What Is Covered Under Critical Illness Insurance?
With the busy lifestyle schedule, work stress, improper diet and environmental changes, there are notable cases of life-threatening diseases. To deal with such difficult times, you must buy critical illness insurance that keeps your savings intact by offering immediate financial relief.
What Is Critical Illness Insurance?
It is generally assumed that when you have a standard health insurance policy, you are entirely protected. However, there are several life-threatening diseases for which the medical cost is higher than the common health issues. Thus, critical illness insurance is vital. Critical illness covers diseases that require prolonged medical treatment such as cancer, heart disorder, liver or kidney failure, etc. There are two ways to avail of this policy:
- To buy critical illness insurance as a standalone policy
- To buy it as a rider option under a health insurance plan
How is health insurance different from critical illness?
Critical insurance covers diseases such as heart attack, cancer, organ transplants, stroke, paralysis, etc. Unlike health insurance which covers the cost of hospitalization and other charges, a critical illness cover offers a lump sum amount instantly when you’re diagnosed with a severe illness
The Health Insurance policy term is generally one year, while the critical illness policy term is for 15 to 20 years.
Features Of Critical Illness Policy:
- Payment of the lump-sum amount in case of diagnosis of a critical illness
- Reduces financial burden
- You can choose from individual to family-based plans
- You can avail of critical insurance as a rider with your basic Mediclaim or health insurance plan
- You can save tax under Section 80D of the Income Tax Act
- You can avail of the cashless facility at the insurance company’s network hospitals
Things To Consider When You Want To Buy The Best Critical Insurance Policy:
- Knowing what exclusions under the critical illness policy is as essential as knowing about the inclusions.
- Make sure you’re informed about the claim process
- Critical illness insurance offers to cover up to a certain age. Hence, ask the insurance company till what age you can avail claim for an illness
- Always check for the claim settlement ratio of the insurance company when buying an insurance cover
Rising medical cost is one of the primary causes of bankruptcy. To avoid such situations, you need to prepare yourself financially, such that if critical illness strikes, you can face it without any monetary worry. If you’re looking to buy one, choose IFFCO Tokio that offers the best critical illness insurance which is affordable whether you want to buy for self or your family.