All About Critical Illness Health Insurance Plan

Critical Illness Health Insurance Plan

Critical illness is health conditions which can lead to death of the patient and its treatment or management goes on over a long period of time. These treatments are very expensive and can impact your financial stability. This is why you should consider investing in critical illness health plans. These are health insurance plans that are designed to meet the high costs associated with treating critical illnesses. In this blog, we tell you everything you need to know about this health insurance policy. 

What Is A Critical Illness Plan?

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These plans are designed to pay for medical costs that are not covered by conventional insurance plans. The sum assured can be used to take care of non-medical costs that are linked to the illness, including child care, transportation, etc. This health insurance plan gives a lump-sum amount to cover the costs. The overall premium amount depends on different factors that include age, gender, health status, family medical history, etc. 

Additionally, there is a certain exception to critical illness insurance coverage. For instance, not all types of cancers are covered, and chronic illnesses are also often exempted. If the disease comes back, you will not be able to get another payout for the policy. Therefore, when buying a critical insurance plan, make sure to thoroughly read the terms and conditions before signing the documents. 

How Does Critical Illness Plan Work?

A critical illness insurance policy functions differently than other health plans. It gives you a lump sum amount, which is equal to the sum assured. This amount can be used to bear the treatment costs, pay off the debts, or any recuperation expenses. Irrespective of the medical expenses, the insurance company pays out the full sum insured. So basically, these plans and defined and fixed benefits. Generally, an insurance provider covers between 8 and 20 critical illnesses, sometimes even more. Majorly, this health insurance plan covers the following illnesses – 

  • Heart attack 
  • Stroke 
  • Cancer 
  • Kidney failure 
  • Heart valve replacement
  • Coronary artery bypass surgery 
  • Aorta surgery
  • Paralysis 
  • Some organ transplants 

How Much Does This Plan Cover?

Considering that critical illness requires a substantial amount of money, the insured sums in lakhs. If you are taking a critical illness plan, get coverage of more than Rs. 15 lakhs. This way, you can easily cover the treatment as well as rehabilitation without being dependent on anyone. 

What Is The Waiting Period?

Similar to any other health insurance plan, you have to wait for a particular time before the benefits kick in. In a critical health insurance plan, you have to survive for 30 days after the illness is diagnosed to get the coverage amount. However, there are some insurance providers that offer coverage with no waiting period. Overall there is a waiting period of 90 days at the start of the policy. Any issue which is diagnosed within 90 days and death within 30 days after the diagnosis will not be eligible for the payout. 

Critical illness coverage is important to protect yourself from a massive financial burden. With your treatment cost covered, these policies help you to take care of your health and focus on faster recovery. 

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