The healthcare market in India is expected to reach a new high, possibly 372 billion US dollars by the end of 2022. Critical illness policy bears a significant role in mitigating high medical expenditures.
Any individual suffering from a life-threatening disease has to go through immense financial instability which is beyond the coverage of a standard insurance plan.
Things to consider before opting for a critical illness policy
There are several factors that impact the policies offered by critical health insurance companies. The important ones are as follows –
- Financial capability
Before choosing a critical illness care cover you should review your options at hand. Affordability is one of the most crucial factors that you should consider before choosing a policy. That is why, it is important for you to compare between the different policies offered by various financial institutions and choose the one whose premium payment is well within your budget.
- A high-sum assured
Financial institutions like Bajaj Finserv offer a high sum assured of up to Rs. 50 Lakh under critical illness insurance policy. This can help individuals in meeting high expenses incurred in due course of treating critical diseases like cancer, stroke, kidney failure, etc.
- Comprehensive health coverage
Individuals suffering from life-threatening illnesses like cancer, heart-attack, stroke etc. undergo massive financial burden and emotional stress on themselves as well as their family members. The medical treatments for such diseases require large sums of funds which are not possible to finance through ordinary health insurance policies.
Different financial institutions provide specific critical health insurance plans for coverage of specific diseases. You can sort the insurance plans which are suitable for your needs and choose one amongst them that is most beneficial.
- Eligibility to avail the cover
Several eligibility criteria are involved in successfully claiming a critical illness policy. Some of them are –
- Individuals should ideally be between 18 and 65 years of age,
- Financial condition,
- Smoking habits, etc.
-are key factors. However, one should also remember that they can avail the policy only after 90 days of the policy period has been covered. Further, the policy also becomes redundant if the insured individual passes away within the first 30 days of diagnosis.
- An easy claim process
It is crucial for individuals to avail a policy that comes with an easy claim process. Nowadays, most insurers have facilitated a hassle free process to file claims. First the insured individual first has to inform the insurance provider about their diagnosis. Subsequently, they will have to submit the required documents after which the insurer will review the claim and disburse the benefit amount within 30 days.
Such benefits of critical health insurance plans help individuals in safeguarding themselves against the financial liabilities while availing high quality treatment.
Top up health insurance policy can also be availed to increase the amount of sum assured in case of diagnosis with such ailments. No additional documents have to be submitted to avail such add on covers, as the same has been furnished with critical illness policy. Advantages of the same can be listed as follows –
- Coverage for immediate family members is provided against a single premium payment. A single sum assured can be claimed by up to six family members during various medical emergencies.
- Top up health insurance policies provide customised coverage benefits to insured individuals, depending upon their ailments respectively.
- Only 12 months waiting period is associated with such insurance plans, allowing insured individuals to claim coverage for any associated medical expenses.
Critical illness insurance policies allow insured individuals to avail high quality treatment against such life threatening diseases. Along with reduced financial burden, mental strain on both patients and their respective families can be diminished through such a health insurance plan.
Getting diagnosed with a critical illness is a stressful situation for any individual. The most common mistake that everyone makes is deciding on the insurance plan based solely on the price. Hence, one should take notes of the above mentioned tips before opting for a critical illness policy.