Compare & Buy Car, Bike and Health Insurance Online - InsuranceDekho
Track & Policy DownloadLogin

Critical Illness Insurance - Myths and Facts

Health disorders or ailments which require prolonged medical treatment are termed as critical illnesses. Diseases such as heart disease, cancer, kidney or liver failure, etc. fall under this category. These diseases not only take a toll on one’s health but also burn a hole in the pocket. It can put you in financial distress if you don’t plan for a have a sound insurance plan.

Why critical illness insurance is necessary? Investment in critical illness insurance is imperative to help manage the cost of medication and treatment of these diseases. Due to its similarity with health insurance, there are various myths of critical illness insurance. Assumptions and misconceptions can lead to the rejection of the claim. The denial of the claim stands worse than not having critical illness insurance. If you can’t get the coverage when you need it the most, then what is the point of getting the insurance?

List of Some of the Myths And Facts About Critical Illness Insurance:

1. It’s not my age to buy critical illness insurance

Critical illness is not age-related and can occur at any age. In today’s times with changing lifestyle, unhealthy food habits, and stress at work, numerous youngsters are being diagnosed with a critical illness.

2. Mediclaim and critical illness insurance is the same

Mediclaim and critical illness insurance are different from each other. A critical illness plan provides lump sum coverage when you are diagnosed with critical ailments like cancer, kidney failure, paralysis, etc. Mediclaim, on the other hand, covers hospitalisation expenses when you fall ill and admitted to the hospital for more than 24 hours.

3. Critical illness insurance covers disability

Critical illness insurance provides a lump sum amount for critical diseases. The insurer has the freedom to use the coverage amount in whatever way he wants. He can use it for his treatment or can even use it to pay a mortgage, etc. Disability coverage, on the other hand, provides compensation for loss of income due to accidental disability. Compensation is provided for loss of limb or hands, partial or total blindness, etc. due to a major accident or injury.

4. Critical illness insurance plan covers all critical illnesses

Critical illness insurance policy provides coverage for only those ailments or diseases, which are mentioned in the policy wording. Though most of the diseases are covered, it differs from insurer to insurer and also depends on the terms and conditions specified in the fine print. It is therefore advised to read the policy wording carefully before you buy critical illness insurance.

5. If diagnosed with a critical illness, coverage will be provided

Every plan clearly defines the critical illnesses which are covered under it. In case your condition does not fit the definition, there are chances of claim rejection. So, it’s essential to be aware of every minute detail.

6. If a critical illness plan covers cancer, all types of cancer are covered

Every cancer type is different and may need separate coverage. You need to go through the policy document carefully to understand which types of cancers are covered by your plan and which are not. The critical illness plan generally covers cancers like liver cancer, breast cancer, colorectal cancer, etc. On the other hand, there are certain exclusions, including skin cancer, early-stage prostate cancer, etc. Again, read the policy wording thoroughly.

7. Immediate coverage when diagnosed with critical disease

The claim settlement ratio (CSR) differs from one insurance provider to another. The time and speed of the settlement depend on the insurer you have opted for. Before buying the policy, you can check the CSR associated with the provider.

8. If there is a pre-existing medical condition, I can’t buy critical illness insurance

Critical illness plans are different for different insurers. Some require pre-medical screening while some do not. If you are diagnosed with a critical ailment during pre-medical testing, you might have to pay a high premium. But, a pre-existing condition doesn’t stop you from buying a critical illness plan.

9. Critical illness plans generally have high premiums

It’s not always the case. Before choosing a plan, compare various health insurance plans and opt for the policy that suits your needs the best. If you are buying a policy that covers later stages of critical illness, then you might have to pay a higher premium. Then, some health plans provide coverage for critical illness as an add-on. So, you can look for various options available. However, buying a dedicated critical illness plan is a better choice in the long run.

