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Some Common Queries on Critical Illness Insurance Plans Solved

by Byrne Anderson
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A health insurance has become more than an added medical benefit in 2021. Living your life without one is like living on the edge, and sure you do not want to be doing that. Hence, health insurance is the right way to go ahead, especially in a world recovering form a pandemic.

But among the different health insurance policies that you can buy, what must be your pick is based on many factors like age, existing medical conditions, family medical history, lifestyle and more. With life-threatening ailments rising at a steep rate, there is a need to buy health insurance policy that specifically ensures safeguards against these ailments. Since these treatment costs for these fatal illnesses are expensive, a critical illness insurance is what comes into the picture.

What is a critical illness insurance?

A critical illness policy is an extension of the traditional health insurance cover. While a traditional insurance plan is more of a generalist in nature, a critical illness policy provides protection for specific ailments, more specifically, the life-threatening ones.

What are the noteworthy features of a critical illness plan?

Unlike a traditional insurance cover where compensation is paid for the treatment, a critical illness policy pays the entire sum insured as an upfront amount on diagnosis of the specified list of illness. * Standard T&C Apply

This upfront payment benefits by way of not only making financial resources available for treatment, but also a way to sustain the loss of income during such period.

Who must consider buying a critical illness cover?

Everyone can benefit from a critical illness insurance policy. The primary reason is that modern lifestyle is prone to diseases and especially critical ailments in the long run. Not only do critical ailments cause mental stress, but also drain your financial resources. However, a critical illness policy must be particularly purchased by individuals that have a family medical history or sever ailments thereby increasing the probability of occurrence.

How much coverage should you buy?

The extent of your policy depends on many things that in tandem determine the coverage. Age, lifestyle, any pre-existing ailments, your family’s medical history, your annual income to support the treatment, place of residence and more are some of the critical conditions that determine how much coverage you should buy.

What are things to keep in mind when buying a critical illness insurance plan?

A critical illness policy needs to account for the sum assured in the plan, the coverage for various ailments that is available, sub-limits under the policy, the inclusions and exclusions of the cover, waiting period, your age and the maximum renewal age. With these factors to look out for, it can help you select a policy that checks all the right boxes.

These are some of the common questions surrounding critical illness plans. Remember that insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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