Critical illnesses strain not only your body but also your finances. Even though the medical infrastructure is progressing, the treatment cost is increasing rapidly. Therefore, it’s essential to be prepared for it even when a diagnosis is highly unlikely. A critical illness insurance plan can help you manage the treatment costs of several critical illnesses. ...Read More
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Kriti Arora
Insurance Writer
Kriti is a content marketing and branding expert with more than 13 years of rich experience across BFSI and Telecom industries. She is currently leading Digital Creative Strategy for Axis Max Life insurance.
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Bhaskar Sinha
Insurance Expert
8+ years of experience in Life Insurance with expertise in Developing Life and Health Products, Digital Sales, Conducting effective trainings and Key Account Management.
Critical illness insurance offers coverage against several types of life-threatening ailments and lifestyle diseases, such as cancer, stroke, and kidney failure. Such illnesses are often covered in traditional medical indemnity plans to the extent of hospitalisation expense. Critical illnesses require comprehensive treatment, and frequent hospital visits directly impact your finances. Thus, it is advisable to purchase a critical illness policy as a rider for additional medical coverage, as the lump sum amount offered when diagnosed with a critical illness is in addition to the mediclaim or health insurance policy coverage.
According to the World Health Organization (WHO), cardiovascular diseases, stroke, cancer, and chronic obstructive pulmonary diseases are some of the health issues in India that require critical illness coverage.
Having critical illness insurance cover is crucial because these illnesses impact the brain, lungs, heart, and other vital organs. Because of negligence and lack of pre-emptive health check-ups, the diseases build up and later require comprehensive treatment. You can easily avoid facing any financial burden while getting the necessary treatment with a Critical Illness cover.
Below-mentioned are some of the key factors to consider when selecting a critical illness rider with your term insurance plan:
| Particulars | Details |
|---|---|
| Sum Assured (or coverage amount) | This is the lump sum payout that will be made when a critical illness is diagnosed. Opting for a higher sum assured will require payment of a higher premium amount. The amount should be sufficient to cover medical expenses or the loss of income due to illness, but also affordable for the policyholder. |
| Waiting Period | Waiting period of a critical illness rider usually varies from 90-180 days. If any critical illness is detected during this period, no payment is made by the insurer. A shorter waiting period is preferable to enhance protection. |
| Survival Period | This is the period of time that the insured individual needs to survive after diagnosis of a critical illness to receive the benefits offered by the critical illness rider. A shorter survival period is preferable to minimize initial out-of-pocket expenses after diagnosis. |
| Number of Diseases Covered | The number of critical illnesses covered by the rider can differ significantly from one insurer to another. A higher number of illnesses being covered is preferable as it enhances the protection available to the life insured. |
| Policy Tenure | Critical illness riders are add-ons to life insurance plans, so their tenure cannot exceed the base plan's policy tenure. It's advisable to opt for the maximum policy tenure to maximize the benefits offered. |
| Note: The details provided above are subject to change as per the norms of the insurance provider. | |
The minimum entry age to purchase this critical illness and disability insurance rider is 18 years.
While the maximum age of adding critical illness cover is 65 years, the maximum maturity age under Axis Max Life Critical Illness and Disability Rider varies as per the critical illness coverage variant selected.
Both male and female buyers can opt for the critical illness cover at the same premium rates while purchasing a base life insurance plan.
In addition to this, a Critical Illness Insurance Cover is ideal for these categories of people:
Axis Max Life Insurance offers Critical Illness insurance under Axis Max Life Critical Illness and Disability Rider with various life insurance policies. The benefits under these policies include financial security to your family in case of your unexpected demise, wealth creation, retirement planning, and more.
The Critical Illness Insurance cover provides you financial security against various life-threatening health conditions such as kidney failures, cardiovascular diseases, and cancer. The critical illness insurance cover includes a lump sum payment in case you are diagnosed with a listed illness. This way, you can take care of healthcare and other miscellaneous expenses without draining your savings.
If you already have a life insurance policy, adding a critical illness rider can be a cost-effective way to enhance protection. A critical rider can offer lump-sum payout upon diagnosis of a listed critical illness, without the need for a separate standalone policy. It’s also simpler to manage one plan instead of several.
