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How to Buy Critical Illness Cover?
Quick and Easy ways to purchase
Max Life Criticlal Illness Benefit
1
Select your policy term, and the sum assured
The first step is to use the online life insurance calculator to calculate the premium for the desired sum assured and tenure of the term plan.
2
Choose Riders
The next step will be to choose add-on benefits, in the form of riders over and above the base cover. These additional benefits enhance your financial protection in case of unfortunate events such as a disability or being diagnosed with a life-threatening health condition. These optional benefits are available on payment of additional premium.
3
Payment of Premium
After selecting the plan and its benefits, you can proceed to complete filing of personal information and pay the premium*.
4
Fill out the Proposal Form
Essentially, the proposal form is a detailed version of your application form, which focuses on the information related to your life such as your lifestyle habits (such as smoking and drinking) and medical history.
5
Medical Tests
In some cases, based on individual life-risk, a medical test may be proposed. Any such medical evaluation will be conducted after the successful completion of the proposal form and document submission.
What is Critical Illness Cover?
“Critical Illness” means any illness, disease, or health condition that are life-threatening and require comprehensive care and continuous monitoring, often in intensive care. Health issues such as Cancer, Kidney failures, Stroke, Heart Attacks (Myocardial Infarction), Multiple Sclerosis, and Paralysis come under Critical Illnesses
Example:According to the World Health Organization (WHO)
Cardiovascular diseases, cancer, stroke, chronic obstructive pulmonary disease are some of the significant health ailments in India. One of the reasons why these conditions are categorised under critical illness is that these diseases affect vital body parts such as the heart, lungs, liver, skeleton and brain. That being said, early diagnosis of these diseases in most case is not possible due to a variety of reasons such as negligence and lack of pre-emptive health check-ups. As a result, the disease continues to affect an individual for days, months, and years before the diagnosis becomes possible, and treatment is started.
What are all documents required at the time of claim?
Claim Form
Duly filled and signed claim form;
Medical Certificate
Medical Certificate that confirms that you have been diagnosed with a Critical Illness
Certificate from Medical Practitioner
Certificate from attending Medical Practitioner, which proves that your claim does not relate to any injury or pre-existing illness or any other illness (diagnosed within the first 90 days of purchasing the cover)
Test Reports
Investigation test reports that confirm the diagnosis as stated under the definition of the respective Critical Illnesses; First consultation letter and prescriptions, if any
KYC Documents
KYC documents like identity, age, address proofs etc.
Specific Documents
Detailed documents under the respective Critical Illness
Others
Copy of latest statement to confirm the principal outstanding, in case you have opted for the reducing balance Sum Insured variant of the term plan
Who can all buy critical illness cover?
The minimum entry age to purchase the critical illness cover is 18 years, while the maximum age of purchasing the CI benefit cover is 65 years. While both male and female buyers can opt for the CI benefit at the same premium rates, female buyers have an additional offset on the rate of premium and a high cancer care cover.
Who can all buy critical illness cover?
The minimum entry age to purchase the critical illness cover is 18 years, while the maximum age of purchasing the CI benefit cover is 65 years. While both male and female buyers can opt for the CI benefit at the same premium rates, female buyers have an additional offset on the rate of premium and a high cancer care cover.
Overview
What is Term Insurance with Critical Illness Cover?
Max Life Insurance offers Critical Illness benefit as an add-on with its term plan variants – Max Life Online Term Plan Plus (UIN: 104N092V04) and Max Life Smart Term Plan (UIN: 104N113V03). These term plans provide financial security to your family in case of your unexpected demise during the term plan tenure.
On the other hand, the Critical Illness benefit will provide you financial security against 40 life-threatening health conditions such as kidney failures, cardiovascular diseases, and cancer etc. The CI benefit will provide a lump sum to you in case you are diagnosed with a critical illness. This way, you can take care of medical care and other miscellaneous expenses without damaging your savings
Working
How Does the Critical Illness Cover Work?
Akash, who is a healthy 30-year old working professional, decides to invest in Max Life Smart Term Plan for his family. He chooses a life cover of Rs. 50 lakhs for a policy term of 30 years, along with an additional Critical Illness coverage of Rs. 25 lakhs and opted for Future Premium Waiver in Case of Critical Illness or Disability.
