8 Points To Know About Critical Illness Insurance

 1. Critical illness is often taken out with life insurance Can I get critical illness cover without life insurance?

Yes. Although most people buy critical illness cover with life insurance, you can take it out on a standalone basis.

2. Am I eligible for critical illness insurance?

Critical illness cover is available to all , starting from 15 days child till age 65. The cover is till age 100.

However, the exact terms of the policy – including what it covers and how much you pay for it – will depend on the insurance company as well as your age, health and lifestyle.

3. How has Covid 19 affected critical illness insurance?

Covid is not likely to be a listed condition on a critical illness policy. However, if you have had it severely and suffered respiratory failure as a result, a claim may be considered. 

You may now be asked if you have had the coronavirus when you apply for a policy, but you would normally still be able to get standard rates once recovered.

4.How long does a critical illness policy last? 

You select the amount of time you want your policy to last, but its upto 100 years.

5. Can I get joint critical illness cover with my partner?

No. It is similar to Life insurance. Critical illness considers current health conditions, age life-style. Hence, its always an individual policy. However, there is no medical check-up till age 55 and upto $ 2.5 lakhs sum assured. 

6. How many critical illnesses can I claim for?

Critical illness plans can cover a huge list of conditions upto 63 Major critical illness, 62 Early stage critical illness and 14 Juvenile illness. You can claim for one, upto the cap of that illness.You can claim upto the value of sum assured; after which the policy terminates. 

However, if there is no claim you can get Death benefit + Bonus.  

7. Can I get critical illness cover for pre-existing conditions?

This depends on the insurer and your condition. If it is deemed too high risk, you may get cover but with pre-existing conditions excluded – in other words, you could claim for a completely separate illness – or you may get comprehensive cover and pay a higher premium.

8. Can I add critical illness to a mortgage life insurance policy? 

We do not offer.