Article Top Ad
Reading Time: 3 minutes

 

Each of us try to do everything possible to keep our family happy and safe. Unfortunately, the world around is full of uncertainty and chaos. Health Insurance plans help to prepare one in dealing with eventualities. So, when you are planning to purchase a health insurance policy, make sure to reach out for critical illness insurance as well.

When you are in a dilemma as to how to proceed, the below pointers can be helpful.


Image Source: Shutterstock

Critical illness insurance

Critical illness insurance is a cover that pays a fixed sum when the person is diagnosed with conditions listed in the policy. However, one must also understand that a term insurance policy can supplement insurance with an additional critical illness rider. One can add these riders to their policy with minimum premium and get full benefits from critical illness insurance. 

Moreover, the cover ensures that one’s savings are not exhausted. One can use this amount to pay all the related and unrelated expenses that incur during the process.

Features Of A Critical Illness Plan

Critical illness insurance comes with some advantages, such as

  1. Coverage: Most of the insurance companies provide coverage for a wide range of conditions under this plan.
  2. Lumpsum amount: The policyholder gets a lump sum amount that can be used for treatment purposes.
  3. Claiming process is easy: The claim can be processed by submitting necessary reports and documents.
  4. Waiting period: Most of the policies come with a waiting period after which the coverage can be claimed.
  5. Income loss: Part of the cover can be used in such situations.

Terms And Conditions While Purchasing Are Critical Illness Insurance

To buy the best critical illness insurance, you need to evaluate your needs properly. It is similar to a regular health insurance policy. Hence one should thoroughly research all the terms and conditions mentioned in the plan. However, there are some dos and don’ts which you always should remember before making the purchase.

Estimating The Cover

The first thing one needs to look out for in a critical illness policy is its cover. Before you plan to purchase a policy, you should analyze the amount needed in the future. This can be done by keeping all the regular expenses like living expenses, instalments and other costs when deciding a number. 

The cover should have the capacity to cover all the medical bills and additional costs over a while. So, one must ensure that the plan fits in the budget for long-lasting sustainability.

Never Replace Critical Illness Insurance With A Family Health Insurance

Critical illness insurance is made to help you with a serious medical emergency. But it doesn’t have the suitable benefits and coverage to make up for the family health insurance. Hence always remember this when you are purchasing an illness cover.


Image Source: Shutterstock

Do Not Forget To Check The Survival Clause

All the critical business insurance policies work similarly to health insurance plans. These policies are made with a waiting period. Moreover, the policy comes with an additional condition called a survival clause. 

The clause means that for the person diagnosed with a condition to be eligible, they should survive for 30 days to get the sum assured. Therefore, one must read the policy documents thoroughly and select a plan that can waive off the clause.

Never Forget The Inclusions As Well As Exclusions

After you decide to purchase the policy, the first thing you need to check is the inclusions mentioned in it. It is critical to get an understanding of what all the policy covers. This can help to avoid all the sudden surprises at the time of filing a claim. 

Similarly, there are several inclusions in the policy which one must check. This helps to avoid unnecessary burdens on their pockets.

Understand The Process Of Claim

A good understanding of the claim process helps one not to overburden themselves in a troubling situation. Hence it is always advisable to thoroughly research the documents well in advance.

One should always make a note of the required documents in the critical illness policy itself. This can help them to be prepared for the uncertainties. One should also check the list of hospitals covered under this plan. Besides this, the most important thing is to find the insurance company’s settlement history.

Always Remember About The Extras Benefits

The insurance company provides several extras along with the primary benefits in the form of riders. Besides, one should always find out details of all the benefits company offers them during the free period when they renew the policy. This policy also gives tax exceptions according to the Income Tax Act.

Insurance policies enable families to be prepared for unforeseeable circumstances. With the help of these pointers and proper research, one can purchase critical illness insurance.