Tips for Buying a Critical Illness Insurance Plan
So, you have bought a family health insurance and are satisfied that you will be protected if the need for
hospitalization arises. Well, to be sure of that, you first need to understand the coverage that your
family health insurance cover provides.
It has been seen that not only are lifestyle disorders getting rampant in today’s day and age, but that
they are affecting the younger population as well. While changing your lifestyle habits can go a long
way, you need to be well prepared to deal with all eventualities. So, when you are looking at health
insurance online, make sure you take a look at critical illness insurance as well.
What is a Critical Illness Policy?
A critical illness policy is a cover that offers to pay you a fixed sum once you are diagnosed with a critical
illness that is covered by the policy. You can opt to buy a critical illness policy as standalone insurance,
acts as a very valuable addition to the basic health cover in case you are diagnosed with a serious illness.
While you can use your regular individual or family health insurance to cover your hospitalization bills,
the lump sum amount that you receive from the critical illness cover can fund other essential expenses
associated with your critical illness.
Things You Need to Remember
Buying critical illness insurance is not something you should do without forethought. Just like your
family health insurance plan, you should conduct thorough research and compare different policies to
find the one that suits your healthcare needs the best. Other tips that you would do well to remember
Critical Illness Insurance Cannot Replace Your Family Health Insurance
A critical illness policy offers a lump sum payment in case the policy holder is diagnosed with an ailment
that is covered under the policy.It does not offer coverage for hospitalization expenses, day care
treatments, etc. While the critical illness policy complements your regular family health insurance, it can
in no way substitute it.
The Survival Clause
Health insurance plans come with a waiting period, and so does critical illness insurance. However, this
insurance also has an additional caveat, which is the ‘Survival Clause’. This clause comes into effect
when you are diagnosed with a critical illness. Generally, there is a 30-day survival period. If you do
thorough research, you might be able to find a plan that waives off this clause.
Go Through the Policy Thoroughly
Once you have decided upon a policy, makesure you go through all the details of the policy thoroughly.
You should especially pay attention to:
1, Inclusions: Different companies offer coverage for different illnesses. Understanding what is
insured may be considered as the most challenging aspect. You cannot simply look at the
number of critical illnesses insured and choose the one with the highest number. Instead, you
need to understand the exact definition of the illnesses, so you can avoid some nasty surprises
when time comes to file a claim.For example, a plan might cover cancer, but only after it has
reached a particular severity.
2, Exclusions: Knowing about what is NOT covered under your policy is as important as knowing
what is covered.
3, Claim Process: A claim process is obviously very important for any insurance policy, and same is
the case with critical illness insurance. Learn well in advance what documents you would be
required to submit and what the formalities are to file a claim, so you can be well-prepared
when the time comes.
4, Benefits: Besides knowing the basic benefits of a critical illness policy;you need to know about
the extras that you get when you buy a policy from a particular company. Also, it doesn’t hurt to
find out about the benefits being offered at the time of renewals for claim-free years.
5, Coverage Age: Before buying a critical illness policy, find outthe maximum age till which the
policy will cover you.
6, Other Factors: Check out the company’s claim settlement history, the various caveats
associated with the policy, etc.
Before you buy critical illness insurance, it is vital that you understand the coverage, exclusions, and all
other factors associated with policy. For instance, IFFCO Tokio’s critical health insurance covers a host of
critical illnesses including cancer as well as coma of specified severity, major organ or bone marrow
transplant, and end stage liver diseases, among many other critical ailments. Through its extensive
network of 4200+ hospitals, hassle-free claims process and a strong claim settlement ratio, IFFCO Tokio
has one of the best critical illness insurance policies available to buy in India.
No one wants to get diagnosed with any critical illness, but you still need to be prepared if the need
arises. With IFFCO Tokio’s Critical Illness Insurance, you can sure of that.
**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**