Because of the complexity and high cost of medical treatments, a critical illness can leave you physically, mentally, and financially exhausted. These conditions can also result in organ failure. An ideal health insurance plan with comprehensive coverage can cover such medical expenses.
Continue reading to learn about critical illness insurance for an organ transplant. Before you choose critical illness coverage for your health insurance plan, you should understand what critical illness is.
A critical illness may cause organ failure, or a condition may arise that may result in a vital organ dysfunction. If any of the significant organs fails to function correctly, it affects the entire body and may substantially impact your way of life.
Critical illness insurance plan for organ transplant –
Critical illness insurance covers unexpected medical emergencies caused by life-threatening illnesses. Medical costs are prohibitively expensive, particularly for complex procedures such as organ transplantation.
Critical Illness Insurance covers life-threatening illnesses and diseases, including major organ transplants. Insurance can be a lifesaver because it provides financial support if you are diagnosed with a major organ failure or other critical illness.
What is the process of critical illness insurance?
The Critical Illness cover is a one-time advantageous plan that operates differently than a standard health insurance policy. You can use the policy benefits if diagnosed with any of the policy’s covered life-threatening illnesses. You do not have to be hospitalised to file a health insurance claim.
The insurer would pay you a one-time lump sum equal to the sum insured in a single transaction if you survive for at least 30 days (the survival period varies by insurer) after the diagnosis. You can use the money for medical treatment or any other financial need.
Critical illness insurance for organ transplant inclusions and exclusions:
The critical illness health insurance plan covers over 36 major life-threatening diseases and illnesses. The coverage may differ from one insurer to the next.
The following are the Critical Illness insurance exclusions:
- Life-threatening diseases have emerged due to poor lifestyle choices (smoking, consumption of drugs, alcohol, etc.)
- Cosmetic and dental care.
- Illnesses associated with pregnancy.
- Illnesses caused or exacerbated by terrorism, war, or civil war.
Tax Benefit: Under the Income Tax Act of 1961, the Critical Illness cover also provides tax benefits. Section 80D allows the insured to claim a tax exemption of up to Rs. 15,000, while senior citizens can claim a tax exemption of up to Rs. 20,000. Please remember that the benefits are based on the current tax regime and may change.
Important considerations when purchasing critical illness insurance for an organ transplant:
Some of the key factors to consider if you choose Critical Illness Insurance for organ transplant surgery are as follows:
Coverage: Confirm that the Critical Illness Policy includes organ transplant coverage. Because coverage varies from insurer to insurer, it’s ideal to read the policy wording before purchasing coverage.
Waiting period: The waiting period varies from insurer to insurer. It typically ranges from 60 to 120 days from the policy’s start date. Choose a plan with a short time frame for covering life-threatening diseases.
Post-hospitalisation coverage: The Critical Illness Policy typically covers the medical expenses incurred from organ transplant surgery. The policy does not cover the donor if they develop a side effect or fall ill due to an organ transplant.
Sub-limits: Sub-limits are usually applied to organ transplant coverage. It differs from one insurer to the next. So, read the policy brochure or wording to determine the exact health insurance benefits for an organ transplant.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.