Critical illnesses strain not only your body but also your finances. Even though the medical infrastructure is progressing, the treatment cost is increasing rapidly. Therefore, it’s essential to be prepared for it even when a diagnosis is highly unlikely. A critical illness insurance plan can help you manage the treatment costs of several critical illnesses. ...Read More
Get covered for 64 critical illnesses@>& insure both, your health and happiness
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Critical illness insurance offers coverage against several types of life-threatening ailments and lifestyle diseases, such as cancer, stroke, and kidney failure. Critical illnesses require comprehensive treatment and thus can impact your finances. Such illnesses are often not covered by basic health insurance plans; therefore, critical illness cover is offered as a rider in exchange for additional premium.
According to the World Health Organization (WHO), cardiovascular diseases, stroke, cancer, and chronic obstructive pulmonary diseases are some of the health issues in India that require critical illness coverage.
Having critical illness insurance cover is crucial because these illnesses impact the brain, lungs, heart, and other vital organs. Because of negligence and lack of pre-emptive health check-ups, the diseases build up and later require comprehensive treatment. You can easily avoid facing any financial burden while getting the necessary treatment with a Critical Illness cover.
Tax exemptionup to Rs. 54,600~#
High life cover at affordable premiums
Claim Paid Ratio^99.51%
Coverage against 64 critical illnesses@
The minimum entry age to purchase this critical illness and disability insurance rider is 18 years.
While the maximum age of adding critical illness cover is 65 years, the maximum maturity age under Max Life Critical Illness and Disability Rider varies as per the critical illness coverage variant selected.
Both male and female buyers can opt for the critical illness cover at the same premium rates while purchasing a base life insurance plan.
In addition to this, a Critical Illness Insurance Cover is ideal for these categories of people:
Illnesses do not come with a warning. However, when you have a history of critical illnesses in the family, the possibility of a diagnosis is high. Therefore, consider your family’s medical history when you buy a basic insurance policy. If you know of any such instance of critical illness, it’s highly recommended that you buy critical illness insurance to ensure maximum financial and health protection if the need arises.
If you are the primary breadwinner of the family, health costs are not the only expenditure that your family expects you to incur. There are tons of expenses your future is full of. Exhausting your savings on the best medical treatment in case of a critical illness is the last thing you need. Therefore, it’s highly suggested that you go for critical illness insurance to maximise your health cover.
Most individuals don’t realise it, but stress is the leading cause of multiple health issues. Stress can cause or aggravate heart issues. Therefore, if you are working a high pressure job that causes you stress, it’s suggested that you consider buying critical illness insurance.
With age come health issues. Even if you are in the best of your health, you must consider buying a critical illness insurance rider if you are over 40 years to stay covered against eventualities.
Max Life Insurance offers Critical Illness insurance under Max Life Critical Illness and Disability Rider with various life insurance policies. The benefits under these policies include financial security to your family in case of your unexpected demise, wealth creation, retirement planning, and more.
The Critical Illness Insurance cover provides you financial security against various life-threatening health conditions such as kidney failures, cardiovascular diseases, and cancer. The critical illness insurance cover includes a lump sum payment in case you are diagnosed with a listed illness. This way, you can take care of healthcare and other miscellaneous expenses without draining your savings.
Claims Paid Ratio
Covered
Temporary & Permanent
At Max Life Insurance, we understand that your intent behind buying a life insurance policy is to ensure financial protection for yourself and your family. To make you realise the real value of your life, we suggest maximum protection against all odds and that is one reason why we offer Max Life Critical Illness and Disability Rider (UIN-104B033V01). It is an add-on that you can select with many of our life insurance products to get a comprehensive critical illness cover.
Under this add-on to your life insurance plan, you not only get critical illness and disability cover against the unfortunate diagnosis of listed 64 critical illnesses but also additional coverage against permanent and total disability.
If you want to safeguard your health the right way, choose this rider for maximum critical illness coverage.
Critical illness insurance plans share certain specific benefits that distinguish them from other types of insurance. The following are some of the most prominent benefits of purchasing a critical illness policy:
You can choose a high sum insured level with critical illness plans, ensuring that you are adequately covered in the event of a severe illness or advanced treatment. A critical illness coverage protects you against certain illnesses as well as treatments and surgery.
If you are diagnosed with a critical disease covered by the insurance, these policies pay you the amount insured, and the regularity of the payment depends on the predetermined terms of the critical illness policy. The claim money from critical illness insurance plans can be used to pay for medical bills or other financial commitments.
When a person is diagnosed with a life-threatening or complicated disease, the financial impact can be quite massive on the individual and their family members. Rather than focusing on recovery, such circumstances lead to financial burdens leaving the family dependent on other resources. This can exacerbate your health problems.
However, if you have a critical illness policy, you can focus completely on the quality of treatment and rehabilitation rather than worrying about the financial aspect of the disease.
A list of critical illnesses is covered by a critical illness policy. Since the critical illness list differs per insurer and the policy, you should examine the policy to see how many and what types of illnesses it covers.
In case you are diagnosed with a critical illness, your condition may not allow you to continue working. In such a situation, the livelihood of your family might be endangered.
