has shown us that critical illnesses can affect people beyond the obvious symptoms or costs. In many cases, the disease results in an employee becoming unable to work and a lot of people lose their jobs. In some cases, the disease might cause partial or complete disability which renders the person not suitable for employment in certain working environments. Critical illnesses can completely change lifestyles and routines and can often create roadblocks in the regular schedules of the caregiver or the family too. As we can clearly see, critical illnesses often result in avenues of income being shut down and this can make supporting medical costs even more difficult. People with prior critical care insurance and critical health insurance policies can handle such situations because they have a backup plan financially.

Things to keep in mind to Critical Illness Insurance Policy

It is important that you understand what is written in those fine-prints before you sign the document. Understanding the scope, the limitations, and the objections would help you understand the scope of IFFCO Tokio’s online critical illness policy. It has no doubt all kinds of unique advantages and helpful benefits such as:

  • Serious illness
  • Covering of major terminal diseases
  • Monetary benefits so on and so forth

But like every insurance policy has a lot of limitations, critical care insurance is not devoid of it either. Making an informed decision can help you stay aware and cautious such that you do not give in to any kind of hoax schemes or agreements which might be up and looming around

We at IFFCO Tokio have come across several examples of entire families and individuals who have gone bankrupt while trying to treat a critical illness. Therefore critical illnesses and the importance of having a critical illness cover cannot be taken lightly. The possibility of hereditary illnesses occurring has increased manifold because of catalysts such as stress and unhealthy fitness habits and medical emergencies can occur at any point in time. A critical health insurance policy can also help us stay calm and handle the diagnosis of a disease better and it also helps us in reducing the added tension that comes with the possibility of a critical illness.

Do all insurance providers in India cover critical illnesses

No, the list of critical illnesses covered differs from insurer to insurer. Our critical illness insurance plans cover 25 life-threatening illnesses, surgeries & medical events.

Are medical tests important to get critical illness cover?

No, we want to make it easier for you to enjoy critical illness cover. Therefore, we do not require pre-policy medical check-up if you are below the age of 50. 

How many times can I make a claim against my critical illness policy?

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What are the benefits of a critical illness policy?

The following are the benefits of a critical illness policy:

Coverage: This insurance policy will provide you a lump sum amount for your medical treatment. Apart from that, it will also cover non-medical expenses like EMIs, bills, lifestyle expenses, and others. In short, it works as an alternative for a person’s income.

Tax benefits: Payouts offered by critical illness policies are not subjected to any taxes as per prevailing and applicable tax laws.

Psychological benefits: This policy saves you from the hassles of arranging funds to cover your medical and household expenses.

Coverage area: This policy also covers for treatment received in another country. This means that it is applicable even if you are living in a foreign country.

How can I buy a critical illness insurance policy?

You can purchase a critical illness insurance policy in either of the two following ways:

Visiting the branch:

Come to any one of our branches and we would be happy to assist you with any of your insurance needs. One of our representatives will guide you through the details of a critical illness insurance policy and ensure that you buy the policy without any hassle.

Completing the purchase online:

This is quite a simple process where you do not even need to step out of your house. All you need to do is visit our website and fill up the required details. You can complete this process at any time that is convenient for you. With the entire procedure being paperless, you can get a critical illness insurance policy in no time.

Can I make multiple claims for the same or any other listed Critical illnesses?

No, one cannot make multiple claims under a critical illness policy if it is for the same critical illness. If it is a group policy, the remaining members can still avail the benefits. However, you can make multiple claims using your critical illness insurance policy for different critical illnesses. Make sure to check this with your insurance company.

What is the survival period under a Critical Illness policy?

A critical illness policy comes with a waiting period, just like most health insurance policies. The survival period refers to a clause that comes into effect when the policyholder is diagnosed with a critical illness. This survival period is valid for 30 days, which means the policyholder has to make a claim within that time period after the diagnosis. 

What are the major critical illnesses covered under a critical illness policy?

Our critical illness insurance plans cover several illnesses, surgeries, and medical events. are cleared under a critical illness insurance policy. Following are a few major illnesses covered:

  • Cancer

  • Kidney failure requiring a regular dialysis

  • Primary (Idiopathic) Pulmonary hypertension

  • Multiple Sclerosis with persistent symptoms

  • Benign brain tumour

  • Liver failure

  • Lung failure

  • Parkinson’s disease

What are the documents required at the time of a claim under Critical Illness Policy?

Following are the documents an insured may need to submit for processing their claim:

  • Identity proof

  • Claim form duly filled

  • Copies of hospital summaries, treatment advise, discharge card, and other medical references and reports

  • Doctor’s certificate

  • Any relevant document, if the insurer requires

  • Copy of an investigation report 

Can I transfer my critical illness policy from one insurance company to another?

As per IRDAI guidelines, you can transfer your critical illness policy from one insurance company to another. You can port your current insurance policy to another insurance company along with its existing credit. You can do this without losing any of your bonuses and renewal benefits.