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Term Insurance with Critical Illness Cover

Term insurance is an effective way of protecting the policyholder's family in times of need. Policyholders can choose between various cover options and finalize their Insurance policy with any suitable bank or insurance agency. Before taking a policy, customers must know all features of the plan and know how the policy works.

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Term insurance also offers rider options like waiver of premium and critical illness cover to enhance overall protection offered by the base policy.

Note: Know more about what is term insurance first before reading this article.

What is Term Insurance with Critical Illness Cover?

Term Insurances also provide claims for critical illnesses. If a customer needs to choose a Term Plan with Critical Illness cover, they must know details on how this option works.

Term Insurance with Critical Illness cover provides coverage for life-threatening diseases like diabetes, cancer, blood pressure, and stroke. Sometimes surgery may also be needed for curing a particular disease, which is also covered under the term insurance with critical illness plan. This plan covers the policyholders and their families’ medication and hospitalization charges.

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Features of Term Insurance with Critical Illness cover

Some of the features offered by term insurance are listed below:

Critical Illness covers can be claimed by the policyholder's family, including children of the family above six years of age. This ensures no member of the family is left out from coverage when a critical illness strikes.
Critical Illness cover claims can be received as a lump sum amount by the insurer. Recent insurance covers offered by various term insurances are around 5 lakh for hospitalization and medication purposes.
Some policies also allow the provision for a bonus along with the coverage claims for several policies, which are known as the "Cumulative Bonus."
A few critical illness covers don’t need any pre-medical screening for the claiming procedure.
Critical Illness covers all hospital expenses; thus, the patient can only focus on recovery instead of worrying about their future.

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Benefits of Term Insurance with Critical Illness Cover

Various term insurance benefits offered under Term Insurance with Critical Illness cover are:

Financial Aid
Payments without deductions
Income replacement
Tax benefits

Financial Aid

Term Insurances with critical illness covers offer financial aid to the policyholder and their families during medical emergencies or any other hospitalization due to critical illness or any other side effects caused by the existing critical illness. By doing so, policyholders need not worry about any hospital charges.
Payments without deductions

When patients are diagnosed with a particular critical illness, they can get their sum assured amount after getting their first diagnosis. There will be no deductions in the payment, and the patient can use this amount for their hospital treatment or treatment from home.
Income replacement

Some serious illnesses might cause a person to lose their job, or the person may even become unable to work. In such times, Term Insurance for Critical Illness will act as a great income replacement. In this case, the policyholder can receive their sum assured amount in monthly terms. So, they need not worry about working and can focus on recovery.
Tax Benefits

Tax Benefits offered by every bank and Insurance Agency are provided as per the Income Tax Act of India. Tax deduction amount varies in each bank and financial institute depending upon the rules and regulations of the institute.

*Tax Benefits are provided as per the Income Tax laws in India. Standard Terms and Conditions Apply

Eligibility Criteria

There are a few basic eligibility requirements for buying Term Insurance. Some of those eligibilities are listed below:

An individual has to be at least 18 years old for taking a Term Insurance policy with any Insurer.
Maximum entry age for getting a Term Insurance policy can be issued for persons who are anywhere near 60 to 65 years old.
A medical test is mandatory for getting the policy claim.
However, there is no need for medical screening for taking a policy. The screening or medical certificate is only necessary while claiming.
People who are diagnosed with a critical illness before taking a policy are also eligible for claiming hospital and other illness covers after getting the policy.

Documents Required

Term Insurance with critical illness cover can be bought by providing just a few documents. Necessary documents are listed below:

ID Proof – Any document that acts as a proof of identity like an AADHAAR Card, PAN Card.
Address Proof – Identity cards or documents that act as proof of address like ration cards, etc.
Income Certificate or Proof of Income – This document provides details of an individual’s salary.
Passport size photographs – A basic necessity for getting any Insurance policy.
Medical records – Only needed if the policyholder is diagnosed with an Illness.
Diagnosis records – Only needed if the policyholder is diagnosed with an Illness.
Medical Certificate from the doctor – Only needed if the policyholder is diagnosed with a critical Illness pr has a history.

Although the medical examination is not necessary to buy term insurance, one must do it to avoid future hassles.

How to Buy Term Plans Online?

For buying any Term Insurance policy, policyholders need to follow a few simple steps as mentioned below:

Enter policy requirements– Customers need to enter their needs and expectations in a policy to compare various available policies that offer similar benefits as customer expectations. This includes information such as their age, gender, coverage required, number of dependents, health and smoking habits, etc.

Familiarize terms and conditions– Once the data entered shows various options and results provided customers have to familiarize themselves with the terms and conditions offered under each policy. By doing so, customers can get a clear idea of the policy's features and benefits.

Choose a Policy– After knowing all details about each policy, customers can choose the best policy that suits their needs and is convenient. Customers can also choose a policy based on the sum assured amount offered.

Enter basic information – After choosing the policy, the customer will be redirected to a web page. The customer's basic information like Name, Mobile Number, Gender, Date of Birth, etc., are to be entered here.

Enter Payment Value and Pay – Finally, the customer can choose their payment term as – yearly, monthly, half-yearly, or quarterly. Then, they can make their first premium payment online by using their credit or debit card. Payments can be made by UPI Transactions also.
Policy Finalization – After the payment is made, a mail will be sent to the policyholder about their policy details, policy number, and a receipt of their first premium payment. With all the methods mentioned above, a policy can be taken online.

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

Term Plan Exclusions

As with any other Insurance policy, there are a few exclusions in critical illness cover. Some of those exclusions are:

If a policyholder dies within a month of diagnosis of critical illness or surgery, there is no cover applicable.
The critical illness is covered only during the waiting period within which the illness is diagnosed.
No cover can be provided if the critical illness is developed due to harmful habits like smoking or alcohol, which an individual takes willingly.
This cover is not applicable in times of pregnancy or childbirth-related critical conditions.
HIV or AIDS patients cannot enjoy the benefits of critical illness covers.
Critical illness that was developed in war or military or any other terrorism-related activities.
If the Illness is developed due to cosmetic surgeries or dental care, the cover is not provided.
No coverage for treatment related to infertility and other related treatments for impregnation.
Treatments for replacing hormones by therapy will also not get any insurance cover.

No coverage for treatments that happen outside India. Term Insurance is not responsible for covering treatments that are taken by the policyholder abroad.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.