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Critical Illness Insurance - MoneyBloom

A critical illness insurance policy is different from your regular health insurance policy. A basic health insurance policy provides cover against hospitilisation expenses whereas a critical illness insurance policy provides cover against life threatening diseases such as cancer, tumor, etc. In a critical illness insurance policy, hospitalization is not required to get compensation, only diagnosis is enough to get the claim.
A critical illness insurance policy is a fixed benefit policy, in other words it will pay sum assured amount on the diagnosis of any critical illness listed in the policy. Policyholder can use the amount as per his wish. Some of the typical critical illnesses covered under most plans are cancer, first heart attack, coma, kidney failure, major organ transplant, paralysis, major burns, etc.

Considerable Factors

  • To buy a right critical illness insurance plan, you need to keep some factors in mind. The sum assured should be at least 4-5 times of your annual earnings. Check out for a plan with maximum number of critical illnesses covered.

  • If you have a family history of any specific disease, make sure it is covered under your plan.

  • Both life insurers and health insurers offer critical illness covers. But critical illness cover offered by life insurers have longer tenure and higher sum assured.

  • Now some insurance companies have also started offering disease specific covers. Insurance companies have also come out with plans for specific groups such as women and senior citizens.

  • In case you need to file a claim, you should contact your insurer. Generally documents required to file a claim are duly filled claim form, photocopy of ID proof, medical certificate obtained from a doctor confirming diagnosis of critical illness and detailed discharge summery.

  • Before making a purchase it is important that you compare all the plans available in the market and find the best that suits your needs at a most affordable price. By comparing you can save lot of money. Comparing ensures that you get wider coverage at very cost-effective price.