With countless critical illness policies in the market offering different benefits and features, you may get confused about which policy is best suited to your needs. You should consider factors such as the number of illnesses covered, the waiting period of the cover, the insurer, etc. for choosing the best critical illness policy.
How to evaluate a Critical Illness Policy?
Some general parameters which will help you to evaluate different critical illness policies and choose the best one according to your needs are as follows:
a. Number of Illnesses covered under the policy: This is one of the most important factors as a policy covering a higher number of illnesses means you can make a claim against more illnesses. The number of critical illnesses covered under critical illness insurance can range from 10 to 37.
b. Claim Settlement Ratio: It is the ratio of the total number of claims settled by the insurance company to the total number of claims received in the same duration of time. A high CSR indicates that the company is more likely to settle a claim without any hassles.
c. Waiting Period: It refers to the period when the policy is not active and before which a claim cannot be made. Normally, the waiting period for critical illness policy is 90 days.
d. Minimum and Maximum Sum Assured: The minimum and maximum sum assured for critical illness policy normally ranges from Rs. 1 Lakh to Rs. 25 Crore. It is better to have an insurance policy that offers a higher maximum sum assured.
Best Critical Illness Insurance Policies
There is no such thing as the best critical illness policy. However, the wide range of plans offered by insurers today in the market may confuse you.
- HDFC Ergo Health Optima Vital
This is the only plan that provides protection against 37 critical illnesses, which includes a majority of them. The company is one of the old and well-reputed insurers having one of the highest claims settlement ratios in the industry.
- Coverage Amount: Rs. 1- 50 Lakhs
- Policy Tenure: 1-2 Years
- 7.5% discount if you pay 2 years premium in advance as a single premium
- 90 days waiting period
- Waiting period of 48 months for all pre-existing conditions
2. Manipal Cigna Lifestyle Protection – Critical Care Insurance Plan
This plan offers you the flexibility of choosing between basic and enhanced plans. The basic plan covers 15 critical illnesses whereas the enhanced plan covers 30 critical illnesses.
- Coverage Amount: Rs. 1 Lakh – 25 Crore
- Policy Tenure: 2-3 Years
- Option to choose Lump Sum Payment or Staggered Payments
- Discount of 7.5% and 10% on selecting a 2- and 3-year single premium policy respectively
- 90 days waiting period
- No coverage is provided for pre-existing illnesses
3. Max Bupa CritiCare – Critical Illness Insurance Policy
The plan offers protection against the 20 most common critical illnesses that occur among Indians. It offers you the unique option to club accident insurance, hospital cash benefit, and critical illness insurance under 1 policy.
- Coverage Amount: 3 Lakhs – 2 Crore
- Policy Period: 1-3 Years
- Long term discount depending on policy period and online purchase discount
- 90 days waiting period
- Waiting period of 48 months for all pre-existing conditions
- Both Individual and Family plan available
4. Bajaj Allianz Critical Illness Plan
The Bajaj Allianz Critical Illness Plan offers protection against 10 critical illnesses with a lifetime renewal option. The company boasts one of the highest claims settlement ratios and incurred claims ratio in the industry.
- Coverage Amount: Rs. 1 Lakh to 50 Lakh (6-60 years), Rs. 1 Lakh to 5 Lakh (61-65 years)
- Policy Period: 1-3 Years
- Long term policy discount on opting for 2- and 3-years plan
- 90 days waiting period
- No coverage is provided for pre-existing illnesses
5. SBI Critical Illness Health Insurance
SBI General Critical Illness Insurance provides protection against 13 critical illnesses with a lifetime renewal option.
- Coverage Amount: Rs. 2 Lakhs – Rs. 50 Lakhs
- Policy Period: 1- and 3-Year Plan
- 90 days waiting period
- No coverage is provided for pre-existing illnesses
- Both Individual and Family Floater plan available
The above-listed policies were shortlisted by our analysis based on the factors we have considered. There are other critical illness policies offered by other insurance companies which may suit your individual needs. Please read the policy documents carefully before purchasing a critical insurance policy.
Contact Us to choose the Best Critical Illness Cover for yourself.