Scenario 1: Akash pays all his premiums and survives the policy term.
The Increasing Accelerated Critical Illness Benefit will continue to increase by 5% p.a. of the Sum Assured chosen at inception. The maximum increase in ACI Sum Assured allowed is:
· Rs. 50 lacs, or
· 50% of the base policy Sum Assured chosen at inception, or
· 200% of the ACI Sum Assured chosen at inception
Also you will receive the complete amount of annualized premium invested under the base policy (additional premium amounts charged for benefits such as critical illness cover, accident cover option or rider add-ons will not be paid back) upon maturity of the plan, after which both the term plan and the ACI benefit will terminate.
Scenario 2: Akash is diagnosed with Stage-1 cancer after five years of buying the policy.
Upon diagnosis, Akash receives a partial lump sum payout of the CI benefit to help take care of the treatment expenses. The Death Benefit under the Term insurance plan will reduce proportionately, by the amount equal to the CI benefit paid out to Akash
Moreover, both the critical illness and the term life cover continue to protect Akash. Also, he will not have to pay any future premiums as he had opted for the premium waiver rider (In case he had not purchased the waiver of premium rider, he would have had to continue paying the future premiums as per the CI benefit plan renewal.)
Scenario 3: Akash develops renal complications due to his cancer treatment after undergoing cancer treatment for 2 years
In this case, he will receive the remaining amount of the ACI Sum Assured benefit upon diagnosis of the renal failure, after which the ACI benefit will terminate. However, the term plan cover will continue to provide financial security to Akash’s family, in case of his unexpected demise.
Diseases Covered
What are the conditions covered in critical Illness?
The Accelerated Critical Illness Benefit from Max Life Smart Term Plan covers the following 40 health conditions:
1. Cancer of Specified Severity (malignant tumour)
2. Angioplasty
3. First Heart Attack – of Specified Severity
4. Open Heart Replacement or Repair of Heart Valves
5. Surgery to Aorta
6· Cardiomyopathy
7· Primary Pulmonary Hypertension
8. Open Chest CABG
9. Blindness
10· Chronic Liver disease
11. Chronic Lung Disease
12. Kidney Failure requiring regular dialysis
13. Major Organ or Bone Marrow Transplant (as the recipient)
14. Apallic Syndrome
15. Benign Brain Tumour
16. Brain Surgery
17. Coma of specified Severity
18. Major Head Trauma
19. Permanent Paralysis of Limbs
20. Stroke resulting in permanent symptoms
21. Alzheimer's Disease
22. Motor Neurone Disease with Permanent Symptoms
23. Multiple Sclerosis with Persisting Symptoms
24. Muscular Dystrophy
25. Parkinson’s Disease
26. Loss of Independent Existence
27. Loss of Limbs
28. Deafness
29. Loss of Speech
30. Medullary Cystic Disease
31. Systemic Lupus Erythematosus
32. Major Burns
33. Aplastic Anaemia
34. Poliomyelitis
35. Bacterial Meningitis
36. Encephalitis
37. Progressive supranuclear palsy
38. Severe Rheumatoid arthritis
39. Creutzfeldt - Jakob disease
40. Fulminant Viral Hepatitis
Why You Should Buy
How Prone Are You To Any Critical Illness?
In India, the number of new cases of cancer and other critical illnesses is steadily increasing. In 2018, the Indian Council of Medical Research’s National Institute of Cancer Prevention and Research (ICMR-NICPR) released the India-specific data** from Globocan (Global Cancer Observatory).
It was reported that the number of cancer cases in the country has gone up by 15.7 percent since 2012, with a total of 11.57 lakh cancer cases reported in the year.
Globocan reported that there had been a 12.2 percent increase in the total number of cancer-related deaths since 2012, with approximately 7,84,821 people dying from the health condition in 2018.
Moreover, data presented by the Registrar General of India*, WHO (World Health Organisation) and Global Burden of Disease (GBD) shows that cardiovascular diseases (also known as CVD or heart-related health problems) are one of the leading causes of death and disability in the country.
