Why critical illness plans are important and how do you choose one?

Private medical insurance companies offer critical illness insurance policy that provides coverage for expensive medical treatments. Critical illness treatment can wash off your savings in a single go. These exclusive health insurance policies come handy when a serious illness like stroke, cancer etc., strikes and demand emergency medical intervention. Critical illness has all the potential to wipe your precious savings.

Mentioned below are the few things to keep in mind when you select a critical illness insurance policy.

  1. Know the Difference between the Individual Insurance Plan and Family Floater Plans

A critical illness insurance policy offers lump sum benefit in case the insured person is diagnosed with life-threatening diseases. No matter how much your hospital expenses are, critical illness plan pays the insured the full sum assured.

Always keep in mind that the critical illness insurance plan isn’t a substitute for the basic medical insurance plan. There are times when the basic health insurance plan can’t provide complete coverage against illnesses that is categorized as the critical illnesses. A critical illness insurance policy can’t be used in the place of a health insurance plan.

  1. Know where you and your family’s health stand

Being realistic about the lifestyle habits and critically analyzing the risks they impose give a clear picture of your insurance needs. In case you’re a chain smoker and if you have a hectic work schedule, it is likely that you are vulnerable to serious health ailments in the coming time. You can consider buying critical illness insurance, apart from making changes to your lifestyle and maintain appropriate work-life balance.

Buying critical illness insurance plan is recommended in case there is a history of critical medical issues in your family. In case there are senior citizens in your family, it is recommended to get additional coverage for diseases like Alzheimer’s, stroke and kidney failure so that they are covered and you are financially secured.

  1. Not Every Critical Illness Policy Provides the same Benefits

The range of critical diseases covered by insurance providers may differ. For instance, opting for Apollo Munich’s critical illness insurance plan- Optima Vital, the policyholder or insured person gets the option to avail 37 critical illnesses covers, including cardiomyopathy, cancer, kidney failure, blindness, multiple sclerosis, and deafness.

The cover amount of critical illness health insurance plans also varies. The insurance experts suggest that any critical illness insurance plan offering Rs.15 lakhs as a sum insured can be selected.  This amount will cover critical illness treatment, rehabilitation and the loss of income (if any).

Your Critical Illness Plan must be in Sync with your Health Insurance Plan

When finalizing a critical illness insurance plan, ensure that it is in coordination with your health insurance plan and it offers sufficient coverage at an affordable price. The point behind that is the combination of both the policies must you provides the coverage against a majority of the diseases.

Life is unpredictable, and a critical ailments insurance plan offers a protection shield against various unpredictable uncertainties. If you want to live steadily, invest wisely.

 

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