Medical urgencies can strike anywhere, anytime and with anyone. To be safe, secure and achieve your financial goals, it is a must to buy adequate medical insurance for yourself and your family members. If you have a health insurance plan, good for you. Now, take one step forward and secure your well-being by buying a critical illness insurance plan. A critical illness policy irrespective of the hospital bill pays the total sum insured.
When it comes to buying an insurance plan, don’t buy any plan in a rush. Compare critical illness insurance plan and then zero down a plan of your choice. There isn’t a specific age to buy a critical insurance plan. To be on safe side, the middle-age individuals and individuals with adverse family history must not delay buying critical illness insurance plans as they are prone to critical illness. Coverage Limitations Most of the general insurance providers offer critical illness plans but each plan has different benefits, features, and cover choices. The number of critical ailments covered by the insurance providers also varies. Majorly, insurance providers cover 8 to 20 major critical diseases. Some common diseases covered by most of the critical illness plans are coronary artery bypass surgery, cancer, heart attack, kidney failure, stroke, aorta surgery, major organ transplant paralysis, and heart valve replacement. The amount of coverage is Rs. 1 lakh and some insurance providers offer coverages worth crores rupees. Watchouts It is very important to watch out all the critical illness policies is the waiting period. If it is a new insurance plan, no claim is permissible by the insurance providers till the time period of 90 days. After the renewal, the waiting period isn’t valid after that. When a critical illness is diagnosed, most insurance providers apply a condition i.e. the claim amount would be paid if the insured person survives for the time period of 30 days. Reliance General Insurance and Apollo Munich, don’t have such clause of a survival period, whereas SBI General has survival period of 28 days. What to look out for? Few health insurance plans allow the add-on of a critical illness plan in their current plan. But there is a limitation on the sum insured in the critical illness policy as it is associated with the sum insured of the health insurance plan. Select a critical illness policy instead of opting for the riders in your current health insurance plan as it provides better coverage and a high sum assured for the critical illness. Before selecting a critical insurance policy, pay close attention to the plan details. Read carefully the exclusions and inclusions mentioned in your plan. It is recommended to consult your family physician as you will get a better understanding of the various medical technical jargons. When you apply for an insurance plan fully disclose about your past and present medical conditions to you insurance provider. It is very important to start adopting a healthy lifestyle and leave your financial worries behind as your critical plan of any medical urgency.
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