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Dos and Don'ts While Buying Critical Illness Insurance

Published On Jun 10, 2021 11:00 AM By InsuranceDekho

With the changing lifestyle because of growing pollution, workload, climate change, mental health issues, etc. people of all ages have become vulnerable to critical illnesses. These critical illnesses not only affect the morale of the person but also wipes out all their savings. When treated, these disorders cost the individual a fortune. Therefore, many insurance companies offer critical illness health insurance policies, both as a standalone policy as well as add on critical illness riders in the existing policy.  

These life-threatening diseases have become very popular among people and so to secure your health you must buy a critical health insurance policy at the earliest. 

What Is A Critical Illness Health Insurance Policy?

critical illness health insurance policy is a health cover that pays a fixed amount to an individual for their critical illness or surgery, as mentioned in the policy. Many people with pre-existing critical illnesses buy it as a standalone policy while some include it as an add-on to their existing policies. These add-ons cost small premiums but offer full benefits of the plan. 

It protects the people from financial burden when seeking treatment in hospitals. People who should primarily buy a critical illness health insurance policy are: 

  • Senior citizens 
  • People with a history of critical illnesses
  • People with stressed jobs 
  • People above 40 years of age 
  • The bread earners of the family 

DOs While Buying A Critical Illness Health Insurance Policy

There are certain factors that you must keep in mind while investing in your critical illness health insurance policy. These factors include:

  • Estimate the Cover Amount

    While buying a policy of this kind, make sure it fits your budget and the premiums do not affect the financial stability. Compare as many plans and covers as possible to choose the best one for yourself. 
  • Check Maximum Coverage 

    The expenses of your treatment depend on the severity of the chronic illness that you are suffering from. Therefore, estimate the cost of treatment and accordingly choose a plan whose claim amount can suffice the charges of hospitalization. 
  • Check the Waiting Period 

    All the health insurance covers come with a waiting period and so is the case with critical illness health insurance policy, therefore make sure that the survival clause does not state the 30 days of life eligibility. Make sure that the policy terms and conditions waive off this clause.
  • Be Aware of the Claim Process 

    Make sure that you are full-fledged aware of the claim process as it is of the utmost importance. The documents required and the hospital tied up with the insurance company should be clear in order to make a decision at the time of the treatment. 
     
  • Know the Limit Age 

    Some critical illness health insurance policy covers offer plans up to 60 years of age, and others also have pre-defined age before which the benefits are to be availed. 
  • Know the Extras

    In a critical illness health insurance policy, there are always some extra benefits that are offered by the insurance companies. These benefits differ from plan to plan, therefore, do enough research to choose the best one for yourself or your loved ones. 

DON’Ts While Buying A Critical Illness Health Insurance Policy

Certain things are to be kept in mind while purchasing a critical illness health insurance policy. These don'ts include:

  • Do Not Replace it With Your Family Insurance Plan 

    While purchasing a critical illness health insurance policy, always remember that it has different things to offer than the family insurance plan. Therefore, these two are to be purchased separately. ‘
  • Do Not Forget to Miss Out on the List of Critical Illnesses Included

    For all the insurance plans offered there are a set of critical illnesses that are included, on which the benefits can be availed. Make sure you check that list out. 

Must Read: Common Myths And Facts About Critical Illness Health Insurance Plans In India

Who Should Buy Critical Illness Insurance?

Conclusion 

Critical illness health insurance policies are essential as they can secure your health and provide you quality treatment while hospitalized. Keep in mind the dos and don’ts mentioned above and look for multiple plans before choosing the one. Read all the documents and terms and conditions properly before purchasing. 

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.

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