A Quick Guide to Critical Illness Health Insurance
There are different types of health insurance plans available that cater to your diverse medical requirements. You need to first consider your medical conditions before picking the right insurance plans for yourself. If you are suffering from chronic illnesses that require regular treatments or lead to unexpected expenses, you need to think about critical illness insurance.
In this article, we are going to discuss about critical illness insurance in-depth and everything you need to know about it. So, without further ado, let’s get started.
What is Critical Illness Insurance?
This type of health insurance is particularly made for long term illnesses that entail extensive medical expenses. This policy covers all the serious illnesses and their treatment expenses. It is important to consider the terms and conditions of the policies before you take it.
What is Critical Illness Policy?
A critical illness policy keeps you insured against all the life-threatening critical illnesses that includes heart attack, cancer, lung diseases, etc. With critical illness policy, you will get a lump sum coverage to cover your medical expenses against the critical illnesses. There are different types of critical illness policies that are designed for different requirements, and you need to understand the terms and conditions before taking one.
What Are The Features of Critical Illness Insurance Plans?
Each critical illness insurance policy has something unique to offer, but here are some of the common features that you will find in every critical illness policy.
- Critical Illness Coverage: It is the primary feature that every policy will have. You need to check up with your insurance company and find out what type of critical illness is covered under the plan.
- Lump-Sum Payment: In critical illness health insurance, the company has to pay a lump sum amount for the treatment that will cover all the expenses.
- Easy Claim: Generally claiming for the critical illness policy is quite simple, making it one of the easy-to-acquire health policies.
- Waiting Period: There will be a waiting period in the policy that needs to be met before you can claim your cover. Your lump sum claim will only be accepted if you submit a claim after the end of the waiting period.
- Loss of Income: The lump sum amount you receive from the company can also be used as your income. If you have suffered a loss of income recently due to critical illness, you can use the amount as your income.
How to Select Your Ideal Critical Illness Insurance Policy?
There are certain parameters that will help you select the best policy for yourself. Here are those parameters and their details:
- Sum Insured: The lump sum amount you will insure
- Waiting Period: 30 days from the start of the policy
- Survival Period: 30 to 90 days
- Diseases Covered: at least 36 illnesses
- Renewability Age: Maximum age or lifelong
*Note: You need to check up with your insurance provider to understand these parameters’ terms.
The Bottom Line
In a nutshell, critical illness can offer you benefits if you choose the right policy. So, it totally depends on your decision whether you can optimally use the policy.