Also Read

Covering OPD Cover in Health Insurance

Conclusion

Critical illness insurance is not always expensive. If there is a family history of critical illness, it is recommended to go for a critical illness insurance policy. Do thorough research and based upon your expectations, analyze various plans. Thoroughly check the terms and conditions mentioned in the policy. Clear all your doubts and buy the plan that fulfills your requirements.

A critical illness plan is a must with today’s lifestyle. When you buy critical illness insurance, you might have to pay a high premium, but it’s worth it in time of need. 

Health Insurance Coverage Calculator

Who do you want to insured ?

  • Individual
  • Couple
  • Family
  • Parents

Age of eldest insured member ?

Where do you live ?

Metro
Non-Metro
Disclaimer : Actual Coverage might vary basis your location, age and number of members

Best Health Insurance Plans In India

  • Cover 5 L
    Starting at 832/month*
    No room rent limit 100% no claim bonusUnlimited restoration benefits3 years PED waiting period
    View All Features
  • Cover 10 L
    Starting at 739/month*
    No room rent limit Unlimited restoration benefits50% no claim bonus4 Years PED Waiting period
    View All Features
  • Cover 5 L
    Starting at 447/month*
    No room rent limit 33% no claim bonus100% restoration benefits3 years PED waiting period
    View All Features
  • Cover 5 L
    Starting at 1,312/month*
    No room rent limit 50% no claim bonus100% restoration benefits3 yrs PED waiting period
    View All Features
  • Cover 5 L
    Starting at 448/month*
    Single Private A/C Room 20% no claim bonus100% restoration benefits1 year PED waiting period
    View All Features
  • Cover 5 L
    Starting at 664/month*
    No room rent limit null20% no claim bonus100% restoration benefits2 years PED waiting period
    View All Features
  • Cover 5 L
    Starting at 675/month*
    No room rent limit 50% no claim bonusUnlimited restoration benefits3 years PED waiting period
    View All Features
  • Cover 5 L
    Starting at 690/month*
    Single Private A/C Room 100% restoration benefits3 years PED waiting period
    View All Features
  • Cover 5 L
    Starting at 546/month*
    Twin sharing room Zero no claim bonus100% restoration benefits2 years PED waiting period
    View All Features
  • Cover 5 L
    Starting at 566/month*
    No room rent limit 20% no claim bonus100% restoration benefits3 years PED waiting period
    View All Features
  • Cover 5 L
    Starting at 1,770/month*
    Zero no claim bonusNo restoration benefits1 year PED waiting period
    View All Features
  • Cover 40 L
    Starting at 62/month*
  • Cover 2 L
    Starting at 146/month*
  • Cover 5 L
    Starting at 806/month*
    Single Private Room 10% no claim bonus100% restoration benefits2 years PED waiting period
    View All Features
  • Cover 5 L
    Starting at 476/month*
    60% no claim bonus150% restoration benefits4 years PED waiting period
    View All Features
  • Cover 5 L
    Starting at 526/month*
  • Cover 5 L
    Starting at 855/month*
    25% no claim bonus100% restoration benefits4 years PED waiting period
    View All Features
  • Cover 5 L
    Starting at 448/month*
    Single Private A/C Room 20% no claim bonus100% restoration benefits1 year PED waiting period
    View All Features
  • Cover 5 L
    Starting at 396/month*
    Room rent upto 2% of SI Room rent upto 1% of SI No room rent limit Single Private Room
    View All Features
  • Cover 5 L
    Starting at 738/month*
    No room rent limit 50% no claim bonus100% restoration benefits3 yrs PED waiting period
    View All Features
Note: Premium is shown for 18yr old individual of Delhi
Show More

Health Insurance News

People Also Read

Must BuyMust Buy

Why to Buy Health Insurance Policy Online from InsuranceDekho

  • Tax benefit upto 75,000*
  • Claim support everyday 10AM-7PM
  • 80 Lacs+ happy customers

Latest Health Insurance Articles