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Is Your Health Insurance Cover Adequate to Fight Critical illness?


Sometimes buying an insufficient health insurance policy under the influence of your peers or friends to show that you have taken the right step might prove highly costly in the long run. A health plan might provide you coverage, but if you are struck by critical illness, the same health plan might prove worth pennies and leave you vulnerable to financial hardships.


Many policy buyers in India believe that their policy will cover the cost of all medical expenses. But many times, this standard policy may not be sufficient to cover the critical illness treatment cost. Some vital illnesses like cancer, kidney disorder, paralysis, or others may cost you so much. To put things into perspective, cancer treatment, including hospitalization, chemotherapy sessions, medication, etc., can approximately cost you up to 9 -10 lakhs. Is your standard health insurance policy liable to cover these expenses? If it does not cover, it means you need to pay a part of the bill from your pocket. Therefore, a critical illness insurance plan is the need of the day that pays you the sum assured right at the time of the critical illness diagnosis.


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What is critical illness cover?


A critical illness cover provides a lump-sum benefit that can pay for the cost of care and treatment for a specific illness. The lump-sum amount can help you tremendously in getting the proper treatment while ensuring your family can meet the daily needs of running a household. Typically the lump-sum amount is paid to the policyholder after the continuity period of 30 days after suffering from the illness. Furthermore, if you are left with a surplus amount, you can pay off debt like a loan equated to monthly installments. Unlike the standard health insurance policies, the critical illness policy does not limit money usage.


The Mediclaim policies have the concept of the waiting period. In mediclaim, you cannot file a claim within a waiting period unless it is an accident-related emergency. Further, in the case of pre-existing disease, the waiting period may vary from one year to four years. Such a waiting period can prove an enormous burden if you are diagnosed with any critical issues. So it is always a great decision to buy a health insurance policy that covers critical illness.


How critical illness cover works in case of life insurance


Critical illness cover can be bought at the time of buying life insurance policy either as a standalone cover or as a rider. There are mainly two types of critical illness riders in which the premium amount varies accordingly – an additional benefit rider and an accelerated benefit rider. You should always first analyze the cost of buying a critical illness rider Vs buying a standalone critical illness cover. Experts say that when you buy a standalone or critical illness rider, be it an additional benefit rider or accelerated rider; you must understand that both cover different risks, the dying risk and the risk of getting critically ill, where you are alive but need enormous money to get the best treatment.