Critical illness insurance provides a lump sum and tax free payment of funds, if you are diagnosed with a serious illness that is covered in the policy. This allows you to protect your family’s finances and lifestyle, even if you are unable to earn an income. It also works as a savings account so that you can get your premiums back if you surrender your policy early, your policy expires or you die without making a claim
Covered Conditions:
The Critical Illness benefit is payable as a one-time, lump sum if the insured is diagnosed with one of the following illnesses or procedures:
- Life-threatening cancer
- Heart attack; Stroke
- Coronary artery bypass surgery
- Kidney Failure
- Major organ transplant
- Aortic Surgery
- Heart valve replacement
- Blindness; Deafness; Paralysis
- Multiple Sclerosis
- Burns; Coma
- Loss of speech
- Loss of limbs
- Motor Neuron Disease
- Alzheimer’s Disease
- Parkinson’s Disease
- Occupational HIV Infection
- Loss of independent existence as defined and specified in the policy
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Do I need to be earning income to qualify for critical illness policy?No, you don’t need income verification to get a critical illness policy.
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Is critical illness benefit taxable?No, critical illness benefit is not taxable and you can use the funds for any purpose.
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Can I get my money back in a critical illness policy?Yes, If you have chosen return of premiums, and you didn’t file a claim, then you can get all your money back.
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Can I buy critical illness policy for my parents or kids?Yes, you can buy critical illness for other family members.
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Does the premiums keep increasing in the critical illness policy?No, the premiums don’t increase in the critical illness policy but they remain same for the duration of the term of the policy.
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Who is the money paid to at the time of a claim?You, the policy holder will be get the money at the time of the claim.