How to Claim Critical Illness Cover - Max Life Insurance

What is Critical Illness Insurance Cover?

A critical illness insurance cover, often referred in laymen language as Critical Illness Insurance, refers to the insurance benefits you receive to deal with life-threatening critical illnesses and various lifestyle diseases. Critical health issues like Cancer, Stroke, and Kidney failure require comprehensive treatment, which can take a toll on your finances are often covered in the Critical illness Insurance Cover in addition to the base plan which provides a life insurance cover.

According to the World Health Organization (WHO)

Cardiovascular diseases, cancer, stroke, and chronic obstructive pulmonary diseases are significant health ailments in India that require critical illness coverage.

The need for having critical illness insurance cover can be realized from the fact that these illnesses impact vital body parts, such as the brain, lungs, and heart. Because of negligence and lack of pre-emptive health checkups, the diseases continue and later requires comprehensive treatment. With a critical illness insurance cover, you can easily avoid facing any financial burden while getting the necessary treatment.

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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.

What is Term Insurance with Critical Illness Insurance Cover?

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. 

What Is Max Life Smart Term Plan Max Life Insurance

What is Term Insurance with Critical Illness Insurance Cover?

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. What Is Max Life Smart Term Plan Max Life Insurance

Why Should You Choose Max Life Insurance's Critical Illness and Disability Cover?

99.22%**^ Claims Paid Ratio
64 Critical Illnesses Covered
Disability 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 realize the real value of your life, we always 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 It provides additional cover against permanent and total disability.

If you want to safeguard your health the right way, choose this Rider for maximum critical illness coverage. 

Key features of Max Life Critical Illness and Disability Rider

Investing money in Max Life Critical Illness and Disability Rider UIN(104B033V01) will always be a good financial planning call as it will mitigate the financial risk on battling many serious diseases. This critical illness insurance rider comes with the following features:

Comprehensive Critical Illness Cover The critical illness coverage under this Rider spans over 64 Critical Illnesses depending on the variant you select
Flexible Payment Option You can get critical illness cover under this Rider by paying premiums throughout the policy tenure (regular pay) or a specific number of years only (limited pay)
Critical Illness Coverage for an Extended Period One of the significant benefits of opting for critical illness cover under this Rider is its extended coverage period. Get coverage for yourself or your loved ones upto age 85 years for 2 variants.
Total and Permanent Disability Cover You can also get insurance coverage for Total and Permanent disability under specified variant of this critical illness insurance rider
Max Fit Program You also get a Wellness benefit under this critical illness and disability insurance rider to ensure good health and lesser renewal premiums. All you have to do is to walk/run and you will be eligible for a discounted renewal premium based on the number of steps monitored and number of healthy weeks accumulated on Max fit app

Variants of Max Life Critical Illness and Disability Rider

Given below are the variants of this critical illness benefit rider to choose from

How to Buy Critical Illness Cover?

Here is a quick way to get critical illness cover under Max Life Critical Illness and Disability Rider:

How to Buy Critical illness Cover - Max Life Insurance
1
Select base the policy term and sum assured 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.
2
Choose the Critical Illness Benefit Rider The next step will be to choose Max Life Critical Illness and Disability rider for critical illness cover, over and above the base cover. The critical illness coverage under this Rider enhances 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 an additional premium.
3
Payment of Premium After selecting the plan along with critical illness cover, proceed to fill personal information and pay the premium*.
4
Fill out the Proposal Form Essentially, the proposal form for critical illness cover 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 Based on individual life-risk, 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.

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:

For Variant 1 & 3:

The critical illness cover includes an amount of Rs 5 lacs 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.

For Variant 2 & 4:

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.

For Variant 5:

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.

What are the Critical Illness conditions covered under this Critical Illness Benefit rider?

