Everything You Need To Know About Critical Illness Plans

People are increasingly falling prey to plenty of lifestyle diseases that sound an alarm for you to secure your medical health expenses the right way. You need to cover your health and create a contingency plan to cover your medical expenses. Medical treatment costs are skyrocketing and having no financial backup can make things challenging for you. If you already own medical insurance, you have made the right choice to ensure financial security. However, you can add more security and think a step further with critical illness insurance.

How Do Critical Illness Plans Work?

It works quite differently from the regular medical cover plan. A critical illness plan or a CI plan pays you a lump sum amount, which is equal to the sum assured in the insurance plan. The amount is paid to the insured on diagnosis of a serious ailment like cancer, stroke, or any other condition that is covered in your policy terms. When planned adequately, the lump-sum amount can be used to meet the cost of treatment and ensure that your day to day expenses can be met. Irrespective of your hospital bill, the insurance company will provide you the full amount.

What Is Covered In The Plan?

When it comes to availing of this plan, you need to be aware of the diseases and health situations covered in it. This particular insurance policy works great during the time of critical situations. Some of the severe health issues covered in the plan are coronary artery bypass surgery, stroke, specific types of cancer, kidney failures, paralysis, among other conditions. The coverage depends upon the policy products provided by the company; generally, it starts from ₹1,00,000 and goes up to ₹ 1 Crore, or even higher.

How Much Coverage Should You Opt For?

Sudden critical illnesses can indeed bring massive financial burdens on you. You will either rely on your relatives or liquidate your existing investment plans. With critical illness insurance in hand, you would not have to worry about anything during such emergency situations. It would be best if you bought a policy considering a few factors like your job, family’s medical history, inflation, age, etc. According to insurance experts, one must insure at least ₹15,00,000 for a CI plan.

What Is The Waiting Period?

There is a waiting period with every insurance policy within which you cannot make a claim. In CI plans, the insured has to live or survive for 30 days after being diagnosed with a critical illness to claim the amount. When you start the policy, there will be a 90 days waiting period when you cannot claim anything. The illness diagnosed within these 90 days is not subject to be covered in the policy, but these terms may vary from one insurer to another.

The Bottom Line

With the growing lifestyle changes and the mounting medical costs, critical illness has also become a must-have insurance policy now. The above mentioned were all the essential details you need to know about CI plans at the beginning. Look for the best insurance company that can provide you with the most comprehensive cover.