How to decide if you need critical illness insurance | Chola MS

How to decide if you need critical illness insurance


What is critical illness insurance?


Critical illness insurance is a type of insurance that provides financial coverage in the event of a serious illness. This policy is designed to pay a lump sum benefit to the policyholder if they are diagnosed with a covered critical illness, such as cancer, heart attack, or stroke. The benefit can be used for medical expenses, lost income, or other financial needs related to the illness.


Features of critical illness insurance

The features of a critical illness insurance policy can vary depending on the insurer and the specific policy, but there are several common elements. One of the most important is the list of covered illnesses, which will typically include a range of serious conditions such as cancer, heart attack, stroke, and major organ failure. Other features may include:

Waiting period:

Some policies may have a waiting period before coverage begins.

Benefit amount:

The amount of the benefit can vary depending on the policy and may be based on factors such as the insured’s age, health status, and occupation.


Some policies may be renewable for a certain period of time, while others may be non-renewable.


Most policies will have exclusions, which are illnesses or conditions that are not covered under the policy.

Everyone can benefit from purchasing a critical illness insurance policy. Today’s fast-paced way of life is a precursor to lifestyle-related ailments, including serious conditions like cancer, heart attacks, strokes, etc.

Critical illnesses might make it harder for sufferers to make money. It’s because the patient is frequently bedridden and ill in other situations, and the diminished ability to work results in an inability to work at all. A financial crisis arises as a result. One can choose a critical sickness policy to avoid such occurrences.


Who Should Purchase Critical Illness Insurance?

The quality of care is improving daily because of hospitals’ significant investments in super-speciality equipment. Medical inflation and this have led to an increase in the cost of therapy. Hospital bills incurred while a person is admitted might be extremely expensive.

Choosing the finest critical illness plan seems like a sensible choice when you consider the costs of critical illness treatment.


The following individuals can all gain from a critical illness policy:


Those with a Family History of Critical Illness

Many life-threatening diseases are inherited, or they run in families. If there is a family history of the same condition, one is at a significantly higher chance of developing it. Those who have a family history of critical illness should get a critical illness insurance plan.


Key contributors to income

The primary provider for a family has a crucial function and significance. The future financial stability of the family will be seriously impacted if something were to happen to them. The family might even have to deal with uncomfortable financial circumstances. Because of this, earning family members—especially those with a medical history—must purchase critical illness insurance coverage.

Those with demanding jobs

High-pressure jobs are strongly correlated with critical illnesses. According to several studies, those who work in stressful circumstances are more likely to become critically ill. Employees who work in high-stress environments should choose a critical sickness policy.


Individuals Over the Age of 4o

Critical illnesses are more likely to emerge in those beyond the age of 40. In their late thirties, it is suggested that people purchase a critical illness insurance policy. Additionally, they probably have superior financial standing and can pay policy premiums with ease.


Illness Covered

Illnesses Covered in Critical Illness Insurance can be different from one insurer to another, but generally, it covers major illnesses like:

Heart attack
Coronary artery bypass surgery
Heart valve replacement
Kidney failure
Major organ transplant
Loss of limbs
Loss of speech
Motor neuron disease

Disclaimer: This is not an exhaustive list; it is a merely informative list we at Cholamandalam Insurance have compiled for your ready reference. Various critical illnesses are covered by Chola MS Critical Healthline Insurance.


Critical illness insurance policy exclusions

Typically, critical illness insurance policies don’t cover the following:

While waiting for coverage, diagnosed with a covered critical illness
Death within 30 days after a critical illness or surgical diagnosis
Critical disease brought on by using drugs, alcohol, tobacco, or both
Whether it was an external or internal congenital defect, critical sickness arose.
A serious condition associated with pregnancy or childbirth
Illness brought on or developed as a result of military actions, terrorism, war, or civil strife.
Any cosmetic surgery or dental work
Treatment for infertility or to help with reproduction
Replacement therapy for hormones
The treatment took place outside of India

Overall, critical illness insurance can provide valuable financial protection for individuals who are at risk of serious illness. At Cholamandalam Insurance, based on our understanding of the features and exclusions our customers need, we have created the Chola Healthline Insurance. Research based on your needs, and you can take an informed decision about whether a critical illness insurance policy is right for you and your family.


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