How Critical Illness Insurance Offer Financial Protection In The Times Of Crisis?

Once you are diagnosed with any critical illness, or serious health conditions like cancer, paralysis, cardiovascular diseases, stroke, and severe burn, then the insurer will pay you a lump-sum cash amount for the treatment. Having a critical illness policy ensures financial protection in the time of crisis. The policy holder’s family can use this amount to manage miscellaneous expenses.

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    The lump sum amount can be used to cover the loss of income, hospitalization bills, leave without pay, etc. With insurance cover you can get the much needed financial support and assurance to fight the deadly disease. And to protect your family’s goals and financial needs.

    List of 30 Critical Illnesses that can be covered:

    1. Cancer of specified severity. 

    2. Kidney failure requiring regular dialysis. 

    3. Multiple sclerosis with persisting symptoms. 

    4. End Stage Liver Failure 

    5. Benign brain tumor

    6. Cardiomyopathy

    7. End-stage lung Failure

    8. Brain surgery

    9. Open chest CABG 

    10. Systemic lupus erythematosus 

    11. Myocardial Infarction

    12. Good pasture’s syndrome 

    13. COMA of specified severity

    14. Third Degree Burns

    15. Apallic syndrome

    16. Aplastic anemia

    17. Bacterial meningitis

    18. Multiple system atrophy

    19. Progressive scleroderma

    20. Major organ/bone marrow transplant

    21. Aorta graft surgery

    22. Open heart replacement or repair of a heart valve

    23. Pneumonectomy

    24. Motor neuron disease with permanent symptoms

    25. Stroke resulting in permanent symptoms

    26. Permanent paralysis of limbs

    27. Primary pulmonary hypertension 

    28. Pulmonary artery graft surgery

    29. Primary Parkinson’s disease

    30. Alzheimer’s disease

    The treatment cost of the above-mentioned illnesses can be quite exorbitant and a critical illness policy can save you from any financial crisis.

    And to cover the maximum number of illnesses and avail health coverage benefits, it is crucial to buy an adequate health insurance policy.

    When we purchase anything for ourselves or our family, we do so much research to buy the best thing possible. So why behave recklessly when it comes to buying a health insurance cover for your loved ones? There are a number of things that you need to check before zeroing down on an adequate critical illness insurance plan.  

    Usually, it involves comparison based on the total sum assured, the sub-limits, premium cost, waiting period clause, to name a few. Confused about what parameters should you consider while purchasing a critical insurance policy? Don’t worry - we can help! 

    Let’s delve into some of the elements which you should definitely take into consideration- 

    • Amount of Sum Insured 

    This is one of the most crucial factors to determine the insurance policy that works just right for you. While picking the best critical illness insurance in India, ascertain the amount of coverage that you are getting. For the treatment of serious illnesses, the medical cost may vary. For example, the cost of treatment for stroke may be lesser than a kidney transplant.

    So, if you know in advance the coverage amount for the various treatments, then you can decide better. With the help of the critical illness insurance comparison table on our website, you can easily compare the amount assured and select the best critical illness policy for yourself and your family. 

    • Policy Coverage and Limitations 

    We have highlighted the standard coverage that is a part of the best critical illness insurance policies in India. But, at times, it may vary for certain specific plans. Do not just assume the benefits; rather, you should scrutinize all the benefits that you will get from your critical illness insurance policy. 

    There’s always a darker side to everything, so, it is advisable that you keep a list of critical illnesses or treatments for which your insurer will not reimburse you. 

    So, if you are buying a specific health plan for coronary heart diseases. The chances are it may not cover the treatment cost of cancer, brain tumor or a few other surgeries like cataract or a hernia. It is recommended to read your policy documents before purchasing it. 

    • Coverage for Pre-existing Diseases 

    Some critical illness insurance plans provide coverage to almost every pre-existing disease once the waiting period is over. But, there are certain critical illness policies that do not cover pre-existing diseases at all. To avoid any such trouble in the future, you should assess the coverage clause for pre-existing diseases well in advance. 

    • In-built Coverage 

    Apart from financial support during crisis when one of your loved ones is diagnosed with an acute life-threatening disease, there are some health insurance companies that provide several built-in benefits as well.

    The perks include Personal Accident Cover, Emergency Cash Assistance, Complimentary Medical Check-Ups, and Child Education Benefits among others. 

    • Age of the Insured Person

    Age is a vital factor; the insurance premium to cover the health risks of elderly people (above 50 years of age), who are more vulnerable to critical illnesses than someone who is in their early 20s or 30s, will be comparatively higher.

    Insurance companies provide comprehensive insurance to cover the health risks of old people. Simply put, the higher the health risks due to age, the higher will be the premium.

    • Sub-Limits

    It is the monetary cap that your insurance provider places on your health insurance claim. Sub-limits have direct repercussions on the amount that your insurance company will have to bear.

    For example - if during treatment or surgery, your actual bills shoot up to Rs 1.5 lakh, and your critical illness insurance policy has a sub-limit of Rs. 80,000 for the specified treatment, in that case, you will need to shell out, money from your own pocket to pay the remaining amount.

    That is why you need to be aware of the sub-limit clause before taking a critical illness policy. 

    Which One Should You Buy - Standalone Critical Illness Policy or Critical Illness Insurance Rider?

    When it comes to deciding the sum assured, there is more flexibility in a standalone insurance policy. On the other hand, if you take a critical illness rider, the coverage amount of the base policy cannot be exceeded by the total benefit provided by the rider.

    For this reason, a standalone insurance policy is a more viable option for those who are looking for a higher sum assured.

    You get more coverage for critical ailments in a standalone critical illness policy in comparison to a critical illness rider plan. If you are still deciding on the one that you should go ahead with, then it’s advisable that you make a decision based on your health background and your particular needs in.

    • Maximum Age for Renewal

    Who doesn’t want to be protected for the longest time possible? As you age, the expenses also mount up. The age limit criteria for health insurance renewal vary from one insurer to another. You will find that some critical illness policies offer lifelong cover and some provide cover up to a specified age only.

    To make an informed decision, awareness about the eligibility criteria can help you pick an adequate critical illness insurance plan.

    • Waiting Period Clause

    There is a waiting period clause if you buy critical illness insurance in India. You will not get any claim until the waiting period has elapsed, and this is counted from the date of inception of the insurance policy. 

    It means, if you are diagnosed with any of the specified critical illnesses within this waiting period, you will not get the lump sum payment or reimbursement for the health treatment.

    In short, your claim request will not be processed. So, it is better to buy a critical illness policy that has a shorter waiting period.

    Final Words

    The illnesses that are covered may be restricted as per the health insurance plan. If you want to secure yourself and your loved ones from critical illnesses, you must buy a critical illness insurance plan today.

    Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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