Critical illness FAQ

FAQ for critical illness Insurance policy:
·        Why do I need a Critical Illness Insurance?
Here are some of the points to consider while purchasing this cover. 
(a). If you have a history of critical illness in your family
(b). Once crossed the age of 40, you should seriously consider a critical illness plan given the time and age a person may live
(c). Gives you an additional financial support in case you are diagnosed with an ailment of this nature.
·        Why do I need a Critical Illness Insurance plan?
Critical Illness policy offers you and your family an addition financial support for the time of diagnosis of an ailment of this nature. The plan provides a lump sum amount that can be used for paying off for the costs incurred during treatment and care, recuperation aids and debts. The policy provides funds for a change in the lifestyle and in case of any lost income due to decreasing ability of insured person to earn.
·        What is the advantage of a “benefit policy”?
Under the “benefit policy”, in case the insured person suffers from any one of the critical illnesses as mentioned in the policy, shall be paid a lump sum amount for care and treatment by the insurance company.
·        What are the critical illnesses covered in the policy?
Under this policy, the following illnesses are covered:-
o   Heart attack
o   Multiple Sclerosis
o   Stroke
o   Cancer
o   Major Organ Transplantation
o   Kidney Failure
o   Coronary Artery Bypass Surgery
o   Paralysis
o   And illness mentioned in the Policy.
·        What are the plans available under this?
There are a number of plans available under this policy. One can choose from Sum Insured ranging from Rs. 2,00,000 to Rs, 10,00,000.
·        What is the eligibility criteria for purchasing the policy?
Individuals under the age group of 5 years to 45 years are eligible for purchasing the policy. The plan also covers children between the age of 5 years to 18 years, only when both the parents are also insured under the policy.
·        Do I need to undergo any medical tests to enrol myself for the policy?
No pre policy check is required for people under the age of 45 years subject to no health adversity. If the Insured is above 45 years then medical tests are mandatory.
·        What kind of documents do I need to furnish for buying the policy?
All you need to do is submit a duly signed proposal form with relevant details. Choose the Sum Insured as per your budget and make payment via cheque or credit card details in the form.
·        Do I get any tax benefits under this policy?
Yes, you can avail tax exemption up to an amount of Rs. 15,000 under “Section 80D under Income Tax Act”. If you are a senior citizen, you can avail tax benefit up to an amount of Rs. 20,000 under “Section 80D of Income Tax Act”.
·        Is there a permit for making multiple claims for same or any other critical illness as listed in the scheme?
No, you are only allowed to make one claim during the life of the policy. This policy offers lump-sum disbursement of the Sum Insured amount to the insured person on first diagnosis of the listed critical illnesses after a survival period as mentioned in the policy which is generally 30 days in one single transaction
·        How to apply for a claim and what documents have to be submitted during claim settlement?
Please immediately intimate Insurance Company. On intimation Insurance Company would register and assign you a unique claim number which would be used for all further communications. 
The insured person needs to submit the following documents for processing claim settlement within 45 days from the intimation date. 
o   Complete claim form
o   Original discharge summary from the Hospital.
o   Relevant treatment papers or consultation notes
o   Relevant medical reports along with supporting invoices and requisition from doctor advising the same
o   Original hospitalization bills along with final detailed bill summary
o   Pharmacy bills attached with prescriptions
o   Other relevant documents that may be required by Insurance Company.
·        Can I purchase a policy online?
Yes, you can buy an insurance policy online. You can compare different policies available and choose the right one for you and your family.