With the number of uncertainties that life throws on us, the only mantra that we can chant is to be prepared. Your life insurance policy might ensure the financial well-being of your family members if death happens, but, what if you are diagnosed with a life threatening critical ailment? Or what if you meet with an accident that might lead to permanent total disablement, permanent partial disablement, temporary total disablement or accidental death? What if your health insurance cover falls inadequate? It sounds quite like a spine-chilling, but, shouldn’t you be prepared for such circumstances?
Well, this is when Health Insurance add-ons such as Critical Illness plan, Personal Accident Insurance, Top-up health Insurance Plan, Vector-borne diseases Insurance, etc. would come to your rescue. Let’s find out in detail about these plans. Add-ons are nothing but valuable additional benefits that you may include to your health insurance plan.
Most of the times critical illnesses make you bedridden, thereby making you bear the cost of hospitalization along with carry on with your family obligations. Your insurance company pays you a lump sum amount on diagnosis of any of the critical illnesses mentioned under the policy terms and conditions. Heart ailments, stroke, organ failure, meningitis, multiple sclerosis, paralysis, severe burns, cancer, etc. are some of the critical illnesses usually covered under a Critical Illness Plan,(recently IRDAI asked insurers to cover it) Critical illness raised due to self-inflicted injury, cosmetic and aesthetic treatment, etc. are however not covered under this type of insurance.
An accident can be fatal leading to disabilities or even death. Personal Accident Insurance Policy acts like a saviour in case of accidents caused due to fire, collision, drowning, by air, road, rail, etc. This type of insurance covers permanent total disablement, permanent partial disablement, temporary total disablement and accidental death. A Personal Accident Insurance offers features and benefits such as family transportation allowance, loan protector, ambulance expenditure, hospital daily cash, medical expenses, etc. However, it doesn’t have a scope to cover pregnancy and child-birth, pre-existing disability or injury, non-allopathic medical treatments, accidents due to water-sports, participation in army, air-force, navy, war, etc.
There are billions of people that get infected with vector borne diseases out of which millions of them die due to the same. These vector-borne diseases are caused predominantly because of flies, mosquitoes, parasites, etc. giving rise to diseases such as malaria, zika virus, dengue, etc. Usually poor sanitation, unsafe drinking water, lack of access to adequate housing, etc. are few of the reasons why the people get infected to such vector-borne diseases. The Vector Borne Diseases Insurance Policy will offer financial coverage to any individual who is below 65 years old without having to undergo any sort of medical analysis. (Not sure if this is standard with all policies)
Escalating health care costs may have made your health insurance policy almost insignificant. This is when a top-up plan would act as a saviour. In short, top-up health insurance plans help you to cover your hospitalization expenses when your base health insurance plan exhausts its sum insured limit. The pending hospitalization amount would then be taken care by a top-up plan. It acts like an add-on for your existing health insurance policy and gives you the liberty to choose your deductible limit. You can buy your regular health insurance policy from one insurer and buy a top-up from the same or another health insurer. Top-up health insurance plans are pocket-friendly than opting to buy an additional health insurance plan to hike the sum insured. Simply put, it would be like adding a Stepney to your base or regular health insurance plan. Remember that top-up plans have high deductible limits. Therefore, higher the deductible, cheaper would be your top-up plan.
No, there is no facility of changing the sum assured during the policy period.
Yes, you will get a tax benefit under Section 80D of the Income Tax Act, 1961 for the premiums that you pay against your critical illness plan.
Mentioned below are the documents required to initiate a claim
No, Personal Accident Insurance doesn’t offer you any tax benefits.
Yes, your personal accident insurance would still offer you coverage in case you meet with an accident in a foreign country. But, you will be paid the sum insured in Indian currency once you are back in the country.
Yes, any individual aged between 18 to 65 years can opt for a Personal Accident Insurance.
In order to battle life challenges in case you get diagnosed with a Critical Illness, it is vital to buy Critical Illness Insurance. The amount that you get post claiming critical illness insurance can help you pay off the debts, cover expenses related to your treatment as well as offer coverage to compensate for the income lost due to inability to earn/work.
The premiums that you pay for your Critical Illness Insurance Plan becomes eligible for an income tax deduction under Section 80D of the Income Tax Act, 1961.
If you buy a Critical Illness Insurance Plan, you will be paid a lump sum amount on diagnosis of a critical illness listed in the policy document. However, in case you buy a health insurance plan, you will be paid for the medical expenses. Thus, it makes sense to buy a Critical Illness Insurance Plan separately.
Typically, a Health Insurance plan offers coverage for all the health-related requirements. But, there are chances wherein you may need additional funds if there is a medical exigency. Thus, to beat the medical inflation and to ensure extra protection, it is advisable to opt for a top-up Health Insurance policy.
You very well know that you’ve paid for it but are hoping to never require using it! When you file an insurance claim, you probably have suffered some type of loss or damage that is insured by your Insurer. This is when your Insurer offers you coverage and compensation for the losses covered or for the damages after validating your claim. So it is vital to be familiar with the claim process to avoid any headache at the later stage.
You may have bought an insurance policy, yet have thousands of queries and doubts. Our ‘Your Policy’ section is the fastest way to resolve your insurance related doubts and queries. All you need to do is attach your active insurance policy and write to us about your queries. We never let our customers down.
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