However, a critical illness add-on cannot be used as a replacement for a comprehensive health policy. This is because a comprehensive health policy can take care of a much broader range of medical expenses beyond just critical illnesses. That approach is very helpful when you want more extensive or varied coverage. So, do assess your budget, existing health coverage and family medical history in order to decide whether a critical illness rider in addition to a separate health plan suits your need the best.
Death Claims Paid Ratio
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At Axis Max Life Insurance, we understand that your intent behind buying a life insurance policy is to ensure financial protection for yourself and your family. To make you realise the real value of your life, we suggest maximum protection against all odds and that is one reason why we offer Axis Max Life Critical Illness and Disability Rider (UIN-104B033V02). It is an add-on that you can select with many of our life insurance products to get a comprehensive critical illness cover.
Under this add-on to your life insurance plan, you not only get critical illness and disability cover against the unfortunate diagnosis of listed 64 critical illnesses but also additional coverage against permanent and total disability.
If you want to safeguard your health the right way, choose this rider for maximum critical illness coverage.
Choosing critical illness insurance isn’t just about the additional premium amount. You also need to consider additional aspects such as:
At Axis Max Life Insurance, we recommend getting comprehensive protection against all odds to keep your family and yourself financially healthy under any circumstances. Hence getting the Axis Max Life Critical Illness and Disability Rider is a good option to protect against a long list of critical illnesses that might impact your health and well-being. You can add this rider to various life insurance plans and get comprehensive cover against a critical illness list comprising 64 major and minor health conditions.
With this add-on to your life insurance plan, you can get a lump sum payout if you are diagnosed with any of the 64 medical conditions that are part of the critical illness list covered by this life insurance rider. The goal of Axis Max Life critical illness and disability rider is to provide additional cover against various medical conditions that can result in permanent and/or total disability or even death of the insured.
Below is the complete list of critical illnesses that includes 64 major and minor health conditions for which you can opt for this life insurance policy odd-on:
| Angioplasty | Benign Brain Tumour | Bacterial Meningitis | Loss of One Limb and One Eye |
| CiS / Early Stage Cancer | Blindness | Brain Surgery | Medullary Cystic Disease |
| Small Bowel Transplant | Deafness | Cardiomyopathy | Muscular Dystrophy |
| Brain Aneurysm Surgery or Cerebral Shunt Insertion | End Stage Lung Failure | Chronic Adrenal Insufficiency - Addison's Disease | Myasthenia Gravis |
| Severe Osteoporosis | End Stage Liver Failure | Chronic Relapsing Pancreatitis | Myelofibrosis |
| Cancer of Specified Severity | Loss of Speech | CJD - Creutzfeldt Jakob Disease | Necrotising Fasciitis |
| Myocardial Infarction - First Heart Attack of Specific Severity | Loss of Limbs | Crohn's Disease | Other Serious Coronary Artery Disease |
| Open Chest CABG | Major Head Trauma | Dissecting Aortic Aneurysm | Pheochromocytoma |
| Open Heart Replacement or Heart Valves Reparation | Primary Pulmonary Hypertension | Eisenmenger's Syndrome | Poliomyelitis |
| Coma of Specified Severity | Third Degree Burns | Elephantiasis | Progressive Scleroderma |
| Kidney Failure Requiring Regular Dialysis | Alzheimer's Disease | Encephalitis | Progressive Supranuclear Palsy |
| Stroke Resulting in Permanent Symptoms | Parkinson's Disease | Fulminant Viral Hepatitis | Severe Rheumatoid Arthritis |
| Major Organ /Bone Marrow Transplant | Aorta Graft Surgery | Hemiplegia | Severe Ulcerative Colitis |
| Permanent Paralysis of Limbs | Amputation of Feet Due to Complications from Diabetes | HIV due to Blood Transfusion /Occupationally Acquired HIV | Systemic Lupus Erythematosus with Lupus Nephritis |
| Motor Neuron Disease with Permanent Symptoms | Apallic Syndrome | Infective Endocarditis | Terminal Illness |
| Multiple Sclerosis with Persisting Symptoms | Aplastic Anaemia | Loss of Independent Existence - Cover up to Age 74 | Tuberculosis Meningitis |
Critical illness insurance plans share certain specific benefits that distinguish them from other types of insurance. The following are some of the most prominent benefits of purchasing a critical illness policy:
You can choose a high sum insured level with critical illness plans, ensuring that you are adequately covered in the event of a severe illness or advanced treatment. A critical illness coverage protects you against certain illnesses as well as treatments and surgery.