Between 2007 and 2017, while the increase in deaths (across all ages) due to CVD had been 49.8 percent, the increase in mortality rate due to Chronic obstructive pulmonary disease (or COPD), stroke and diabetes have been 39.4 percent, 37.1 percent, and 53.8 percent respectively.
According to the Indian Heart Association^, almost 50% of all heart attacks in Indian men occur below 50 years of age while men under the age of 40 report 25% of all cases of heart attacks. Also, the male population in the country, between the age group of 30 to 74 is at a higher risk of cardiovascular diseases than the female population. While Indian women had a 12.7 percent risk of developing cardiovascular issues, approximately 21.4 percent of the males were at risk.
Overall, the working population in India, between the ages of 30 to 74 are more prone to developing cardiovascular diseases and cancer. The other ailments such as kidney failure, sclerosis, stroke or paralysis, too present a palpable risk to the population in India.
Difference
How is Critical Illness Cover different from Disability and Accidental Cover?
The disability and accidental cover and critical illness insurance cover two separate things. Accidental and disability cover offers to provide a lump sum while you are recovering from an injury sustained in an accident.
When you meet with an accident and suffer injuries or dismemberment, you are not able to return to your job immediately and make an earning. In this scenario, the additional financial assistance from the accidental and disability cover helps you recover without any stresses of not having a pay check.
On the other hand, a critical illness insurance policy will provide you with a lump sum of money to support your lifestyle with a life-threatening health condition or illness-related disability. Thus, you can opt for the best possible treatment for the illness without compromising your health or savings.
Overall, both these insurance covers offer comprehensive financial assistance to help you meet your household expenses along with therapy and medical care that is not covered under your health insurance plan.
Tax Benefits
Tax Benefits in Critical Illness Cover
The premium paid towards critical illness benefit qualifies for deduction under Section 80D of the Income Tax Act 1961. The below table depicts the tax benefits you can avail on the premium paid towards the critical illness benefit
DESCRIPTION |
PREMIUM PAID FOR |
MAX DEDUCTION |
|
SELF, SPOUSE AND DEPENDENT CHILDREN |
PARENTS |
||
Everyone is below 60 years of age |
Rs. 25,000 |
Rs. 25,000 |
Rs. 50,000 |
When your parents have crossed the age of 60 |
Rs. 25,000 |
Rs. 50,000 (incl. Expenses) |
Rs. 75,000 |
You and your parents have passed the age of 60 |
Rs. 50,000 |
Rs. 50,000 (incl. Expenses) |
Rs. 1,00,000 |
Preventive healthcare expense of up to Rs. 5000 is part of the maximum limit under this section.
|
|||
ARN NO: PCP/CI7
* You will need to fill out the following information and make the payment:
1. Income, education, and profession details
2. Nominee details
3. Present Address (where the medical test will be conducted)
You have the option to pay the premium online using net banking, debit or credit card
Critical Illness FAQs
Critical Illness FAQs
Paying the premium on time is essential to continue protection of your critical illness insurance policy. In case you miss out on the payment of premiums, you can risk forfeiting the plan. While you may not skip paying the premiums willingly, you may be unable to make timely payments in certain situations.
For example, if you suffer a loss of income due to a Critical Illness, accidental dismemberment, or death, you could miss paying the premium and lose out on the insurance coverage. To avoid any such instances; therefore, you can opt for the Waiver of Premium Plus Rider (UIN 104B029V03) along with the Critical Illness insurance cover.
Under the Waiver of Premium Plus Rider, all future premium payments will be waived off by the insurance company. Thus, even if you are unable to continue paying the premiums, your critical illness plan continues to act as your safety net.
The most important reason why corporate health plans are not enough to protect you against a critical illness is that, with a few exceptions, most individuals do not spend their entire lives working with the same employer.
Also, chances are you may change jobs, only to find that your new employer does not offer a health plan, or you may start your own business, which would mean that there would be no employer benefits for you. In any such case, you will not be entitled to any corporate insurance coverage.
If you think about what could happen in the period between jobs, you are quite mistaken. For once, a medical emergency can occur at any time, and in case you do not have an insurance cover, you would have to pay for the treatment costs from your pocket.
