For several life-threatening health conditions, having a critical illness insurance plan is necessary as it takes care of your medical needs in the event of a serious disease. Likewise, it is essential to have yourself medically examined before purchasing one. With time, the chance of contracting lifestyle diseases has increased substantially. According to studies, one out of every four Indians is at risk of dying before the age of 70 years from severe ailments such as stroke, cancer, or cardiovascular disease. Furthermore, medical costs could reach several lakhs in such circumstances and can drain a major part of your savings. Even though you have medical (standard health insurance) coverage, a critical illness insurance policy can help you get through these difficult times by acting as a financial cushion. Due to pre-existing diseases and co-morbidities, certain patients cannot be admitted to the hospital. Home Care reimbursement is a benefit that some health insurance plans offer as an in-built component, while others offer it as an add-on cover. Because this is not a required or standard component in medical insurance plans, the coverage provided varies from plan to plan and insurer to insurer.
What is a Critical Illness Insurance Plan?
A critical illness insurance plan is simply a health plan that covers the costs of significant acute illnesses, including heart attack, cancer, stroke, paralysis, renal failure, etc. You’ll receive the claim amount in a lump sum as soon as you’re diagnosed with any critical illnesses (mentioned in your policy document) and survive the waiting period that distinguishes a vital illness plan from a regular health plan.
In simple terms, a critical illness insurance plan is different from a standard medical insurance plan. When diagnosed with critical illness, the insured receives a lump sum payment (equivalent to the sum insured) under a critical illness plan. The necessary illness insurance policy provides a lump sum payout to cover the cost of care and treatment, recuperation aids, etc. The policy expires after the benefit is paid. To safeguard yourself and your family against rising coronavirus healthcare costs, look for – corona kavach family floater.
Features of a Critical Illness Insurance Plan
The following are the significant features of a critical illness insurance plan:
- Comprehensive critical disease coverage: Critical illness plans cover up to 36 major critical illnesses, such as cancer, tumors, and heart problems, among others.
- The benefit of a lump-sum payment: For the treatment of serious illnesses covered by the plan, insurance service providers give the benefit as a lump-sum payment.
- Loss of income is covered: The lump-sum payment made under a critical illness plan can also be used to replace the insured’s income.
- Claim processing is quick and straightforward in critical illness insurance policies, based on the diagnosis report.
Why is a Medical Exam Required When Purchasing Critical Illness Insurance?
Before providing you a critical illness insurance coverage, most insurance companies will ask you to undergo medical testing. Depending on the service provider, you may be required to have a lengthy chat with a certified doctor (particularly in online policy purchasing) or undergo medical tests as defined by the policy based on your declaration on your application. Hence, it is important to undergo a medical test in India as it will help you get the best possible medical coverage.