If you are diagnosed with a critical disease covered by the insurance, these policies pay you the amount insured, and the regularity of the payment depends on the predetermined terms of the critical illness policy. The claim money from critical illness insurance plans can be used to pay for medical bills or other financial commitments.
When a person is diagnosed with a life-threatening or complicated disease, the financial impact can be quite massive on the individual and their family members. Rather than focusing on recovery, such circumstances lead to financial burdens leaving the family dependent on other resources. This can exacerbate your health problems.
However, if you have a critical illness policy, you can focus completely on the quality of treatment and rehabilitation rather than worrying about the financial aspect of the disease.
A list of critical illnesses is covered by a critical illness policy. Since the critical illness list differs per insurer and the policy, you should examine the policy to see how many and what types of illnesses it covers.
In case you are diagnosed with a critical illness, your condition may not allow you to continue working. In such a situation, the livelihood of your family might be endangered.
However, if you have adequate coverage, you can claim the sum insured and use it to pay for treatment and living expenses. This is especially a relief for policy buyers who are the sole breadwinners of their family.
A critical illness policy is separate from any other health insurance coverage you may have. Even if you already have a health plan covering your sickness, the critical illness coverage shall cover the expense if you fall sick.
In the event of a critical illness, this insurance can be used to enhance an existing health insurance plan. This way, you will have ample coverage and funds to manage medical and living expenses.
Treatments for critical illnesses can be quite heavy on your pocket. Hence, there is a need for a specific insurance plan, such as critical illness insurance that pays for expensive treatments where standard health insurance may be insufficient.
For the many benefits and the peace of mind that critical illness insurance offers, investing in such insurance is a smart idea. Besides, you will find that critical illness insurance comes with affordable premiums, so that you ensure protection for your health, without burning a hole in your pocket.
The premiums paid for critical illness insurance are tax-deductible under section 80D of the Income Tax Act, 1961.
Buying Axis Max Life Critical Illness and Disability Rider (UIN-104B033V02) will always be a good financial decision, as it will mitigate the financial risk of battling many serious diseases. This critical illness insurance rider comes with the following features:
Given below are the variants of this critical illness benefit rider to choose from
Each Axis Max Life Critical Illness Rider variant features unique terms and conditions, policy tenure options as well as maximum/minimum maturity ages. To know these details do read through the policy documents carefully.
The essence of getting a term insurance is to ensure the financial protection of your loved ones. To ensure their financial protection in your absence the life cover should be adequate enough to avoid any financial distress in case of an unfortunate event. You can check out the below sum assured options for further details:
Disclaimer: %*Standard daily premium for 24-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07). ARN: C/SA/280125
Here is a quick way to get critical illness cover under Axis Max Life Critical Illness and Disability Rider:
The first step to getting critical illness cover is to use the online life insurance calculator to calculate the premium for the desired sum assured and tenure of one of our life insurance products.
The next step is to choose Axis Max Life Critical Illness and Disability rider for critical illness cover over and above the base coverage. The critical illness coverage with this rider enhances your financial protection in the case of unfortunate events, such as a disability or being diagnosed with a life-threatening health condition. These optional benefits are available on payment of an additional premium.
After selecting the plan along with critical illness cover, proceed to fill personal information and pay the premium*.
Essentially, the proposal form for critical illness cover is a detailed version of your application form, which focuses on the information related to your lifestyle habits, such as smoking and drinking, and medical history.
Based on individual life risks, a medical test may be proposed before offering critical illness coverage. Any such medical evaluation will be conducted after the successful completion of the proposal form and document submission.
Axis Max Life Critical Illness and Disability Rider (UIN 104B033V02) provides critical illness cover as per the selected variant. It works differently for different variants based on the diagnosis of various major and minor critical illnesses.
Here is how it works to provide critical illness cover in different situations:
When diagnosed with any of the listed critical illness or TPD, the insured can file a claim to get critical illness cover in the following manner:
The critical illness cover includes an amount of Rs 5 lakh or 25% of the rider sum assured (whichever is lower) for minor CI conditions covered under the rider. In case of any major CI or TPD diagnosis, the insured receives 100% of rider sum assured minus amount paid as minor CI claims if any.
