Financial PlanHealth Insurance

The importance of a critical illness plan

We see a lot of companies and people talking about the importance of critical illness plans. Do you think that opting for a critical illness plan is important if you already have a mediclaim? Most of us think that it’s not important and since we already have a health cover from our employers. Even I was of the same opinion till last month!

What changed my opinion? I came across a young individual in her early 30’s suffering from renal disorder. Now her kidneys were affected and she had to undergo dialysis regularly for almost 2 years, after which she had to go through kidney transplant. Her expenses were tremendous, the health cover which she was provided was only 4 lakhs, the dialysis part wasn’t covered because hospitalisation for 24 hours was not needed. Each session of dialysis costed her around 4000 which she had to undergo thrice a week, so in a month the expense was close to 1.5 lakhs only for dialysis which she spent from her own pocket. The organ transplant costed her around 8 lakhs and there again she spent additional 4 lakhs from her own pocket. Not just that due to this illness she couldn’t stress much and had to quit her job for atleast few year till she completely recovers. After hearing her entire story I was shocked! While I assumed that young people are less prone to critical illnesses this news made me realise that anyone can be attacked by a critical illness and considering the expenses and loss of income, I realised that critical illness doesn’t just affect us physically but also financially.

I was scared and felt in secured. The moment I reached home I researched online for health insurance plans. That’s when I came across a critical illness plan. I clicked on the ad but it mentioned that it only covered cancer. I was looking for a plan that covered atleast the most common critical illnesses because no doubt cancer is common in India but heart disease is the number one killer and cases related to chronic kidney disorders have also increase. I researched further and came across Edelweiss Tokio Life – CritiCare+ the product seemed to fit all my requirements. I quickly provided my phone number so that their representative could guide me. I must say that the entire buying journey was very smooth and the representative clearly mentioned every aspect of the plan. Now why did I buy this plan immediately?

I was looking for a plan which covers major common critical illnesses and CritiCare+ was covering 17 critical illnesses like heart disease, kidney failure, organ transplant, cancer, etc.

The plan provides a lumpsum on the diagnosis itself and one doesn’t need to submit hospitalisation bills
This is the only plan that provides a multiclaim option under which a policyholder can claim thrice. So if one is diagnosed with a second critical illness he can still avail the lumpsum amount, most plans end after the first claim itself. Also the premium is waived off after the first claim.

The moment I purchased CritiCare+ I felt relieved that I am secured against 17 critical illnesses and I can now live worry-free.

Vikas Agarwal
the authorVikas Agarwal
Vikas Agarwal is an IIT-Varanasi graduate in Chemical Engineering. He is the Founder and CEO of - an investment advisory website. He is a Business Development Professional but a Value Investor at heart. He writes articles on Finaacle, which focus on simplifying the art of investing and the causes of human misjudgment when it comes to investing. He also shares his experiences as an investor and lessons from some of the greatest investors of all time.

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