However, if you have adequate coverage, you can claim the sum insured and use it to pay for treatment and living expenses. This is especially a relief for policy buyers who are the sole breadwinners of their family.
A critical illness policy is separate from any other health insurance coverage you may have. Even if you already have a health plan covering your sickness, the critical illness coverage shall cover the expense if you fall sick.
In the event of a critical illness, this insurance can be used to enhance an existing health insurance plan. This way, you will have ample coverage and funds to manage medical and living expenses.
Treatments for critical illnesses can be quite heavy on your pocket. Hence, there is a need for a specific insurance plan, such as critical illness insurance that pays for expensive treatments where standard health insurance may be insufficient.
For the many benefits and the peace of mind that critical illness insurance offers, investing in such insurance is a smart idea. Besides, you will find that critical illness insurance comes with affordable premiums, so that you ensure protection for your health, without burning a hole in your pocket.
The premiums paid for critical illness insurance are tax-deductible under section 80D of the Income Tax Act, 1961.
Buying Max Life Critical Illness and Disability Rider (UIN-104B033V01) will always be a good financial decision, as it will mitigate the financial risk of battling many serious diseases. This critical illness insurance rider comes with the following features:
Given below are the variants of this critical illness benefit rider to choose from
Choose between 10 fund options and 5 investment strategies to ensure optimal returns on your investment under this ULIP.
Critical illness cover for 22 CI (one minor and 21 major critical illnesses).
Critical illness coverage of Gold variant along with Total and Permanent Disability (TPD cover).
Critical illness cover for 64 CI (five minor and fifty-nine major critical diseases).
A combination of Platinum variant critical illness cover and TPD cover.
Critical Illness Benefit on the occurrence of the listed conditions arising as the result of sickness, disease, or bodily injury.
The essence of getting a term insurance is to ensure the financial protection of your loved ones. To ensure their financial protection in your absence the life cover should be adequate enough to avoid any financial distress in case of an unfortunate event. You can check out the below sum assured options for further details:
Disclaimer: Standard daily premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06).
ARN: C/SA/050623
Here is a quick way to get critical illness cover under Max Life Critical Illness and Disability Rider:
The first step to getting critical illness cover is to use the online life insurance calculator to calculate the premium for the desired sum assured and tenure of one of our life insurance products.
The next step is to choose Max Life Critical Illness and Disability rider for critical illness cover over and above the base coverage. The critical illness coverage with this rider enhances your financial protection in the 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 an additional premium.
After selecting the plan along with critical illness cover, proceed to fill personal information and pay the premium*.
Essentially, the proposal form for critical illness cover is a detailed version of your application form, which focuses on the information related to your lifestyle habits, such as smoking and drinking, and medical history.
Based on individual life risks, a medical test may be proposed before offering critical illness coverage. Any such medical evaluation will be conducted after the successful completion of the proposal form and document submission.
Max Life Critical Illness and Disability Rider (UIN 104B033V01) provides critical illness cover as per the selected variant. It works differently for different variants based on the diagnosis of various major and minor critical illnesses.
Here is how it works to provide critical illness cover in different situations:
When diagnosed with any of the listed critical illness or TPD, the insured can file a claim to get critical illness cover in the following manner:
The critical illness cover includes an amount of Rs 5 lakh or 25% of the rider sum assured (whichever is lower) for minor CI conditions covered under the rider. In case of any major CI or TPD diagnosis, the insured receives 100% of rider sum assured minus amount paid as minor CI claims if any.
The critical illness coverage for minor CI conditions under these variants is the same as in the above case. For major CI conditions or TPD occurrence (whichever is earlier), the insured receives 100% of rider sum assured minus minor CI claim paid if any as critical illness cover.
In case of occurrence of TPD resulting from an illness or accident, the insured receives the rider sum assured on a valid TPD claim. This critical illness cover is payable during the rider term provided the rider is active and in force.
A claim for critical illness can readily be processed based on a diagnostic report. You must contact your insurance carrier and register your claim if you wish to file a claim for your critical illness policy.
To file a claim under a critical illness insurance plan, you will need the following documents:
Once the information has been verified by the insurance carrier, you shall receive the claim pay-out under the critical illness policy terms and conditions.
At Max Life Insurance, we recommend getting comprehensive protection against all odds to keep yourself and your family financially healthy under any circumstances. Hence getting the Max Life Critical Illness and Disability Rider is a good option. It’s a critical illness add-on that you may apply to many of our life insurance policies to gain comprehensive coverage.
Under this add-on to your life insurance plan, you can get critical illness and disability cover against the unfortunate diagnosis of up to 64 listed critical illnesses. The critical illness policy provides additional cover against permanent and total disability.
The Accelerated Critical Illness Benefit from Max Life Smart Term Plan covers the following 64 health conditions:
In general, the disability and accidental cover and critical illness insurance cover are two separate things. Accidental and disability cover provides 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. In this scenario, the additional financial assistance from the accidental and disability cover helps you recover without any stress of not having a paycheck.