The critical illness coverage for minor CI conditions under these variants is the same as in the above case. For major CI conditions or TPD occurrence (whichever is earlier), the insured receives 100% of rider sum assured minus minor CI claim paid if any as critical illness cover.
In case of occurrence of TPD resulting from an illness or accident, the insured receives the rider sum assured on a valid TPD claim. This critical illness cover is payable during the rider term provided the rider is active and in force.
A claim for critical illness can readily be processed based on a diagnostic report. You must contact your insurance carrier and register your claim if you wish to file a claim for your critical illness policy.
To file a claim under a critical illness insurance plan, you will need the following documents:
Once the information has been verified by the insurance carrier, you shall receive the claim pay-out under the critical illness policy terms and conditions.
In general, the disability and accidental cover and critical illness insurance cover are two separate things. Accidental and disability cover provides a lump sum while you are recovering from an injury sustained in an accident.
When you meet with an accident and suffer injuries or dismemberment, you are not able to return to your job immediately. In this scenario, the additional financial assistance from the accidental and disability cover helps you recover without any stress of not having a paycheck.
Meanwhile, you will get a lump sum of money under a critical illness insurance cover to support your lifestyle with a life-threatening health condition or illness-related disability. Thus, you can opt for the best possible treatment for the illness without compromising your health or savings.
Under Axis Max Life Critical Illness and Disability Rider, you can get comprehensive critical illness cover for both these eventualities in life. You need to select the right variants for critical illness cover under this Rider to receive complete financial assistance. This way, you can meet your household expenses and medical care that is not covered under your health insurance plan.
In India, the number of new cases of cancer and other critical illnesses is steadily increasing. In 2018, the Indian Council of Medical Research's National Institute of Cancer Prevention and Research (ICMR-NICPR) released the India-specific data from Globocan (Global Cancer Observatory).
It was reported that cancer cases in the country have gone up by 15.7 percent since 2012, with a total of 11.57 lakh cancer cases reported in the year.
Globocan reported that there had been a 12.2 percent increase in the total number of cancer-related deaths since 2012, with approximately 7,84,821 people dying from the health condition in 2018.
Moreover, data presented by the Registrar General of India*, WHO (World Health Organisation), and Global Burden of Disease (GBD) shows that cardiovascular diseases (also known as CVD or heart-related health problems) are one of the primary causes of disability and death in the country.
Between 2007 and 2017, while the increase in deaths (across all ages) due to CVD had been 49.8 percent, the increase in mortality rate due to Chronic obstructive pulmonary disease (or COPD), stroke and diabetes have been 39.4 percent, 37.1 percent, and 53.8 percent respectively.
Nearly 50% of heart attacks in Indian men occur before age 50, as reported by the Indian Heart Association, while men under 40 report 25% of all cases of heart attacks. Also, the male population in the country, between 30 to 74, is at a higher risk of cardiovascular diseases than the female population. While Indian women had a 12.7 percent risk of developing cardiovascular issues, approximately 21.4 percent of the males were at risk.
Overall, the working population in India, between the ages of 30 to 74, is more prone to developing cardiovascular diseases and cancer. Other ailments, such as kidney failure, sclerosis, stroke, or paralysis, present a palpable risk to Indians, thus pressing the need for critical illness cover.
The premium paid towards critical illness coverage qualifies for deduction under Section 80D of the Income Tax Act, 1961. The following table depicts the tax benefits you can avail on the premium paid towards the critical illness insurance cover:
Premium Paid for Critical Illness Cover for
| Description | Self, spouse, and dependent children | Parents | Maximum Deduction U/S 80D |
|---|---|---|---|
| Everyone is below 60 years of age | Rs. 25,000 | Rs. 25,000 | Rs. 50,000 |
| When your parents have crossed the age of 60 | Rs. 25,000 | Rs. 50,000 (incl. Expenses) | Rs. 75,000 |
| You and your parents have passed the age of 60 | Rs. 25,000 | Rs. 50,000 (incl. Expenses) | Rs. 1,00,000 |
You will need to fill out the following information and make the payment:
You have the option to pay the premium online using net banking, debit or credit card
ARN NO: PCP/CI/151024
“I opted for this term plan from Axis Max Life basis my past experience with them. All required details were easily avaialble on website. I would rate the overall purchase as 9/10. ”
Surinder Singh
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