Fixed benefit cover paying a lump sum upon first diagnosis of specified major illnesses.
Critical Illness Insurance is a fixed-benefit health cover that pays the entire pre-agreed lump sum cash payout immediately upon first confirmed diagnosis of covered critical ailments (such as Cancer, Heart Attack, Stroke, Kidney Failure, or Organ Transplant), regardless of actual hospital expenses.
Anita has a ₹25 Lakh Critical Illness rider. When diagnosed with Stage-2 breast cancer, the insurer pays her the entire ₹25 Lakhs in cash to manage recuperation and household bills.
Mediclaim reimburses hospital bills (Indemnity). Critical Illness pays a lump sum in cash (Fixed Benefit) to replace lost income.
Many policyholders misunderstand this clause until a claim actually occurs. Always verify the exact definitions in your policy wording schedule rather than relying on verbal marketing summaries. Disclose all material facts truthfully at the time of proposal to help ensure smooth claim assessment without non-disclosure issues.
Standard survival periods (typically 14 to 30 days) apply after diagnosis before claim payout.
Attach a Critical Illness Rider of at least ₹20 Lakhs to ₹30 Lakhs to your primary term plan.
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