1. Life Insurance Guide /
  2. Health /
  3. 5 Factors to Help You Choose the Ideal Critical Illness Cover

How to Choose the Best Critical Illness Cover for Yourself

Dec 12, 2018

With increasing incidences of critical illnesses, such as heart ailments, insurance policies covering such diseases are a must-have in your insurance portfolio.

While mediclaim policies cover the hospitalization expense the reality is that you incur a significant non-hospitalization expense, in case you or your loved ones get afflicted by one of the critical illnesses. These expenses can include therapy, post-surgery care, medicines, OPD charges and so on. And these expenses can be backbreaking for any family especially given the fact that the cost of healthcare is increasing as rapidly as the incidences of the critical illnesses in the country.

These unplanned medical expenses can derail your journey towards your life goals. For instance, the cost of angioplasty can bring you down by Rs 2 to Rs 4 lakh, depending on the type of stent you go for. A bypass surgery will cost you as much as Rs 2.5 to Rs 6 lakh depending on several factors like the hospital or location.

The growing incidences of non-communicable diseases like cardiovascular diseases further make it imperative to go for a critical illness cover which gives a lump sum which help you in meeting the non-hospitalization expense as well. Just to put this in perspective, Cardiovascular Diseases (CVDs) are growing at 9.5% annually and are one of the fastest growing chronic illnesses in the country, according to ASSOCHAM-Deloitte joint study. CVDs account for one-fourth of all deaths in India.

So while we know for sure that critical illness covers are 'critical' for your financial health, it is equally important to know how to choose a good critical illness cover. Here are a few tips for choosing the ideal critical illness cover for you:

1. Know the cost of medical procedures:

Quite often we purchase a health policy without even understanding the cost of medical procedures or the expenses for regular follow-ups after hospitalization or in-house care required in case of a critical illness. Before deciding on a cover, you should know what it could cost if some illness of serious nature strikes you in future. Go for a higher cover to account for inflation and periodic increase in the cost of health care.

2. Know the critical illness plans:

Before buying a plan, do a thorough research on how many diseases and procedures it covers. Just a large number of diseases covered may not mean much until you know what procedures are covered, and if there are any limits on expenses. Weigh all the options and resist the urge to go for the cheapest product. Here you also need to decide whether to go for a separate critical illness plan or you can combine critical illness riders with your life or health insurance plans. It really depends on your requirement. A stand-alone policy provides more freedom in deciding the sum insured and gives you a larger cover when compared with riders. Usually the limit on sum insured under a rider is the same as base policy. For instance, if you have a term insurance of Rs 10 lakh then the critical illness rider along with it is not likely to be more than Rs 10 lakh. Because of these limitations, it might be better to go for a separate critical illness cover.

3. Know your finances:

You wouldn't want to spend your savings on meeting hospital bills. Consider all the factors like what is the premium, how many family members are covered in the policy, if the plan covers dependent parents and do you get the premiums back at the time of maturity in case you never need to claim from the policy. Take into account any existing covers such as mediclaim or health insurance plan that you might have.

4. Know your age and lifestyle situation:

Age is a big consideration while going for a critical illness cover. Older people should buy larger covers since they are more vulnerable to illnesses and also because the health insurance plans are expensive and offer low sum assured. You may need to consider your lifestyle before deciding the amount. A healthy lifestyle helps in minimizing the risk of a critical illness. But if you are a smoker, and walking up to your car is the only exercise that you indulge yourself in, or if your family has a history of diseases like diabetes or blood pressure, you need to buy a large critical illness plan, which covers most of these diseases.

5. Look for special features:

Some policies may have a special feature like return of total premium on maturity, waiver of premium on accidental partial or total disability rider. Choose the features or riders judiciously as per your requirements.

Bajaj Allianz Life recently launched Health Care Goal, a complete health insurance plan which covers as many as 36 critical illnesses. Further it covers six family members and in case you do need to claim sum assured on behalf of one of the family members, it doesn't impact the cover of other members.

This World Heart Day, go for a critical illness plan, which protects your finances in case you are afflicted by a cardiovascular disease. It will also help you to live a stress-free life. Keep these tips in mind before you purchase critical illness cover to get the maximum benefit. Till then, stay healthy, stay stress free!

Popular Articles

Featured Articles
Know How RoMC Enhances Your ULIP Investments

Know How RoMC Enhances Your ULIP Investments

Unit Linked Insurance Plans (ULIPs) have emerged as a befitting investment vehicle, post the many significant regulatory reforms introduced between 2010 and 2013...Read more...

