Why a standalone critical illness policy is a must?

critical illness policy

Life is uncertain. Future cannot be predicted or controlled. Preparing for the worst is the least one can do. Insurance is the best way to do so. Considering today’s lifestyle, work environment and pollution around, health is always at risk.


If it all one gets caught up with life-threatening illnesses like cancer, kidney failure, paralysis and heart diseases or any other critical ailments, it would be very difficult to survive without a strong financial back-up. Hence, buying insurance exclusively to cover critical illness can prove to be the best aid during such times.


Lifestyle diseases and healthcare inflations make standalone critical illness policy all the more important. Lifestyle habits are causing a dramatic rise in heart diseases. As per WHO (World Health Organisation) report, 31% of global deaths are due to cardiovascular diseases. Global cancer burden is also on the rise. As per estimations from The International Agency for Research on Cancer (IARC), one in five men and one in six women globally will develop cancer over the period their lifetime.


Estimates suggest Asia has a proportion of cancer death (7.3%). As per IARC, limited access to timely diagnosis and treatment is one of the major reason for the increasing trend of this life-threatening disease. And these diseases are prohibitively expensive. Drastically increasing cases of critical illnesses raise the need for exclusive critical illnesses insurance policies to stay financially strong. Without adequate insurance, critical illnesses can eat away the entire life’s savings.


Why are critical illnesses bad for financial health?


Critical illness treatment costs are extremely high. Financial fear of these illnesses can be worse than death. A breast cancer treatment alone can cost around INR.4 to INR 7 lakhs depending on the severity excluding diagnosis and the other expenses to be incurred during the period. Any cancer diagnosis itself is more expensive.


Cost depends on the length of treatments, location, and many more factors. Not just cancer, treatment for heart diseases can cost around INR. 4 to INR. 6 lakhs in one go. Hence, there cannot be an estimate for these types of long-term illnesses and treatments. For such uncertainties, critical illness insurance is the only way out!


Differences between critical illness plan and critical illness rider


Critical illness coverages are offered as additional riders under any health insurance policy and life insurance policy. However, standalone critical illness plans are offered exclusively to cover various life-threatening diseases. Critical illness plan is specifically designed plan that provides comprehensive coverage. Here are few major differences between critical illness plan and critical illness rider.


  • Standalone critical illness policies offer higher coverage as there is no upper limit for coverages one can seek. However, if the coverage is offered as a rider, then the coverage will be restricted to the base policy coverage.


  • The premium for standalone critical illness plan will be slightly higher than the premium cost of critical illness rider.


  • Standalone critical illness plans come with lifelong renewability. But, critical illness riders are renewed with the base policy only.


  • Standalone critical illness plan gives comprehensive and extensive coverage with a maximum number of critical illnesses included in the list. On the other hand, critical illness riders may come with the inclusion of a restricted number of illnesses.


Why standalone critical illness plans are a must-have these days


These days, critical illness very prevalent. The rate of heart diseases, stroke and various types of cancer and other dreaded diseases are increasing due to change in lifestyle, sedentary work life and lack of physical activity etc. Your customers may have to drain out their entire life’s savings for diagnosis and treatment, which is extremely expensive. Considering the rate at which healthcare inflation is rising, having a comprehensive financial shield against such life-threatening diseases are very much essential. Hence, the standalone critical illness plan with extensive coverage is must have in today’s increasingly uncertain world.

Top five things to remember before buying critical illness cover


  • If your client has a family history of critical illness, suggest them a higher coverage with standalone critical illness plan.


  • Offer your clients a critical illness plan that has an extensive list of illnesses included in the plan.


  • Enlighten your clients on claiming procedures. Offer them plans with simple claiming procedures.


  • Consider benefits available at the time of renewal each year such as no claim bonus.


  • Network hospitals are an important factor to consider like the quality of treatment is important.


Also read: “What is a critical illness plan and why It’s important for your client?


In short, standalone critical illness policy is more comprehensive than the critical illness cover bought as a rider in health insurance plan or a life insurance plan. Hence, suggest your clients the most comprehensive option to deal with life’s uncertainties.



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