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Critical Illness Insurance Comparison

November 29, 2016
Most people think that additional critical illness cover is unnecessary if they already have health insurance plan. However, if you were to be diagnosed with a critical disease, requiring special treatment, there is a good chance that your health plan will not cover the entire expense. This means that you will either need to pay from your savings or rely on critical illness cover.

Before you decide to avail critical illness coverage, it is important to compare critical illness insurance and do adequate research into all the available options. Life and general insurance companies provide critical illness plans, the former as riders along with life insurance policies.


There are several factors that must be considered when you do a critical illness insurance in India comparison. Below are a few considerations that can be used as a guide to conduct your research.

  • Entry Age
    Most individuals find it hard to accept and plan for the risk of critical ailments when they are young. However, such ailments can strike anyone at any age. Availing coverage at an early age is more prudent. This is because insurers provide a lower premium for individuals who are younger as they are in good health and there is less risk of pre-existing conditions. If you wait until you are older, there is a higher risk of contracting lifestyle illnesses like hypertension or diabetes, which can increase the premium on your critical illness insurance plan.
  • Sum Insured
    The best way to decide the sum insured is to understand what the insurance company offers. Having a clear understanding of the benefits available under the policy will help you make a better decision on the amount of protection needed. This is why it is advisable for you to compare critical illness insurance plans offered by various insurers before making a decision.
  • Critical Illnesses Covered
    Not every plan covers all kinds of critical illnesses. A few examples of such ailments include stroke, multiple sclerosis, heart attack, and certain types of cancers at different stages. A critical illness plan will only pay the benefits for conditions that are listed in the policy document. This is why it is important to read these terms before signing any contract. In addition to the illnesses that are covered, the terms and conditions will state the severity of the condition to be covered under your plan. Most of these policies will also provide benefits in the event you are disabled permanently due to your health conditions. Buyers must also understand the process of filing for claims if the need arises. Being aware of the documents that are needed and the various formalities that need compliance can save you time and effort, when the need arises. Individuals must also check the benefits that are available at the time of renewal, if you have not filed any claims during the year.
  • Policy Term
    Most insurance companies have limitations on the entry age of a person, when they are buying such a policy the first time. In addition, there are limitations on the maximum duration in which you can renew the policy. When doing a critical illness insurance comparison, individuals should choose a plan that offers maximum renewability because this means you will be covered until an older age, which is when you are more likely to suffer from critical ailments that require coverage.

Critical illness policies are a kind of health plan that provide benefits if you are diagnosed with certain ailments. These benefits are available irrespective of whether your condition needs hospitalization or not.

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HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.

Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: [email protected], Tel No: 1800-266-9777 (10 am to 7 pm). The name/letters “HDFC” in the name/logo of the company belongs to Housing Development Finance Corporation Limited (“HDFC Limited”) and is used by HDFC Life under an agreement entered into with HDFC Limited.

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