Need To Buy Critical Illness Insurance Plans
Updated On Oct 05, 2021
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With the spread of the global pandemic, the importance of health insurance policies has increased as it provides financial compensations to the policyholders in case of a medical emergency. The health insurance providers have rolled out critical illness plans in the insurance market, which provide special coverage to the policyholders in case of the treatment of a chronic disorder like diabetes, stroke, cancer, heart diseases, etc. All the types of health insurance plans offer a wide range of basic features like the hospitalization expenses cover, room rents, ambulance charges, domiciliary expenses, intensive care charges, and much more.
Critical illness health insurance plans offer coverage on a wide range of life-threatening diseases. Some plans offer compensation for the treatment of around 32 chronic diseases, and it offers the claim amount to the policyholders in lump sum which enables the individuals to compensate for their loss of income due to the treatment of the critical disease. Critical illness plans are necessary for those who have a medical history of life-threatening diseases, or for people with pre-existing diseases.
About Critical Illness Health Insurance Policy
A critical illness health insurance plan is a prominently bought health insurance plan that offers its policyholders a lump sum claim amount for the treatment of critical diseases, and it is also known cover other expenses like paying off debts, replacement of lost income, etc., to compensate for the financial loss incurred by the policyholder. You can purchase a critical illness plan as a top-up cover to enhance your existing health insurance policy or you can buy a standalone plan to avail its benefits. Following are some of the essential features of critical illness health insurance plans:
- Health insurance providers can cover around 36 chronic diseases under a critical illness plan which may include diabetes, cancer, kidney failure, heart disease, etc.
- For treatments of these diseases, lump sum payment of the claim amount under the policy is offered.
- Critical illness policy claims can be made and approved on the basis of the diagnosis report of the patient.
- The critical illness policy can be availed after the completion of the waiting period, which is specified by the insurer at the time of the purchase of the policy.
Need To Buy Critical Illness Insurance Plans
Critical illness health insurance plans are important as the cost of treatment of critical diseases have increased with the rise in inflation. Therefore, the basic cost of treatments can potentially burn a hole in the pocket of the policyholder. Let us look at some of the key points which signify the growing importance of critical illness health insurance plans:
- Critical illness plans offer claim payments in lump sum which can also cover the loss of income of the policyholders thus, helping them get rid of their debts and loans, incurred due to the treatment of the chronic disease.
- Tax saving perks are essentially offered to all the policyholders who are also taxpayers, on their premium payments.
- To get the claim approved for your critical illness plan, you need not produce the proof of hospitalization, as the claim can be made on the basis of the diagnosis reports.
- People can claim their critical illness health insurance plans within 3 months of purchasing their health insurance policy, as the plan comes with a minimum waiting period of 3 months.
- This plan offers the policyholders the sense of relief while receiving treatment for their critical disorders as the coverage of this plan is high and sufficient.
- Cashless claims can be made at the network hospital of the health insurance provider, where the policyholder need not pay a penny from their pocket for the treatment of their chronic disease.
- Additional covers, top-up plans, etc. can be included to enhance the features of the critical illness plan.
Critical illness plans are crucial for people with a medical history or pre-existing disease. Critical illness health insurance plan must be bought from a suitable health insurance provider and you must carefully read its policy terms to avoid any inconvenience.
Also Read: Exclusions Under Critical Illness Plans
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.