Your Guide to ULIP Insurance Riders

Your Guide to ULIP Insurance Riders

A Unit-linked Insurance Plan (ULIP) is designed and structured in a way that takes care of both your life insurance and investment needs. Yet, there might be some unforeseen circumstances in life...Read more...

Why You Should Remain Invested For The Full Tenure In ULIPs

Why You Should Remain Invested For The Full Tenure In ULIPs

There's a popular refrain in the financial circles, Don't try to time the market, instead give your investments enough time to grow. This is more so in the case of investments in equities..Read more...

Term Insurance : Insurance That Costs Less Than Your Daily Chai

Term Insurance : Insurance That Costs Less Than Your Daily Chai

Paul Stanley once said "Youth is incredible because you really do feel invincible." Since young professionals feel nothing can go wrong at their age, they tend not to plan for their future...Read more...

Term Insurance Benefits and Things To Consider Before Buying a Term Insurance Plan

Term Insurance Benefits and Things To Consider Before Buying a Term Insurance Plan

Safety is an important consideration for all of us. For instance, when we are driving, we make sure that we have our seatbelts on for our safety.Read more...

Term Life Insurance Policy Riders: Why They Matter

Term Life Insurance Policy Riders: Why They Matter

The Oxford English Dictionary defines a rider as "A condition or proviso added to something already agreed". When added to your life insurance policy, riders can be an effective and powerful addition..Read more...

Why Term Insurance Is important for Working Couples

Why Term Insurance Is important for Working Couples

Power couples are on the rise. We see more families where both partners are choosing to climb the corporate ladder. It's a myth that life insurance.Read more...

8 Questions You Should Ask Yourself Before Buying a Term Insurance Plan

8 Questions You Should Ask Yourself Before Buying a Term Insurance Plan

Term insurance is the purest form of insurance where for a fixed premium, you cover yourself against any unforeseen contingencies...Read more...

How to Choose the Best Critical Illness Cover for Yourself

How to Choose the Best Critical Illness Cover for Yourself

With increasing incidences of critical illnesses, such as heart ailments, insurance policies covering such diseases are a must-have in your insurance portfolio,... Read more...

Know 4 Different Types of Health Insurance Plans

Know 4 Different Types of Health Insurance Plans

Healthcare expenses can be the biggest drag on your finances. With lack of quality public healthcare system,... Read more...

Compare an ordinary Health Insurance Plan and a Critical Illness Cover

Compare an ordinary Health Insurance Plan and a Critical Illness Cover

Many of us are confused about the difference between a traditional health insurance plan and a critical illness cover.. Read more...

Handle NCDs with the help of a Critical Illness Cover

Handle NCDs with the help of a Critical Illness Cover

Cast a cursory glance around and the chances are some of your friends or acquaintances are battling serious illnesses...Read more...

Critical Illness Cover Policy or Rider Benefit: What makes more sense?

Critical Illness Cover Policy or Rider Benefit: What makes more sense?

Sometimes we have to handle a few hurdles in our road to realizing our life goals. Usually, these hurdles arrive when we least expect them... Read more...

A Guide to ULIP charges to invest better in them

A Guide to ULIP charges to invest better in them

Investing for your life goals is the key to turn those goals and aspirations into reality. As a responsible investor, it is important to set aside a portion of your income every month... Read more...

What are different types of ULIP funds?

What are different types of ULIP funds?

Unit Linked Insurance Plans (ULIPs) provide the dual benefit of insurance cover and wealth creation to its investors. Which means policyholders get life cover along with..Read more...

How To Save Income Tax By Investing In Term Life Insurance Plan

How To Save Income Tax By Investing In Term Life Insurance Plan

Every year, around the end of the financial year, we tend to seek out financial instruments which help us in tax planning and savings. Of these, buying a life insurance... Read more...

Why terms plan in life insurance is important for single women

Why terms plan in life insurance is important for single women

A ladies handbag is her "Armageddon Resource Centre", carrying everything ranging from tissues to snacks, from coins to a Swiss army knife, and from makeup to pepper spray. Naturally, because women..Read more...

Term-plan

Term Insurance: How Much Should You Be Insured For And For How Long?

Term insurance plan is affordable and offers not just tax benefits, but also peace of mind that your loved ones will continue to achieve..Read more...

Tips To Invest In Ulips

4 ULIP investment tips one should never forget

Picking the best restaurant or cafe is a much easier task today, thanks to the internet! All that you need to do is, check out the online reviews, ambience,photographs and of course.. Read more...

