Who All Can Buy Critical Illness Insurance Cover? 

The minimum entry age to purchase this critical illness and disability insurance rider is 18 years.x

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 base life insurance plan.

Benefits of Critical Illness Insurance Plans

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:

1. Financial Support in times of need

You can choose a high sum insured level with critical illness plans, ensuring that you are properly 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 are covered under 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.

2. Numerous Critical Illnesses Covered

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.

3. Acts as Income Substitute

In case of being diagnosed with a critical illness, it is possible that your health condition doesn’t allow you to continue working. In such a situation, the livelihood of your family might be endangered.

However, if you have adequate coverage under a critical illness policy, 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.

4. Additional Support On Top On Health Insurance

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 would pay a claim if you got sick.

In the event of a critical illness, critical illness 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.

5. Funding for Expensive Treatments

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 the expensive treatment where standard health insurance may be insufficient.

6. Affordable Premiums

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.

7. Tax Advantages

Section 80D of the Income Tax Act of 1961 allows you to deduct the premiums you pay for critical illness policy.

How Does the Critical Illness and disability rider Work?

Max Life Critical Illness and Disability Rider(UIN 104B033V01) provide 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:

Diagnosis Benefit:

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:

How to file a claim for critical illness policy?

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:

• Completed claim form
• Photocopy of your identification card and NEFT details / copy of cancelled bank cheque
• All pre and post hospitalization records
• All consultation records pertaining to the current diagnosis.
• All medical tests/ diagnostic reports confirming the diagnosis

Once the information has been verified by the insurance carrier, you will receive the claim pay-out under the critical illness policy as per policy terms and conditions

List of Illnesses Covered in Critical Illness Insurance

At Max Life Insurance, we recommend comprehensive protection against all odds to keep you and your family financially healthy under any circumstances. This is one of the reasons why we provide the Max Life Critical Illness and Disability Rider. 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 upto 64 listedcritical illnesses. Additionally, the critical illness policy also provides additional cover against permanent and total disability.

Tax Benefits of Critical Illness & disability Insurance 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: