How to Compare Critical Illness Insurance Plans?

Critical illness insurance is one of the best solutions to depend on to handle financial concerns during a critical illness treatment. There are many health insurance companies that provide critical illness insurance policies at low premium rates. However, a critical illness insurance policy buyer must not go by the low premium amount and perform a comparison of every considerable policy to find out the best feature overall.

Now, the key question arises: How should one perform the comparison of various critical illness policies? Let’s find out!

7 Factors to Consider While Comparing Critical Illness Insurance Policies

Here is the list of 7 major aspects that one should take into account while selecting the best possible critical illness policy while performing a comparison:

1. Illnesses Covered

The first thing you should look for in different critical illness plans that you are comparing is the number of illnesses each cover. Take note that if a critical illness insurance policy covers a lot of illnesses, it will have a higher premium. So, it would be better to choose one that covers specific illnesses that you want to be secured for. Keep in mind that it would be extremely significant to have a clear understanding of inclusions before you make your decision.

2. Coverage Exclusions

The next most important aspect to consider is exclusions or what the critical illness policies do not cover. Take note that in most cases, critical illness plans do not cover pre-existing conditions during the waiting period. Also, keep in mind to check the medical conditions that are a part of exclusion under the policies you are considering.

3. Sub-limits

Health insurance companies generally put sub-limits for different types of medical conditions. Do not forget that the health insurance company will pay the amount for the same if you are diagnosed with a specific illness. Also that the sum insured amount reduces by the sub-limit amount.

4. Premium Amount

A premium of health insurance policies or critical illness insurance plans increases with the passing age. Make sure you pick the critical illness insurance plan with the most affordable premium amount. Do not forget that it would be a big mistake to compromise on the cover just because you do not want to pay much. Paying a specific amount today will save you from financial instability if anything adverse takes place.

5. Renewal Conditions

While looking for critical illness insurance policies, make sure you choose a plan with lifelong renewal. Remember, the same will help in ensuring that you have enough coverage as you age due to the fact that the probability of suffering from critical conditions will increase as you grow.

6. Claim Settlement Ratio

When performing a comparison of critical illness insurance policies, make sure you opt for a policy of a health insurance company with a high claim settlement ratio. By doing so, you will invite peace of mind and be satisfied that in case a need arises, your claim will be settled without any hassle.

7. Survival Period

Various health insurance companies include a survival period clause in their policy. Keep in mind that according to the same, the insured needs to survive for a specific period after diagnosis to gain the benefits under the critical illness policy. Make sure you check the survival period beforehand as it may be different for various diseases.

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Conclusion

We hope that by comparing critical illness policies offered by different health insurance companies on the above-mentioned parameters you get the best one for yourself. Always remember, as important it is to have a critical illness plan, as important it is to compare different plans for being able to select the policy that best matches your requirements.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.