How to Compare Critical Illness Plans?
Published On Dec 24, 2020, Updated On Feb 15, 2021
Many people are of the view that an additional critical illness cover is not required if they are already covered under a health insurance . However, if ever you get diagnosed with a critical health issue requiring special healthcare and treatment, there are high chances that your health cover is solely not enough to cover the healthcare costs. This further would result in you ending up paying either from your own pocket or to rely on a critical illness plan.
It is significant to do thorough research and make comparisons online for various plans prior to buying a critical illness plan. General and life insurance companies both offer critical illness covers, wherein the latter offers the plan as a rider alongside other life insurance plans.
Comparison Factors While Choosing a Critical Illness Plan
While making a comparison of critical illness cover, there are various things that you should keep in mind. You can consider the below things:
1. Sum Insured
You can decide the sum insured by understanding what the insurance provider is offering to its policyholders. By going thoroughly through the benefits provided under a given health insurance plan, would assist you in making an informed decision regarding the protection required. Therefore, it is always suggested to make a comparison of all critical illness plans offered by various insurance companies prior to making any decision.
2. Entry Age
Individuals at a younger age find it hard to plan for the risk associated with critical illnesses. However, anyone can get such health concerns irrespective of their age. Therefore, getting oneself insured at a young age is quite important. As many health insurance companies offer lower premiums for younger people as presumably, they are in good health. But, if one waits to buy a plan till they get older, then they are at the higher radar for contracting life-threatening diseases such diabetes, cancer, which can resultantly increase the amount of premium on their critical illnesses cover.
3. List of Critical Illnesses Covered
Prior to purchasing any critical illness plan, it is important to go through the list of critical illnesses covered by the insurance provider. Some of these covered critical illnesses include multiple sclerosis, heart attack, stroke and other major illnesses. A critical illness cover is entitled to pay for only the mentioned illnesses in the policy document. Therefore, it is significant to go through the policy document carefully before signing the document.
4. Policy Term
There are limitations fixed by many insurance providers on the entry age of an individual if they are purchasing a plan for the first time. Also, there are certain limitations on the maximum duration for which a policy can be renewed. While comparing critical illness plans offered by various insurance providers online, you should opt a plan that offers maximum renewability. This is important because coverage would be extended to you till an older age, the time when you are more likely to suffer from critical ailments and the time when you would need coverage.
The need to get oneself insured under a critical illness plan today is extremely important. This is due to the fact that many individuals today follow a sedentary lifestyle, owing to which many illnesses are coming to the surface. With the increase in the number of people contracting a critical illness at a young age, it is significant to purchase a critical illness plan at an early age. While, purchasing a critical illness plan keep the above mentioned factors in mind to get yourself insured under the best plan.
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.