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New to Critical Illness Cover? This Post is for You!

Published On Nov 19, 2019 5:30 AM By Yamini Sharma

Life is uncertain. No one really knows what will happen in the next moment. For instance, one cannot foresee whether or not they will encounter a medical emergency in the near future. While it may be impossible for one to predict what diseases or injury will they face in the next few months or years, it is definitely possible for them to prepare for anything adverse that takes place. 

Being diagnosed with a life-threatening disease is a critical situation for any individual. When anything so unpredictable like a critical illness happens with a person they are left with no choice but to shell out all the savings and obtain the best possible treatment. Those with health insurance are also left helpless because a health insurance works up to a certain limit. This is where the need of critical illness plan arises. 

What is critical illness insurance?

Critical illness insurance policy is a reliable plan that gives you a lump sum amount if you are diagnosed with any of the specific life-threatening diseases, which the policy covers. There are multiple expenses that one has to handle such as multiple doctor visits, medical expenses, and many others in case of critical illness. Having a critical illness insurance by their side relieves them from the worry of these high expenses as they get a lump sum amount which they can use according to their needs. What’s best is that one gets this lump sum amount in addition to their mediclaim or health insurance policy

Different types of critical illnesses covered under a critical illness insurance policy?

Critical illnesses require special care and attention. Having a critical illness insurance plan prevents one from stressing out over money concerns. If you are covered under a critical illness insurance policy, you will get a lump sum amount on being diagnosed with any of the critical illnesses covered under that particular plan. 

For your reference, there is a vast list of critical illnesses that a critical illness policy covers. The list comprises:

  • Heart Attack of Specified Severity
  • Major Cancers
  • Bypass Surgery
  • Stroke
  • Kidney Failure
  • Blindness
  • Deafness
  • Paralysis
  • Loss of Speech
  • Coma
  • Heart Valve Surgery
  • Major Burns
  • Fulminant Hepatitis
  • Multiple Sclerosis
  • Alzheimer’s Disease
  • HIV Due to Blood Transfusion and Occupationally Acquired HIV
  • Major Organ/Bone Marrow Transplantation
  • End Stage Lung Disease
  • End Stage Liver Failure
  • Primary Pulmonary Hypertension
  • Surgery to Aorta
  • Terminal Illness
  • Muscular Dystrophy
  • Parkinson’s Disease
  • Aplastic Anaemia
  • Angioplasty & Other Invasive Treatment for Coronary Artery
  • Viral Encephalitis
  • Brain Tumour
  • Bacterial Meningitis
  • Motor Neurone Disease

Who should purchase a critical illness insurance policy?

A critical illness policy purchase is advisable to those who haven’t prepared themselves for an event involving being diagnosed with any critical illness. Besides, people who don’t have a strong health insurance cover as well as employer insurance cover that can take care of high medical expenses in case of a critical illness should definitely purchase critical illness insurance. Critical illness insurance is a fixed benefit cover that lets you handle your own expenses during treatment and even when you lose your regular income, owing to your critical illness struggle.

Why buy critical illness insurance even if you have a health insurance policy?

Even if you own a health insurance policy, opt for the purchase of a critical illness plan. The reason is because it will be a bigger benefit for you in multiple terms. When it comes to comparison, learn that while your health insurance will cover only hospitalisation expenses, the critical illness plan will simply grant a tax-free lump sum amount to you and leave it up to you to take care of that amount. Be it hospital costs or day-to-day expenses, you will be able to handle all without losing your savings.

Since a general health insurance policy comes with limited options and various clauses on hospital expenses and fees, there are negligible chances of it covering the entire treatment. Therefore, it is significant for one to invest in a critical illness plan so that they can meet the cost of treatment, recuperation expenses and even pay off any debt taken for treatment. No matter what the expenses, the insured individual is provided the full sum insured by the insurance company.

Want to learn more? Check It’s Time You Choose Critical Illness Insurance!

Don’t forget to read: Factors to Consider When Choosing a Critical Illness Policy?

Confused between two critical illness insurance policies? Read: 11 Things to Consider When Comparing Critical Illness Insurance Plans

Have you already made up your mind to buy the best possible critical illness insurance policy? Explore our site to uncover more in detail.

For any information, feel free to initiate contact with our InsuranceDekho experts at 18001205698.

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