Max Life Insurance offers accelerated payouts under its Critical Insurance Plan. You may choose a Sum Assured under the Critical Illness (CI) benefit, starting with a minimum of Rs 5 Lakh (in intervals of Rs 5 Lakh) and up to 50% of the Sum Assured or Rs 50 Lakh, whichever is lower.
The CI benefit Sum Assured will be payable on the diagnosis of any of the Critical Illnesses specified under the policy underwriting, within the critical illness cover period, while the remaining Sum Assured will be payable as Death Benefit.
Here are some of the important aspects of Critical Illness Insurance:
· The maximum maturity age for ACI Benefit cover will be equal to 75 years (age last birthday), subject to maximum policy term of 50 years.
· In case you choose the Limited Pay option (Pay till 60), the CI Benefit Cover Period will be equal to the premium payment term.
· The CI Sum Assured is always paid as a lump sum benefit, irrespective of the Death Benefit variant selected by the policyholder.
· Once the payment of the entire CI Sum Assured is made, the Accelerated Critical Illness plan shall cease.
· There is a waiting period of 90 days for the Critical Illness benefit.
*For the complete list of features and exceptions, please refer to the Critical Illness Policy Annexure.
A lot of times, When you purchase a term plan with critical illness benefit, you can opt for a Critical Illness cover that is up to 50% of the Sum Assured under the term plan. It is true that you pay an additional premium to add the Critical Illness benefit. However, when you consider the expected cost of treatment of prominent critical illnesses in India (se table above) and the fact that the CI benefit provides you a significantly large amount of money as a lump sum, immediately upon diagnosis, Critical Illness benefit surely becomes an affordable proposition.
for example:
If a 30-year-old male decides to purchase Max Life Smart Term for a life cover of Rs. 50 lakhs for a policy term of 30 years, he can purchase Critical Illness coverage of Rs. 25 lakhs by paying an additional premium of Rs. 7,523 annually, on top of the annual premium payable under the term plan. However, the premium paid towards the critical illness cover is exempted from taxation under Section 80D.
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Most Popular Articles !
Most Popular Articles !
Top term insurance myths - Know the truth !
Having a conversation about death is very uncomfortable and unthinkable, one of the main reasons why people procrastinate or avoid shopping for life insurance products. Other myths that people have due to low awareness of this category are - ‘Life insurance is not affordable’, ‘I am Single, I don’t need life insurance’, ‘It’s for older people’, ‘It’s only for earning members of the family’ and many more. This article tackles some of the most common but major misconceptions and myths about Life Insurance!
Is term insurance is an investment or an expense?
Term insurance plans are not an expense but a safety net that no other financial product can give and a wise financial decision. A term plan pays the promised money in case of the policyholder’s demise, any time during the entire policy term. This means that even if he dies after paying a single premium, the entire sum assured will be given to the nominee. Additionally, you can also save tax. This article helps you understand the benefits of a owing a term plan.
How to Evaluate a Term Insurance Quote
Term plans is the simplest form of protection plans which is easy to understand and is highly cost-effective. You start your purchase journey by calculating a premium quote. For the same person, you may get different quote amount from different companies. This is because there are many factors involved like change in base premiums, rider costs, tax component, lapse charges etc. This article helps you understand the factors so that you can make a smart buy.
Maximize Term Insurance Benefits with Riders
Riders are add-on benefits that are optional with a life insurance product. This helps you customize the plan basis your personal needs. Few critical and powerful riders that you must definitely consider during the purchase journey is Comprehensive Accident Benefit, Waiver of premium and Critical Illness. This article helps you understand the meaning and benefits of different types of riders so that you buy the best term insurance plan customizable for yourself.
Difference between Term Plan and Whole Life Plan
Term life insurance is the simplest form of life insurance, that offer a lump sum payment as Death Benefit and can be availed for a fixed term. Whole life insurance offers both, a death benefit as well as savings benefits. Both these plans have distinct features and benefits and one should choose the plan that best suits your requirements. This article helps you understand the proposition each plan offers and helps you take a right decision for yourself.
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