Critical Illness Insurance covers long-term and severe illnesses that require expensive medical treatment. Most Health Insurance Plans provide Critical Illness coverage upon payment of an additional premium. It helps the insured pay for exorbitant hospitalisation and treatment expenses without straining their budget.
Critical Illness Health Insurance usually protects the insured against life-threatening diseases, like heart attacks, renal failure, etc. It provides a lump sum coverage amount to cover exorbitant medical expenses for critical illness treatment under the Insurance Policy.
Features
- Critical Illness coverage: You get coverage for up to 36 major critical illnesses, such as tumours, kidney failure, cancer, heart ailments, etc.
- Lumpsum payment: The company provides the lump sum payment for treating covered illnesses.
- Easy claim processing: You can easily file claims and check whether they are processed based on the diagnosis reports.
- Waiting period: You usually get coverage after the end of the waiting period. Every General Insurance onlineprovider offers varying waiting periods to their customers, usually 90 days before you receive the coverage. It ensures that pre-existing conditions are not covered immediately, giving you time to buy the cover while you are healthy.
- Income loss: A part of your lump sum can compensate for your income loss during a medical emergency. If you run short of funds, you can use the insured sum to pay for your hospital and treatment expenses.
Illnesses covered
Generally, Critical Illness Health Insurance covers illnesses such as cancer (up to a specified stage), heart attack (the first time you get it), open heart replacement, repair of heart valves, open heart coronary artery bypass grafting, coma of specified severity, kidney failure, stroke, multiple sclerosis, loss of speech, end-stage liver and lung diseases, deafness, and muscular dystrophy.
Exclusions
These refer to illnesses which the Critical Illness Insurance does not cover, such as illnesses caused by smoking, tobacco, alcohol, drug intake, internal and external congenital disorder, HIV or AIDS, hormone replacement treatment, treatment undergone overseas, and dental care or cosmetic surgery.
Who can benefit from it?
The sedentary lifestyle of the 21st century has led to the rise of different illnesses, most of which are critical. Millennials are more prone to developing critical illnesses than the earlier generations. Anyone can benefit from this policy and buy it from reputed Insurance companies for the best coverage and a decent premium.
Points to note
A critical illness can reduce your ability to earn since you are often sick and homebound. In some cases, it may lead to patients being unable to work, triggering a financial crisis for their families. To prevent such situations, you can buy a Critical Illness Policy.
Conclusion
Ensure you submit the right documents and file your claims properly and on time to get the reimbursement from the company. Most importantly, remember to compare and find the best Critical Illness Plan suiting your requirements.
