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Critical Illness: How To Find The Best Critical Illness Insurance?

No one wants to get sick, but at some point of time in life, we all face health complications and need proper medical care. Thus, there comes in need of a health protection plan and policies.

It is seen that every year almost 3 to 4% of the population goes below the poverty line due to the heavy expenses of health care. So, it is obvious that your financial life will get affected badly if this will happens to you.

With the increasing craze of eating fast-food, the health of junk-food eaters starts diminishing and causes severe diseases such as coronary heart disease, diabetes mellitus, obesity, and hypertension. So to prepare yourself for any medical complications, you must require the Best Critical Sickness Protection Plan.

What is Critical Illness Insurance?

Serious Illness Insurance is also known as dread disease policy that helps you when you are going through a serious health condition such as:

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  • Stroke
  • Kidney failure
  • Heart attack
  • Organs Transplant(Lungs, Liver, Heart & Others)
  • Coronary bypass surgery
  • Cancer
  • Paralysis

The insurer will provide you money in a lump sum at the time of diagnosis of a covered disease that is pre-mentioned in the policy. Under this situation, the insurer can pay you using two ways. Firstly, a lump sums amount and secondly making payment according to the need of different medical procedures. If you would like to buy insurance online, then go ahead with companies such as Infoprimes at any time.

Types of Critical Illness Insurance Plan

Critical Disease Cover Plan is divided into two types:

  1. Family Critical Illness Insurance Plan
  2.  Individual Critical Illness Insurance Plan

Family Critical Illness Insurance Plan

Under this, all the benefits and health-related assistance is offered to the entire family. All the family members are covered in this health cover plan.

Individual Critical Illness Insurance Plan

Under this, healthcare facilities and benefits are offered to the registered individual only.

Key Points To Find The Best Critical Illness Insurance

source: health.harvard.edu

It is important to choose the right Life-threatening Disease Assurance Plan that covers the entire need of the insured person. Due to a variety of Critical Sickness Policy Covers available in the market, it becomes difficult to select the best plan.

So to help you with it, we are specifying some essential Key Points that play an important role in finding the best critical illness policy plan. Have a look!!

Treatment Budget:

Always start by estimating the rough budget required for the treatment of Serious Illness. For this, you can take help from your family and friends. It helps you in figuring out the miscellaneous expenses required apart from diagnosis, post-treatment care costs, etc.

Renewability:

Some Protection policies provide you lifelong renewability while some terminate the renewal period at 50 years.

Age:

Remember!! Always check the entry age before buying any critical disease coverage plan, as they are the major area of concern. Moreover, the entry age for buying any critical disease policy is 18 to 64 years.

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Waiting Period:

Generally, the waiting period for every dread disease policy is from three months to four years. This period starts from the time of buying the policy to the time when the benefits of the plan start arising.

Sum Assured:

10 to 20 lakhs are assured of covering the critical sickness insurance plan. So, wisely consider this point and select a suitable protection policy.

Special Plans:

Some insurance companies offer special plans only to women and senior citizens. These Special Plans are prearranged to meet the needs of these people.

Disease Covered in Policy:

Always look out of the list of diseases that are covered in the Serious Illness Insurance Policy. This is considered to be the most essential factor in selecting an ideal insurance cover for critical sickness.

Benefits of Critical Illness Insurance Plan:

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1. Safeguard Financial Backup

The first and foremost benefit of buying dread disease policy is that, it safeguards your financial needs. You don’t need to worry about the hefty medical expenses, as it acts as a backup for your financial problems.

 2. Tax Advantage

Critical Disease Protection plan always comes up with Tax Advantages under Section 80D of Income Tax Act (1961).

3. Save you from Borrowings

If you don’t buy a Critical Sickness Coverage Plan, then you are forced to take borrowing from others to meet the financial needs of that medical complication. Thus, Serious Illness Cover will save you from taking Borrowings and from other debts.

List of Illness Covered under This Protection Plan

  • Paralysis
  • Aortic Disease
  • Coma
  • Loss of Speech
  • Burns
  • Disease Related to Heart
  • Disease Related to Kidney
  • Primary Pulmonary Hypertension
  • Bypass Surgeries
  • Organ Transplant
  • Anemia
  • Cancer
  • Disease Related to Liver
  • Disease Related to Motor Neuron
  • Stroke
  • Bacterial Meningitis

 

Note: The list of Diseases Covered under the Protection Policy may vary from company to company.

Things that are not included in the Critical Illness Insurance Cover

There are various things that are not included in the Critical Disease Insurance Plan. Some of them are stated below. Have a look!!!

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  • Any Congenital Disease
  • Any Pre-Existing Diseases
  • Childbirth and Pregnancy-related expenses
  • AIDS-related Medical Expenses
  • Treatment that is received outside India
  • Medical Expenses that are made due to the use of Drugs or Alcohol

Documents Need to Buy Critical Illness Assurance Cover

The list of documents that are required to buy dread disease policy is stated below:

  • Passport Size Photographs
  • Proof of Address & Age
  • Any ID Card (Identity Proof)
  • Certificate of Birth
  • Passport, Voter ID Card (For checking citizenship)
  • Ration Card, Telephone Bill (To check the permanent address)

Steps to File Claim for Critical Illness Insurance Cover

If you want to file a claim for Dread Disease Policy Cover, then you are required to follow the below-given procedure. Have a peek!!

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Step 1: Firstly, you need to contact your insurance company.

Step 2: Afterward, you are required to register your claim concerning your dread disease policy.

Step 3: Now, you need to submit some documents such as Photocopy of ID Card, Medical Certificate, and Dully Filled Claim Form along with the Discharge summary.

Step 4: Finally, the insurance company will verify all details and documents submitted and the claim will approve or disapprove based on verification done.

Final Words

Having health coverage is a must in life. Due to unforeseen circumstances and life-threatening diseases, there arises the need for Critical Illness Insurance Cover. So in this article, we have shared all the necessary details regarding Dread Disease Policy such as – its benefits, key features to find the best policy and others.

Thus, it is advisable to choose your Serious Illness Coverage wisely after analyzing every point related to it. For more details regarding this, stay tuned with us on our web page.

About Abdulah Hussein

Abdulah Hussein

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