Meanwhile, you will get a lump sum of money under a critical illness insurance cover 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.
Under Max Life Critical Illness and Disability Rider, you can get comprehensive critical illness cover for both these eventualities in life. You need to select the right variants for critical illness cover under this Rider to receive complete financial assistance. This way, you can meet your household expenses and medical care that is not covered under your health insurance plan.
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 cancer cases in the country have 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 primary causes of disability and death 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.
Nearly 50% of heart attacks in Indian men occur before age 50, as reported by the Indian Heart Association, while men under 40 report 25% of all cases of heart attacks. Also, the male population in the country, between 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, is more prone to developing cardiovascular diseases and cancer. Other ailments, such as kidney failure, sclerosis, stroke, or paralysis, present a palpable risk to Indians, thus pressing the need for critical illness cover.
The premium paid towards critical illness coverage qualifies for deduction under Section 80D of the Income Tax Act, 1961. The following table depicts the tax benefits you can avail on the premium paid towards the critical illness insurance cover:
Premium Paid for Critical Illness Cover for
| Description | Self, spouse, and dependent children | Parents | Max Deduction U/S 80D |
|---|---|---|---|
| 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. 25,000 | Rs. 50,000 (incl. Expenses) | Rs. 1,00,000 |
You have the option to pay the premium online using net banking, debit or credit card
Paying the premium on time is essential to continue protection under critical illness insurance cover. In case you miss 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 income loss 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, you can opt for the Waiver of Premium Plus Rider (UIN 104B029V03) along with the Critical Illness cover. Under this rider, all future premium payments will be waived off by the insurance company. Thus, even if you cannot continue paying the premiums, your critical illness cover continues to act as your safety net.
Corporate health plans offer inadequate coverage against critical illnesses. It is because most individuals do not spend their entire lives working with the same employer.
You may also change your job, only to find that your new employer does not offer a health plan or critical illness insurance cover. Similarly, you may start your own business, which would mean that there would be no employment benefits for you.
You can face a medical emergency at any time and you do not have critical illness insurance, you would have to pay for the treatment costs from your pocket.
Max Life Critical Illness and Disability Rider offer critical illness cover for protection against the unfortunate diagnosis of various critical illnesses. The complete range of benefits under its critical illness coverage depends on the chosen variant.
*For the complete list of features and exceptions, please refer to the Critical Illness and Disability Rider prospectus.
Buying critical illness insurance cover with our life insurance policy is not an expensive affair. The cost depends on the chosen rider sum assured, age, health condition, and a few other factors.
Here is a list of our insurance products available online with which you can add Max Life Critical Illness and Disability Rider to get critical illness cover:
You can avail this rider on other offline products as well. Please refer to rider prospectus for details.
Being human is more than just what your daily mundane life makes it. In the prime years of your life, you spend time preparing for your career or business. But not everyone plans for what matters the most – health. Unknowingly, you become victim to various lifestyle ailments or critical illnesses. The recent data shows more than 61% of deaths occurred in 2017 because of lifestyle-related non-communicable diseases.
Serious medical disorders are referred to as critical illnesses. A critical sickness refers to a specific serious accident, illness, or medical crisis.
Life insurance and critical illness insurance serve distinct purposes. Critical illness insurance pays out a predetermined sum if the policyholder is diagnosed with a health condition specified in the policy’s conditions, whereas life insurance pays out in case of the policyholder’s untimely demise during the policy period.
Following documents are required for a critical illness claim:
It is best to consider personal factors, such as your monthly expenses, liabilities, cost of treatment, and medical history, to determine the adequate amount of critical illness cover you may need.
If you’ve had cancer, you might be able to get Critical Illness Insurance. This, however, will be determined by a number of medical considerations, including the cancer’s intensity and stage, as well as whether or not lymph nodes were involved.
A medical check may be recommended before you can be covered under a critical illness policy, depending on the individual’s life risk. When the proposal form and paperwork have been successfully submitted, any such medical evaluation will take place.
Cancer, Coronary Artery (Bypass) Surgery, Renal Failure, Heart Attack, Major Organ Transplantation, Primary Pulmonary Arterial Hypertension and Multiple Sclerosis are some examples of critical illnesses.
Critical illness insurance is a highly recommended purchase, as it offers you a lump sum amount to manage the health costs in case you are diagnosed with a critical illness. If you have a history of critical illness in the family or are over the age of 40, buying critical illness insurance is a smart choice.
You should be at least 18 years old to buy critical illness insurance. You must also have a basic insurance policy, on top of which you can buy the critical illness rider. You would need to pass the medical tests as required by the insurer.
Yes, you would be required to undergo medical tests to avail critical illness cover. The medical assessment would be conducted after the successful submission of the documents and proposal form.
The sum insured of critical illness insurance cover depends on your health cover needs. You can access your medical requirements and choose a critical illness insurance cover accordingly.
No, one cannot take multiple claims under Critical Illness Cover. A critical illness rider gives you a lump sum payout, after which the coverage is terminated. You can always consider buying a new cover if you want to continue getting the benefits of the critical illness cover.
ARN NO: PCP/CI/130623
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