Recommendations On Ulip vs- Equity Investment

3 reasons why ULIP plans are one of the preferred choice for equity investments

Inflation is the biggest factor you need to watch out for while investing. This is because inflation eats into your savings over a period of time..Read more...

Goal Based Investment Planning For Family From Bajaj Allianz Life

Realize your Life Goals with a proper goal-based investment plan

Are you a young aspirant wanting to achieve something big in life? Like starting your own business or graduating from a premier institute or buying the bungalow of your dreams?.. Read more...

Investment Planning Guide For New Financial Year From Bajaj Allianz Life

How to plan your investments in the new financial year

We are just two months into the new financial year, and the time is still right to get your investment planning in place for the year ahead if not yet done. Taking stock of your past.. Read more...

Achieve your long-term goals with ULIPs

Achieve your long-term goals with ULIPs

For meeting your long term life goals, equity as an asset class is quite suitable. What is required is a disciplined approach over a period of time, and before you know it, your dreams.. Read more...

Tips to overcoming market volatility with ULIP From Bajaj Allianz Life

How to tide over market volatility with ULIPs

The fear of market volatility often keeps retail investors away from equity investment. It is this fear that deprives millions of investors from the benefit of tax-efficient and often.. Read more...

Advantages of Investing Early

Advantages of investing early in ULIP plan

There goes a saying, 'The early bird catches the worm'. In literary sense, it means that a person will have an advantage if they do or start something early. In the world of investments it means that.. Read more...

Move a step closer to your Life Goals with prudent financial planning

Move a step closer to your Life Goals with prudent financial planning in online ULIP policy

The new calendar year has witnessed some volatility, especially for the broader markets (small/mid-cap space). In this scenario the retail investors have become... Read more...

Monthly Investment Planning With ULIPs From Bajaj Allianz Life

Why monthly investments in ULIPs make sense?

The daily ups and downs in the stock markets can be incredibly unnerving for a retail customer and can dissuade them from investing in the markets. On March 1 this year, the..Read more...

5 factors to help you choose the best ULIP plan

5 factors to help you choose the best ULIP plan

Investments are no longer just about saving for the rainy day. We want to invest to get best possible returns on our investments to achieve our life goals and aspirations.... Read more...

Top 5 myths associated with ULIP investments

Top 5 myths associated with ULIP investments

The perception of ULIPs as an expensive and a risky investment tool continue to persist. However, over the last few years, ULIP plans have emerged as a preferred investment vehicle... Read more...

All that you want to know about mortality charges in ULIP investment

All that you want to know about mortality charges in ULIP investment

Mortality Charge is the bone of contention in ULIPs because many consider it primarily an investment vehicle. However, the fact is that mortality charges... Read more...

What is a ULIP NAV?

What is a ULIP NAV?

A unique insurance-cum-investment tool, Unit Linked Insurance Plans (ULIPs), can help us meet our financial goals, while also providing insurance cover. These products are goal-oriented investments and their funds.... Read more...

What is a ULIP plan?

What is a ULIP plan?

It doesn't matter if your 20, 35 or 50. Whatever your age, you are sure to have certain life goals and dreams that you hope to fulfil. You may want to complete your MBA, or perhaps you want to make a down payment on your dream home.... Read more...

Avail Systematic Investment Plans for a more stable financial future

Avail Systematic Investment Plans for a more stable financial future

We all have various financial obligations like daily needs, school fees, and short trip with family or buying a fancy gadget where we require onetime payment for which money can be relatively collected easily... Read more...

    Contact Us

    Bajaj Allianz Life Insurance Company Ltd.
    Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra

    Branch Locator

    Customer Care Timing :
    Monday to Saturday - 9.00AM to 7.00PM
    Customer Branch Visit Timings :
    9:00 AM to 3:30 PM on Weekdays

    Customer Care Toll free numbers :
    BSNL : 1800-233-7272 |
    TATA :
    1800-209-7272 |
    BHARTI :
    1800-103-7272 |
    RELIANCE :
    1800-3000-7272

    For online policy issuance / renewal :
    1800-209-4040

    Standard rate apply :
    (+91 020) 66026777

    Customer Service :
    customercare@bajajallianz.co.in

    Sales Enquiry :
    websaleslife@bajajallianz.co.in

    Cyber Cell :
    If you find any unauthorized or fraudulent sales material online, please mail us at :
    cyber.cell@bajajallianz.co.in

    BAJAJ ALLIANZ LIFE ONLINE INSURANCE PLANS

    Chat with us...