Health emergencies can arrive in the most unexpected ways in a person’s life. This can be due to an accident, any pre-existing illness, or medical history in your family. Critical illnesses are always life-threatening and cause a huge burden on you financially. Because of this, the insurance companies came up with a critical illness health insurance policy.
What is Critical Illness Insurance Policy?
A critical illness policy provides coverage to an individual against severe diseases such as strokes, cancer, kidney failure, etc. The insurer provides a lump sum amount to the policyholder to cover the expenses for the critical illness in his policy.
Characteristics of a Good Critical Illness Medical Insurance Policy:
With the increasing number of insurance companies all around the world, it is hard to decide which insurance company to choose.Care Insurance with its Care Health Assure Insurance Policy provides coverage to an individual from 5 years to 50 years of age with an insured sum of 10 lakh to 2 crores.
Here are some important points to help you with your decision:
- It should have a waiting period of 30 days from the date the policy started.
- It must have the lump sum amount equal to that of the sum insured by the insurance company.
- The number of critical illnesses covered under the policy should be higher.
- The insurance company should have a good reputation in the market with a good claim settlement ratio.
- The claiming process must be as easy as possible. With the technology, nowadays, all the claim processes are settled online.
What are the Benefits of a Critical Illness Policy?
There are various benefits of a critical illness policy that can help an individual to be able to bear the huge expense that a life-threatening illness can cause:
It costs much less than a traditional health insurance policy that requires a high premium.With the help of a critical illness policy, you can pay for treatments that are not covered in a traditional health policy.Hospitalization is not necessary for a critical illness policy, just the diagnosis is enough for a coverage claim. Your critical illness health insurance policy pays for any critical medical service that is generally not covered in traditional medical policy.
Who Should Buy a Critical Illness HealthInsurance Policy?
A person with a hectic life and a high-pressure job as the risk of critical illness increases due to stress, as he/she will not be able to follow a healthy lifestyle.An individual over the age of 40, as the risk of various diseases, increases with the increasing age.A person who is the primary breadwinner of a family. If something happens to him/her, all the persons dependent upon them will also be adversely affected. This is why the primary earning member should always opt for a critical illness policy. If an individual has a medical history of critical illness in his family, must get critical illness insurance.