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GIC – General Insurance Products

Critical Illness

A lump-sum benefit on diagnosis of a listed serious illness, subject to the selected policy.

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A critical illness plan pays a fixed sum when you are diagnosed with a condition named in the policy, such as cancer, a heart attack or kidney failure. The money is paid to you, not to the hospital, and you can use it for treatment, lost income or any other need.

It works alongside health insurance rather than replacing it. A health policy pays the hospital bills, while this plan helps with the costs that follow: time off work, travel for treatment and care at home.

We go through the list of covered illnesses, how each is defined, the waiting period and the survival period, because a claim depends on the diagnosis meeting the policy's definition.

What it covers

  • Lump-sum payout on diagnosis of a covered illness
  • Cover for a defined list of serious conditions
  • Waiting and survival periods apply

Coverage, exclusions, and claim conditions depend on the policy and insurer.

Before you decide

Points to check

  1. 01The list of illnesses covered, and how the policy defines each one
  2. 02The waiting period before a claim is allowed, and the survival period after diagnosis
  3. 03A sum insured large enough to cover treatment and a period without income
  4. 04Whether the plan pays once or covers more than one illness
  5. 05Health conditions you must disclose when you apply

Common questions

What people ask us about Critical Illness

How is this different from health insurance?

Health insurance reimburses hospital bills. A critical illness plan pays a fixed lump sum on diagnosis of a listed condition, whatever the treatment costs. Many people hold both.

What is a survival period?

A number of days you must survive after diagnosis before the benefit is paid. The period is stated in the policy and differs between plans.

Is every serious illness covered?

No. Only the conditions named in the policy are covered, and each must meet the policy's definition. We check the list with you before you buy.

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Shree Sai Insurance is the practice of Amit Dhirajlal Waghela, an AMFI-registered mutual fund distributor (ARN-166386), not a SEBI-registered investment adviser. The firm earns commission from asset management companies on the schemes it distributes, does not charge a fee for distribution, and does not guarantee returns. Insurance is offered separately from the mutual fund distribution business. Mutual fund investments are subject to market risks. Read all scheme related documents carefully.