What is Critical illness insurance?
Health insurance is the primary medicare need for people, however, it has its own limitations. Sometimes the benefits offered under a health insurance plan may not be sufficient when one is diagnosed with a life-threatening illness. In such situations, a critical illness plan will be a better option. Let us first understand what exactly does a critical illness means & which illness are covered under a critical illness plan.
Critical illness:
Critical illness is a health-related condition of a serious nature and covers such life threatening sickness. The repercussion of such diseases may affect an individual's lifestyle, loss of income due to inability to work, emotional trauma and can sustain significant treatment cost.
The count for major/ serious illness is increasing every day. In such conditions, a health insurance may not be sufficient enough to take care of post-hospitalization cost.
Critical illness insurance:
A critical illness insurance plans to design to cover the insured against such dreadful illness and pays for the post treatment cost. A critical illness policy pays out a lump sum benefit if you get one of the specific medical conditions or injuries listed in the policy.
Let us list down the illness which is covered under a critical illness policy:
- First heart attack of specified severity
- Stroke resulting in permanent symptoms
- Cancer of specified severity
- Multiple sclerosis persisting symptoms
- Kidney failure
- Major organ/bone marrow transplant (e.g. Heart, liver, lung, pancreas, etc.)
- Permanent paralysis of limbs
- Open chest - coronary artery bypass surgery
- Angioplasty
- End stage lung diseases
- Primary pulmonary arterial hypertension
- Open heart replacement or repair of heart valves.
(Please note: it is important to check the individual list provided by every insurer before purchasing any product)
Should any of the worst ailment happen - this policy will make a one-off payment, to help you pay your mortgage, medical treatment, debts, rent or any alteration you may need to make in your house. It gives the option to the insured to choose how he would like to utilize the money.
On this point, most of these policies will yield the benefits once during the policy period considering the injury or illness as permanent disability and then terminate the policy.