The Accelerated Critical Illness Benefit from Max Life Smart Term Plan covers the following 64 health conditions:

Max Life Critical Illness and Disability Rider covers the following Critical Illness conditions:

1. Angioplasty

2. CiS / Early Stage Cancer

3. Small Bowel Transplant

4. Brain Aneurysm Surgery or Cerebral Shunt Insertion

5. Severe Osteoporosis

6. Cancer of Specified Severity

7. Myocardial Infraction (First Heart Attack of Specific Severity)

8. Open Chest CABG

9. Open Heart Replacement or Repair of Heart Valves

10. Coma of Specified Severity

11. Kidney Failure Requiring Regular Dialysis

12. Stroke Resulting in Permanent Symptoms

13. Major Organ /Bone Marrow Transplant

14. Permanent Paralysis of Limbs

15. Motor Neuron Disease with Permanent Symptoms

16. Multiple Sclerosis with Persisting Symptoms

17. Benign Brain Tumor

18. Blindness

19. Deafness

20. End Stage Lung Failure

21. End Stage Liver Failure

22. Loss of Speech

23. Loss of Limbs

24. Major Head Trauma

25. Primary (Idiopathic) Pulmonary Hypertension

26. Third Degree Burns

27. Alzheimer's Disease

28. Parkinson's Disease

29. Aorta Graft Surgery

30. Amputation of Feet Due to Complications from Diabetes

31. Apallic Syndrome

32. Aplastic Anaemia

33. Bacterial Meningitis

34. Brain Surgery

35. Cardiomyopathy

36. Chronic Adrenal Insufficiency (Addison's Disease)

37. Chronic Relapsing Pancreatitis

38. Creutzfeldt-Jacob Disease (CJD)

39. Crohn's Disease

40. Dissecting Aortic Aneurysm

41. Eisenmenger's Syndrome

42. Elephantiasis

43. Encephalitis

44. Fulminant Viral Hepatitis

45. Hemiplegia

46. HIV due to Blood Transfusion/Occupationally Acquired HIV

47. Infective Endocarditis

48. Loss of Independent Existence (Cover up to Age 74)

49. Loss of One Limb and One Eye

50. Medullary Cystic Disease

51. Muscular Dystrophy

52. Myasthenia Gravis

53. Myelofibrosis

54. Necrotising Fasciitis

55. Other Serious Coronary Artery Disease

56. Pheochromocytoma

57. Poliomyelitis

58. Progressive Scleroderma

59. Progressive Supranuclear Palsy

60. Severe Rheumatoid Arthritis

61. Severe Ulcerative Colitis

62. Systemic Lupus Erythematosus with Lupus Nephritis

63. Terminal Illness

64. Tuberculosis Meningitis

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
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Why you should buy Critical Illness and disability rider

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.

On the other hand, a critical illness insurance cover provides 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.

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.

How Important is it to Include Critical Illness Cover?

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 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.

How is Critical Illness Insurance Cover different from Disability and Accidental Cover?

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.

On the other hand, a critical illness insurance cover provides 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.

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.

 

 

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:

 

Description

Premium Paid for Critical Illness Cover for

 

Max Deduction U/S 80D

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. 25,000

Rs. 50,000 (incl. Expenses)

Rs. 1,00,000

ARN NO: PCP/CI12

* 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 Insurance FAQ's

✅  Is There A Waiver of Premium in Term Insurance with Critical Illness?

Paying the premium on time is essential to continue protection under critical illness insurance cover. 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 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.

✅  Why Your Corporate Health Plan May Not Be Enough?

Corporate health plans are not enough to protect you with a critical illness insurance cover. It is because 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 critical illness insurance cover. Similarly, you may start your own business, which would mean that there would be no employer benefits for you.
A medical emergency can occur at any time, and in case you do not have a critical illness insurance cover, you would have to pay for the treatment costs from your pocket.

✅  What does Max Life Critical Illness and Disability rider offer?

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.

✅  Is critical illness insurance cover costly?

Buying critical illness insurance cover with our life insurance products is not an expensive affair. The cost depends on the chosen Rider sum assured, age, health condition, and similar other factors

✅  With which Max Life insurance plans can I buy Critical Illness and disability Rider Online?

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:

1. Max Life Online Term Plan Plus

2. Max Life Smart Term Plan

3. Max Life Smart Wealth Plan

You can avail this rider on other offline products as well. Please refer to rider prospectus for details.

✅  Why do you need Critical Illness Insurance cover?

Being human is more than just what your daily mundane makes it out to be. In the prime years of your lives, 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.

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