You can be diagnosed with a life-threatening disease at any stage of your life and the reason for it can be anything ranging from a poor lifestyle to hereditary reasons or lack of healthy eating habits and exercise.
Though most critical illnesses can be treated fully if diagnosed at the right time, it will create a huge financial burden on your family as the expenses related to a critical illness are too costly. To avoid this, you can get a critical illness insurance policy for yourself and your family members. The main benefits offered by a critical illness policy are given below:
High sum insured
The sum insured offered by a critical illness plan is huge as it is meant to cover the entire medical expenses. Also, the sum insured is paid at once as a lump sum payment to enable you to undergo the surgery, get an organ transplanted, or undergo any other treatment that can help you overcome the life-threatening disease.
Waiting period
You will need to bear the initial waiting period of 90 days to be eligible to claim the policy benefits offered by a critical illness cover.
Even after completion of this period, you will need to wait for another 30 days after the diagnosis of a critical illness.
Post the survival period, you will be eligible to receive a lump-sum payment equal to the sum insured that was promised to you while purchasing the policy.
Coverage
- A critical illness plan covers many major illnesses such as cancer, cancer, organ replacement surgery, heart attack, etc.
- However, you will need to confirm the illnesses that a critical insurance policy offers before subscribing to it.
- Also, things that are generally not covered by regular health insurance plans such as donor expenses during an organ transplant surgery, travel expenses, etc. can be covered with a critical illness cover.
Unrestricted usage
- The sum insures provide to you can be used for getting the best medical treatment for curing the disease.
- There is no restriction on the usage of this amount as you can use it for medical expenses, buying medicines, getting an expert opinion, or anything else that you find necessary during the treatment of the major illness.
- However, you must remember that a critical illness cover cannot be used to treat diseases that are not considered to life-threaten. The medical expenses associated with accidents are also not covered under this plan.
- Moreover, as the sum insured is higher, you might have to pay a higher premium as well. Therefore, you must be able to decide whether you need a regular health insurance plan or critical illness cover.
How to get a critical illness cover?
- You can get online by visiting the website of an insurer that provides it at competitive rates.
- The health insurance policy that you subscribe enables you to settle the claims in the best way and without including a third party. compare various critical illness cover plans based on their waiting period, premium, coverage, types of illnesses covered, etc.
- Bajaj Finserv provides a wide range of individual health insurance plans, family health insurance policies, critical illness cover plans, etc. on their portal. Therefore, it’s here that you will be able to compare insurance plans of different insurance companies easily.
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