OneInsure Blog
Post By Shweta
Why Is Critical Illness Plan Must Even When You Have a Health Insurance Plan?
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Critical Illness Insurance
Critical illness policy is your helping hand even when you are covered by a comprehensive health insurance plan.
A health insurance policy only covers medical expense, post-treatment expense, and hospital bills, whereas a critical illness policy provides you a lump sum compensation for a sudden financial loss that may arise from your disease.
Given stressful and unhealthy lifestyles, anyone can be a victim of life-threatening diseases at any time. Let's understand in detail why having a critical illness policy is must even when you have a health plan:
- It offers insurance for 30 - 35 major critical illness/surgeries like a major organ transplant, cancer, stroke, kidney failure, multiple sclerosis, heart attack, and paralysis.
- Sum Assured - Generally, a health insurance policy offers sum assured of Rs 5 to 10 lakhs, whereas the range of sum insured for critical illness policy is quite wide, from Rs 10 lakh to Rs 1 crore. This lump sum payment allows you to plan your treatment as required.
- Life-long Coverage - It covers anyone between 6 and 65 years of age and is renewable for life.
- Paid On Diagnosis - A health plan reimburses your medical expenses and hospital bills; for critical illness policy, the only requirement is a diagnosis of the specified critical illness, not hospitalization.
- Tax Benefits under Section 80(D) on your investments along with recovery aid, which helps you maintain the same lifestyle.
Critical illness policy has some restriction and exclusions:
- The policy provides a lump sum to help you stand strong in a critical situation, but the policy expires once the claim is paid. Some policies offer 3 claims in a lifetime.
- The insured person needs to survive for 30 days after the claim is made in a critical illness policy. There are only a few insurers which do not have this clause in their policy.
- Self-inflicted critical illness is not covered. For example, lung cancer due to heavy smoking and alcohol-induced liver diseases.
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To conclude, life is unpredictable and if you have people who are dependent on you financially, then a critical illness cover is a must. To compare various critical illness policies, click here. You can get in touch with OneInsure on 86559-86559 or at support@oneinsure.com to avail the best deal.
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