Critical Illness Definition
Critical illness is a serious health condition that has a debilitating effect on an individual’s lifestyle and requires a considerable amount of money towards treatment. It may also lead to loss of income due to inability to work. Critical illness cover.
Know How Critical is Critical Illness
The count of serious illnesses is escalating every day. Acute illnesses also mean loss of income, change in lifestyle and permanent disability. The financial burden could be more severe than what an indemnity health insurance plan would cover. To combat this issue one needs to get a critical illness insurance which meets your large medical cost as well as provides a lump sum compensation for meeting your day to day expenses without making you run in a fanatical race for money arrangement.
Quickly Read Complete Guide on Critical Illness Insurance
Critical illness is a life changing event which hinders your dreams and wipes out savings. Compare and find the best critical illness cover at PolicyBazaar.
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Critical Illness Plan Vs Health Insurance
When Neeraj was diagnosed with brain tumor, he was completely shattered. Above all, he thought his health insurance policy of Rs 10 lakh would take care of the expensive treatment that he would require on a regular basis. However, he was devastated when his health insurance company informed him that his insurance would cover only hospitalization expenses. Due to the severity of illness, he found it tough to concentrate on his business and as a result, his financial health deteriorated. There are many people like Neeraj who fail to understand that health insurance is different from critical illness policy. To guide them, we have explicitly detailed their points of differences in a tabular form.
Who Should Buy Critical Illness Policy?
There is a good reason to buy critical illness insurance cover, especially for the earning members of the family. According to the data compiled by the National Crime Records Bureau, 26,426 people in the nation suffering from chronic ailments like AIDS, cancer and paralysis died in 2013. Also, the World Health Organization has predicted that by 2015 end, 7 lakh people will die due to cancer. With hospitals investing heavily in super specialty equipments, cost of treatment is only escalating. Once a person is hospitalized, incidental costs can go sky-high. Take cancer for instance. Herceptin (breast cancer drug) may cost anywhere between Rs 75000/vial and Rs 1 lakh/vial. A patient needs at least 16 vials. Similarly, an angioplasty can cost anywhere between Rs 1 and Rs 3.5 lakh. Getting a best critical illness plan is only seems to be a viable option.Compare cancer insurance plans & protect yourself from the expensive cost of cancer treatments.
Critical illness Insurance cover is a good option if-
You don’t have any savings to help you if you seriously fall ill.
You don’t have employee benefit packages to cover a period of time off work due to critical illness.
Critical illness rider broadly covers following diseases:
Insurance company ratings
Cancer of Specified Severity
First heart attack of specified severity
Open heart replacement or repair of heart valves
Coma of specified severity
Kidney failure requiring regular dialysis
Stroke resulting in permanent symptoms
Major organ/bone marrow transplant
Permanent paralysis of limbs
Motor neuron disease with permanent symptoms
Multiple sclerosis persisting symptoms
Fulminant viral hepatitis
This critical illness list is only indicative and not exhaustive in nature. Insurance companies cover a varying number of critical illnesses under different critical illness insurance policies. The list is also dependent on the critical illness insurance quote. One should carefully read the policy terms and conditions to see which all illnesses are covered under a particular policy.
Your critical illness cover will not insure you against following diseases-
Critical illnesses diagnosed within first 90 days from the inception of policy
Death within 30 days of diagnosis of critical illness or surgery
Illness due to smoking, tobacco, alcohol or drug intake
Illness occurring due to internal or external congenital disorder
Critical conditions or consequences due to pregnancy or childbirth, including caesarean
War, terrorism, civil war, navy or military operations
Any dental care or cosmetic surgery
Hormone replacement treatment
Treatment done outside India
Treatment to assist reproduction
What will happen to you and your family if due to any serious illness you would not be able to make your living? On top of that you will need to incur medical expenses also. Here comes the critical illness health insurance which will give you lump sum amount if you’re diagnosed with serious illnesses covered by insurance policy. Apart from this, other benefits offered by critical illness policy are-
How can i get life insurance
Include cost of care and recuperation aid
Tax benefits under section 80 D
The policy covers expenses like donor expenses in a transplant surgery which are not covered under normal health insurance policy.
Checklist For Choosing The Best Critical Illness Plan
While buying a critical illness cover, check for the below parameters.
How to File a Claim for Critical Illness policy?
If there is a need to file a claim, contact your insurance company and register your claim. Usually, following documents are required to file a claim:
Medical certificate obtained from a doctor which conforms the critical illness diagnose
Detailed discharge summary given to you
After receiving above documents, claim team would check them to ensure their authenticity. A written communication would be sent to the insured regarding approval/disapproval of a claim.
Note: Additional documents may be required depending upon the claim.
If you can’t work due to serious ailment how would you meet your daily household expenses? A good critical illness cover is the need of today. At PolicyBazaar, we can help you in evaluating available insurance policies according to premium, cover and benefits. We offer valuable advice so that you get the right protection you need, without paying for what you don’t need. Compare and find the most suitable insurance quotes and prepare yourself and your loved ones against all contingencies.