Critical illness cover is an insurance policy in which you are provided a lump sum payment, in cash, when you are diagnosed with a life-threatening/critical illness. Critical conditions such as cancer, high blood pressure, heart attack, renal failure and other such ailments are covered under this policy.This policy provides comprehensive insurance cover for 10 critical illnesses.You can avail the payable benefit once you are diagnosed with a critical illness (given you meet the specific criteria as per the policy and survive 30 days after the disease is diagnosed).

The occurrence of a critical illness can set you back financially to a great extent because the cost of treatment and hospitalisation expenses of such illnesses are huge. Therefore, a critical illness cover comes in handy in case you are diagnosed with a life-threatening condition. On the premium you pay for yourself, your spouse, children and parents.

Covers your entire family; including children above the age of 6 years

Sum insured options ranging from Rs 1 lakh to Rs 50 lakh for the age group 6 years to 60 years

Sum insured options ranging from Rs 1 lakh to Rs 5 lakh for the age group 61 years to 65 years

Provides protection against critical illnesses for a period of 1 year

On the premium you pay for yourself, your spouse, children and parents, you can avail Rs 25,000 per annum as a deduction against your taxes (provided you are not over 60 years)

If you pay a premium for your parents who are senior citizens (age 60 or above), the maximum health insurance benefit for tax purposes is capped at Rs 50,000

Maximise tax benefit under Section 80D up to a total of Rs 75,000, if you are below 60 years of age and your parents are senior citizens

If you are above the age of 60 years and are paying a medical insurance premium for your parents, the maximum tax benefit under Section 80D is, then, Rs 1 lakh