Illnesses that are prolonged and severe, and if neglected, can lead to fatal consequences. These are known as “critical ailments.” Considering the severity of these ailments, it is necessary to seek prompt medical treatment. These illnesses, a few decades ago, resulted in death most of the time. But with the advancement of medical science, it is now possible to treat the majority of them. However, its detection needs to be done in its early stages as it gives time to treat them.
Moreover, the treatment cost of these ailments is steep, and that’s when a medical insurance plan comes in handy. While health insurance plans are available in different types, critical illness insurance is a policy that specifically deals with these kinds of life-threatening illnesses. Further, changes in lifestyle have seen more and more people getting diagnosed with these ailments. With high treatment costs and the increasing probability of these ailments, it is best advised to seek a critical illness plan. Not only does it help secure your finances, but it also ensures the right treatment is available when needed.
Here are some tips to remember when you are out and about looking for a critical illness insurance cover.
- Coverage for different illnesses
Critical illness plans are insurance policies that provide a lumpsum pay out on detection of the specified ailments. For that reason, these policies are also known as “defined benefit plans.” Open chest coronary heart operations, paralysis treatments, heart attacks, cancers of varying intensities, renal diseases, organ transplants are some of the treatments that are covered by a critical illness insurance policy. When buying a critical illness plan, you need to keep in mind your family’s medical history as genetics, past health records, and present lifestyle choices play a significant role in determining the insurance coverage. *
- Current financial situation
Your present financial situation will determine the quantum of insurance coverage you will need. For instance, if you have a large corpus specifically earmarked for medical exigencies, a comparatively smaller sum insured can do the job. But financial experts recommend buying robust critical illness insurance coverage with a large sum assured that not only considers the present cost of treatment, but also the future rise in the cost, instead of relying on saved up money for medical emergencies. *
- Waiting period in your policy terms
Health insurance plans specify a specified period of time that you need to wait till the insurance coverage kicks in, and it is known as the waiting period of your insurance plan. While critical illness plans can be purchased as standalone insurance plans or as add-ons to other health insurance plans, it is essential to consider the waiting period in its policy terms. *
- Exclusions of the critical illness plan
When selecting a critical illness policy, make sure to keep an eye out for the exclusions mentioned in the insurance plan. While these exclusions are defined from the start of the coverage, some of them can be a reason for you to not buy from a specific insurer. These exclusions can be for the specific ailment covered or even based on the stage of pay out as mentioned in the policy document. *
* Standard T&C Apply
While these are some pointers to remember, make sure you compare them with the plan before finalizing any. A health insurance premium calculator is a handy tool that helps not just in comparing different policies, but also when comparing the features in a critical illness policy. 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.
