Critical Illness Insurance - Features of Critical Illness Insurance Plan

People are becoming increasingly afflicted by lifestyle diseases and critical illnesses in this day and age. And, given India's rising healthcare costs, treatment for a critical disease might quickly deplete an individual's funds. As a result, critical disease insurance is required for individuals to secure complete financial stability in the event of a medical emergency. Long-term and catastrophic illnesses that necessitate costly medical treatment are covered by critical illness insurance.

A critical illness insurance policy protects the insured against life-threatening critical illnesses like heart attack, cancer, and renal failure, among others. In the event that the life insured is diagnosed with any serious illnesses, the insurer pays a lump-sum amount to the life insured to cover the exorbitant medical expenses. Most health insurance companies offer critical illness coverage as a rider benefit in addition to the main health insurance plan. Insurance customers must pay an additional premium in addition to the policy's standard premium to use this rider option.

Critical Illness Insurance Plan Features

Consider the following aspects of a critical illness insurance policy:

Critical illness coverage is available for main critical illnesses, including cancer, tumours, heart problems, kidney failure, and so on.

Lump-sum payment- The insurer covers the treatment costs as a one-time payment for the illnesses listed in the policy terms.

Easy claim processing- Based on the diagnosis report, claims can be processed quickly.

Waiting period- Generally, coverage is provided once the waiting period has ended.

Income loss- A portion of the lump sum might be utilised to replace lost income.

Complete and permanent disability- Under a certain variation of the critical illness insurance rider, you can also acquire coverage for total and permanent disability.

Critical illness insurance has a number of benefits.

Critical illness insurance plans provide certain types of benefits that are not available with other health insurance policies. Take a look at these advantages:

In times of need, financial assistance is available: With a critical illness plan, the policyholder can choose a high sum insured level, offering entire financial protection in the event of several diseases or advanced treatment. In the event that the policyholder is diagnosed with any of the critical illnesses listed in the policy, a lump-sum payment is made to the insured for treatment and surgery. The payment schedule is set by the critical illness policy's predetermined terms.

Several Critical Illnesses Are Addressed: Primary critical illnesses are covered by a critical illness insurance policy. It's critical to read the policy documentation thoroughly to see how many and what types of illnesses are covered.

Add-on coverage for people who already have health insurance: Critical illness insurance can be added to a basic health insurance policy as an add-on cover. Even if a person has a health plan that covers the risk of a medical emergency, critical illness insurance can be very useful if the policyholder is diagnosed with one of the critical illnesses. It can be added to a policy as a rider to increase coverage.

Acts as a Substitute for Income: If a person is diagnosed with a serious illness, it is possible that his or her health will prevent him or her from working. In such a case, the family may face financial difficulties. If the policyholder has appropriate coverage under a critical illness insurance policy, however, the claim money can be utilised to pay for the disease's treatment, and the life insured will not have to pay out of pocket.

Premiums that are within your budget: If a person has a pre-existing condition or a critical illness, a critical illness insurance policy should be purchased in addition to the normal health insurance coverage. Furthermore, these policies are available at a low premium fee. Insurance consumers can compare coverage quotes online and select the most cost-effective plan that meets their needs.