What are the Best Critical Illness Insurance Plans?

BusinessWhat are the Best Critical Illness Insurance Plans?


When faced with a life-threatening illness, the last thing you want to stress about is how you will pay for treatment and manage your finances. That’s where critical illness policy comes in, offering you financial support during a challenging time. However, with so many plans available, it can be tough to determine which is most compatible with your needs.

In this article, we will explore the main features of the top critical illness insurance plans to help you make an informed decision. But first, let’s discuss the need for such policies.

What is the Need for Critical Illness Plans?

These plans are designed to provide fiscal support to individuals in the event of a serious condition such as cancer, heart attack, or stroke. There exist many reasons why an individual may choose to have such a plan:

Out-of-pocket Expenses

The cost of medical treatment for a severe illness can be substantial due to complicated surgeries, frequent screenings, expensive medicines, etc. Such plans can offset some of these costs by making a lump-sum payment.

Lost Income

Individuals may be rendered unable to work due to a major disease. This leads to an additional financial burden on the family, which is already struggling. In such a case, this plan can provide support to help make up for lost income.

Preservation of Savings

Without health insurance, individuals may have to use their savings to pay for medical treatment and other expenses. A critical illness plan can help preserve an individual’s savings for other purposes.

Peace of Mind

Knowing that they have financial assistance in the event of a severe illness can provide peace of mind to individuals and their families. Without insurance, the ensuing anxiety can deteriorate one’s health further.

What is the Top Critical Illness Policy?

Here are some of the superior critical illness insurance plans in India that provide holistic protection to customers at a reasonable cost:

Niva Bupa CritiCare

Offered by one of the most experienced companies in the insurance sector, this plan provides a cover ranging between ₹3 lakhs and ₹2 crores. With a premium starting from ₹12,521 /year, it mitigates expenses associated with 20 major illnesses. It also has a family version with which you can include 2 adults in the policy.

Bharti AXA Critical Illness Plan

Covering major disorders like cancer, coma, multiple sclerosis, deafness, wide-scale burns, etc., it helps avail treatment in more than 4300 network hospitals. It prioritises user experience with 24×7 customer support and a claim settlement ratio of 98.27%. By paying a minimum premium amount of ₹428/ month, you can avail sum insured amount up to ₹2 crores.

Bajaj Allianz – Criti Care Policy

The critical illness list under this policy includes over 40 diseases. It is a multi-year policy which can be taken for 1/2/3 years by paying premiums as low as ₹257/month. If you are 18 to 65 years old, you can enjoy the protection of an amount up to ₹2 crores, with a claim-settlement ratio of 92.24% and an option to pay premiums in instalments.

Care Critical Illness Insurance

With no maximum age restriction, it provides lifelong protection to customers above 18. It covers the treatment of 32 fatal illnesses at 16,500+ healthcare providers, including pre and post-hospitalisation, psychiatric counselling, organ donation, dialysis, etc. The amount covered is up to ₹6 crores by paying approximately ₹10,000 – ₹15,000/ year.

How to Opt for the Best Critical Illness Insurance?

There is no one “best” critical illness insurance plan, as the ideal plan for you depends on your specific needs and financial situation. However, when evaluating insurance plans, you should look for the following features:

  • Comprehensive coverage
  • Affordable cost
  • Minimum waiting period
  • Positive user reviews
  • High claim acceptance ratio
  • Easy eligibility criteria
  • Smooth claim settlement process
  • Low documentation requirements
  • Lifetime renewability
  • Minimum exclusions
  • Reputed insurance company

Final Thoughts

The health insurance industry constantly evolves, and new plans are often introduced to meet customers’ requirements. For instance, insurance plans were launched to mitigate Covid-19 expenses during the pandemic. It is important to carefully consider the features and benefits of each plan and choose one that fits your budget and provides the coverage you need. With the right plan in place, you can focus on your health and well-being, knowing that your finances are taken care of. Don’t wait until it’s too late – start exploring your options today and find the best critical illness insurance plan for you.

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