Your hospital expenses could be covered by standard health coverage, but what about the years of lost income that occur after a bad diagnosis? Diagnosis of a serious illness can be a big problem if you do not have enough savings or financial backing.
This blog explains what is a critical health insurance, the key features of this policy, who should opt for this policy, and so on.
Understanding Critical Illness Insurance
Critical illness insurance provides medical coverage for diagnosing life-threatening illnesses, including cancer, heart attacks, paralysis, and more. This insurance policy offers a lump sum payout to the insured individuals if they are diagnosed with a certain serious sickness specified under the policy.
It also covers a variety of other serious illnesses, such as severe head injuries, Alzheimer’s disease, renal failure with frequent dialysis, third-degree burns, unstable coma, and more.
Key Features of a Critical Illness Health Insurance Plan
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Unique Coverage
This best health insurance plan offers a lump-sum payout upon the diagnosis of any one of 37 severe diseases. Additionally, this insurance is a versatile approach to obtain coverage, depending on your health condition. You can avail this policy obtained for a term of 1, 2, or 3 years.
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Sum Insured
The minimum sum insured under this policy is Rs. 5,00,000, and the maximum limit is Rs. 25,00,000, in multiples of Rs. 1,00,000. For those who are employed between the ages of 18 and 35, the sum insured is 12 times their annual income and 10 times for those over 35. The maximum sum insured for non-earning individuals is Rs. 15,00,000.
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Flexible Payment Options
With this insurance policy, you can easily pay your premium by choosing quarterly, half-yearly, annually, or even biennially or triennially.
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Pre-Medical Examination
A critical health insurance policy does not require undergoing pre-acceptance medical screening for people below 50 years of age. However, a pre-medical examination is required for those over 50 or with an adverse medical history.
Illnesses Covered Under Critical Illness Health Insurance Plans
A critical illness health policy covers a range of serious illnesses, which are detailed below:
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Cancer: This frequently involves various forms of cancer, especially those requiring specialised care.
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Stroke: This policy covers treatment for strokes that result in long-term neurological problems.
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Heart attack: A critical illness insurance covers the first heart attack of a certain severity.
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Kidney failure: It also covers dialysis-requiring conditions.
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Transplant for major organs: This insurance plan also covers heart, liver, bone marrow, and kidney transplants.
Who Should Opt for a Critical Health Insurance Plan?
Critical illness insurance covers the medical expenses of 37 diseases. Below are the groups of people who can enjoy the critical illness insurance benefits:
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Those who have a family history of serious illnesses like cancer, heart disease, or stroke
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People who are the only earners in the family
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Those who work in high-stress jobs
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People who are 40 years of age or older are more prone to experience health problems.
Things to Consider While Opting for a Critical Illness Health Insurance Plan
When you look for a critical illness insurance plan, you must consider the following:
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Always read the terms and conditions of the policy before purchasing critical illness insurance. To prevent misunderstandings, be aware of the inclusions and exclusions.
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To give coverage for probable medical or health care costs, select a plan that offers a sizable sum assured.
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Before choosing this plan, make sure it meets your present and future demands by checking its entry and exit age restrictions.
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Verify what is covered by the insurance, including additional benefits, post-hospitalisation costs, and hospitalisation expenses.
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Verify whether the insurance contains any restrictions, such as waiting periods, sub-limits, or exclusions for certain procedures.
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For serious sickness, make sure the sum assured is sufficient to pay for any prospective medical costs and other financial commitments.
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Ensure there are more network hospitals in your selected critical illness insurance