What is critical illness cover in Tata AIA?

Asked by: Mr. Conrad Dietrich PhD  |  Last update: February 11, 2022
Score: 4.1/5 (51 votes)

A critical illness insurance policy provides coverage against life-threatening diseases and conditions such as heart attacks, strokes, and kidney ailments, among a host of others. If you plan to buy critical illness insurance in India, Tata AIA Life Insurance's Non-Linked Comprehensive Health Rider is a great option.

Is it good to take critical illness cover?

Although all the riders have its own importance in some or the other ways, critical illness rider is a must which should be considered while buying a term insurance policy. Critical illness can dry out a person's finance in the most freakish way, so it is best to have term plan with critical illness benefit.

What is covered under critical illness policy?

A critical illness plan is a policy that pays the insured a lump sum following the diagnosis of an illness covered under the plan. Critical-illness plans often cover diseases like cancer, organ transplant, heart attack, stroke, renal failure, and paralysis, among others.

What are the 36 critical illnesses?

Get cover for these 36 illnesses with a Critical illness Insurance
  • Heart attack.
  • Heart valve replacement due to defects or abnormalities.
  • Coronary artery diseases requiring a bypass or other surgery.
  • Aorta surgery via thoracotomy or laparotomy.
  • Stroke.
  • Cancer.
  • Kidney failure.

How is critical illness cover calculated?

A common way of choosing how much critical illness cover to buy is: calculate your household's monthly expenses and what the shortfall would be if you were unable to work, then multiply that by the amount of time you'd want to be supported for if you were critically ill (e.g. a number of months or years).

How to buy critical illness cover - as rider with term insurance or separate policy?

34 related questions found

What is critical illness?

“Critical Illness” means an illness, sickness or a disease or a corrective measure like Cancer, Kidney failure, Coronary Artery (Bypass) Surgery, Heart Attack (Myocardial Infarction), Heart Valve Surgery, Major Organ Transplantation, Multiple Sclerosis, Primary Pulmonary Arterial Hypertension , Aorta graft surgery, ...

Does critical illness cover surgery?

MetLife's Critical Illness Insurance is not intended to be a substitute for Medical Coverage providing benefits for medical treatment, including hospital, surgical and medical expenses.

Why can't I get critical illness cover?

The reason usually falls down to: You've got a health condition. If it's mild, this shouldn't be a problem. ... If it's a serious condition, the insurer will have to do the maths on how risky it is to insure you and you may be declined.

What is the purpose of critical illness insurance?

Critical illness insurance is a form of health insurance that provides a lump-sum payment should you become seriously ill.

How long does critical illness cover last?

The maximum age limit for taking out Critical Illness Cover is 67, and the minimum term length is two years.

What is critical illness cover India?

A critical illness insurance policy refers to the insurance coverage that helps you to handle expenses related to life-threatening critical illnesses and lifestyle diseases such as cancer, stroke, Parkinson's disease, paralysis, live disorders, kidney failure, and other ailments.

How much should critical illness cover?

Also, the cover amount is ₹5 to ₹10 lakh for a ₹1 crore term cover which is far too low if there is a need. Now, treatment for any critical illnesses is high (think cancer) and the cost can go up to ₹25 - ₹30 lakh. And there might be also loss of income and other additional expenses.

Do I need critical illness?

Critical illness cover is likely to be helpful if you don't have enough money saved to fall back on in the event that you fall ill unexpectedly, or if your employer doesn't offer an employment benefits package to cover periods of unemployment due to sickness.

When can you claim critical illness?

A critical illness insurance claim can be paid either from the date the medical condition is diagnosed or after a set period of time has elapsed after diagnosis (for example, 14 or 28 days - depending on the policy terms).

How do critical illness policies work?

Critical illness policies work by paying a lump-sum benefit amount following the diagnosis of a covered condition. After diagnosis, the covered individual (you or a loved one) submits a claim for benefits which are then paid directly to them.

How long should a critical illness claim take?

From start to finish, a critical illness claim usually takes 4-6 weeks, depending on how quickly we receive the medical evidence we require.

How do I claim for critical illness?

Here are the documents you need to provide:
  1. Filled up claims form.
  2. Your doctor's medical report. Usually your doctor should be practicing in an “approved” country and is a specialist on the disease being diagnoses.
  3. Laboratory and diagnostic reports.
  4. Personal information and contact details.

What is the difference between life insurance and critical illness cover?

The primary difference between critical illness cover and income protection is in the payout. ... Critical illness cover pays out a lump sum upon diagnosis of a health condition defined within the terms of the policy, while life insurance pays out if the policy holder dies within its duration.

Does critical illness payout on death?

If you buy the critical illness element as “additional cover” alongside life insurance, the policy will pay out if you are diagnosed with one of the conditions listed in the policy – and if you die. This is in contrast to combined or accelerated cover, which only pays out once.

Can I have critical illness cover without life insurance?

You are able to take out a standalone Critical Illness Insurance policy without Life Insurance; however, this may not be the most cost-effective option.

Can you buy critical illness cover without life insurance?

Yes, just as you can buy life insurance without taking out separate critical illness cover, you can also buy standalone critical illness cover without having life insurance. It's something that, when you're younger, you may not consider to be an important regular use of your income.

Does critical illness cover hearing loss?

Critical illness cover pays out a cash lump sum of money, if you are diagnosed with a medical condition that is listed in the insurer's claims set e.g. cancer, heart attack, stroke. Critical illness cover for people who are totally or partially deaf will almost certainly come with an exclusion for deafness.

Does critical illness cover heart failure?

Yes. Heart attacks, strokes and cancer are the three major serious illnesses that many critical illness insurers provide cover for.

How does life and critical illness cover work?

Critical illness cover helps to support you and your loved ones financially if you've been diagnosed with a specific condition. You'll receive a lump sum payment to help cover the costs of treatment, or to help pay the bills, if you're not able to work.