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 coverage 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 Critical Illness Policy?

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, or you can buy it as a rider when you buy your regular health insurance online. Critical illness 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 when buying a critical illness policy are as follows: -

Critical Illness Insurance Cannot Replace Your Family Health Insurance

A critical illness policy offers a lump sum payment in case the policyholder is diagnosed with an ailment that is covered under the policy. It does not offer coverage for hospitalization expenses, daycare 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, make sure 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 the 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 the 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 out the maximum age until 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 the 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.

Know more about what health insurance plan covers

**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**


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