I already have a e-term insurance from LIC. I could not find a Standalone Critical Illness cover from LIC. Does LIC offer standalone Critical Illness Insurance cover? Can you recommend a Standalone Critical illness policy with wider coverage from a provider with a good claim settlement ratio?
LIC does not offer a stand alone critical illness insurance plan as it is primarily a life insurer. For a standalone critical illness cover, you can consider Apollo Munich Optima Vital and ICICI Prudential's Crisis. Apollo Munich covers 37 critical illnesses and ICICI Prudential's Crisis Cover covers 35 critical illnesses. You must go through the policy details and list of exclusions thoroughly.
Critical illness plans pay a lump sum to a policyholder on diagnosis of serious ailments listed in the policy document. Critical illness can also mean loss of income, total or partial disability and change in lifestyle. The financial burden could be far more than what an indemnity health plan, which pays hospital bills, would cover. Buying a critical illness plan is the best way to get over these shortcomings.
Critical illness plans are cost-effective and work well to provide income during a serious illness. Look for the number of critical illnesses covered and survival period in a plan. Most critical illness policy comes with a survival clause of 30 days; some policies, depending upon the ailment. A critical illness plan is renewable for life, but once a claim is made and the sum assured paid in full, the policy stands terminated. Please bear in mind, that critical illness plans don't cover pre-existing ailments.