How much critical illness cover do I need?
The ideal coverage amount depends on your existing health conditions, family medical history, and lifestyle. Usually, it is recommended that the coverage amount should be at least 5-10 times your annual income, allowing you to manage medical conditions and existing financial obligations.
What are the documents required for critical illness cover?
If you want to buy critical illness insurance, you need to furnish some basic documents such as proofs of your identity, address and age, etc. In some cases, you may need a medical test report.
Can I get critical illness cover after cancer?
Whether you receive coverage after being diagnosed with the disease depends on your insurer and the stage of the disease. Typically, if the cancer is in the third or fourth stage, coverage is not available.
Do all insurance providers in India cover the same critical illness?
No, the list of diseases covered under a critical illness plan varies by insurer.
What are the tax benefits under a critical illness insurance?
The premium you pay towards critical illness insurance is subject to tax deduction under section 80D of the Income Tax Act, 1961. In addition, the money you receive as a payout of a critical illness claim settlement is also tax-free.
How to select an ideal critical illness cover?
To choose an ideal cover, start by checking the list of life-threatening illnesses your policy covers. Next, evaluate the sum assured, review the claim settlement ratio, and understand the claim process.
What are the factors to keep in mind while opting for critical illness insurance?
Before buying critical illness insurance, you should consider a few important aspects. Some of the important factors to keep in mind are the number of illnesses covered, exclusions in the policy, amount of premiums, survival period, claim settlement ratio of the insurer, and sub limitations, among other things.
Do I need to take medical tests to get critical illness coverage?
Yes, medical screening is necessary to obtain critical illness coverage. It gives insurers insight into your existing health conditions and allows them to decide on the premium based on the risk you pose.