Now Cover Entire Family Under Critical Illness Plan by IFFCO Tokio General Insurance

IFFCO Tokio General Insurance has recently introduced a new product in the market, a critical illness benefit policy. A feature that differentiates this policy from others is that it can cover all the family members under a single plan. Family members may include spouse, parents, children, and parents-in-law. Considering the inflating treatment expenses in the healthcare sector and accepting the fact that one requires to be insured for a higher sum, the insurer has introduced the plan with the sum insured options ranging from Rs. 1 Lakh to Rs. 1 Crore.

The difference between a regular health insurance plan and a critical illness health insurance plan lies in the way the claim is settled. Individual health insurance plans are indemnity plans where the health insurer pays the exact hospital expense. Whereas in a critical illness plan, the insurer pays, at the time of claim, the entire sum insured to the insured if the specified illness is detected.

The critical illness plan launched by IFFCO Tokio General Insurance will cover 25 specified critical illnesses, surgical procedures, or medical events including Bypass surgery, Alzheimer's, Cancer, Organ Transplant, etc. for which a lump sum amount will be paid to the policyholder at the time of claim. Other coverage features offered under the policy are expenses for treatment of deafness, blindness, loss of limbs and loss of speech.

The premium for this critical illness benefit policy starts at Rs. 257 for minimum sum insured for a person who is not more than 25 years of age. And the customers can buy this policy for a term of 1 year, 2 years, or 3 years. The customers can even enjoy discounts on policy premium on family options. If the same individual of age 25 years buys this policy for sum insured options of Rs. 10 Lakh or Rs. 1 Crore, then the premium will rise to Rs. 2,566 and Rs. 25,657, respectively.

Notably, one should put purchasing the right health insurance plan on priority, even before investing in long term goals. Ideally, there is no age to purchase a critical illness health insurance policy. It depends on when it goes easy on pocket until you are young but becomes a necessity especially when you are about to touch the age of 40.