Elements You Should Remember Before Buying a Critical Illness Cover

Decades ago, there was a time when an illness of severe intensity almost resulted in death most times. Medical technology in the country was not developed and people sought treatment outside the country. But in the past few decades, there has been a rapid improvement in medical science and as a result all those treatments that were rare are now commonly possible.

In addition, lifestyle ailments are increasing with more and more people resorting to a sedentary lifestyle. Piling work pressures, stress, and a fast-paced lifestyle has led to these problems. As medical know-how developed over the years, its cost has also shot sky high. Availing any form of treatment for critical ailments means burning a hole in your lifesavings. In some extreme cases, even leading to a debt trap for the family. So, health insurance plans are a smart way to mitigate these financial hurdles that arise in seeking the right treatment. While ordinary health covers may not be adequate to cover the high cost of treatment, a critical illness insurance is what is required.

Critical illness plans are also known as defined-benefit plans since they pay-out a lumpsum amount on detection of a specified ailment as mentioned in the policy terms. Open chest coronary heart operations, paralysis treatments, heart attacks, cancers of varying intensity, diseases of the kidneys, organ transplant are some common treatments that are covered by a critical illness insurance policy. Here are some of the factors to keep in mind when you are buying a critical illness policy:

Coverage for different ailments

The prime consideration when buying a critical illness plan is the cover for different types of diseases. Keeping in mind your family’s medical history, your past health records and your lifestyle, you need to decide the ailments that require coverage in your critical illness policy. * Standard T&C Apply

Present financial situation

Your current financial situation determines the quantum of coverage you need to buy. If you have a large corpus specifically earmarked for health contingencies, a smaller sum assured might do the job. But, note that any amount of contingency fund may not be sufficient and hence it is best to avail sufficient health insurance coverage to enjoy perks like cashless health insurance. * Standard T&C Apply

Waiting duration in your policy terms

Policy terms specify the duration you need to wait till the policy coverage kicks in. This is called as waiting period of the policy. Since these policies can be either purchased as a standalone plan or as an add-on to standard health insurance, it is essential you consider the waiting period too. * Standard T&C Apply

Exclusions of the policy

When seeking a plan with maximum coverage, keep an eye on the exclusions too. Some of these exclusions can be reason for you to not buy a specific policy and instead opt for other. It can be either due to coverage for specific ailments or even due to the stage of pay-out as mentioned in the policy. * Standard T&C Apply

Opting for adequate sum assured

The policy sum insured is crucial when buying any health insurance policy. For example, treatments of the heart and for cancer are generally covered by most insurance policies but will that amount be adequate lies the question. You must evaluate these coverage options based on your requirement. * Standard T&C Apply

Rider v/s Standalone

A critical illness plan can be either purchased as a standalone policy or as an add-on to your existing policy. It is your decision if a separate policy must be bought or just top up your existing policy. * Standard T&C Apply

Make sure that price isn’t the only factor for deciding the premium. Keep in mind other factors like quality of the insurance company, claim settlement ratio, additional benefits, number of diseases covered and more when selecting a favourable policy. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.