No matter how much pride you take in your healthy lifestyle, there is no denying that everyone falls sick as they grow older. Due to the uncertainty of life, a majority of people decide to opt for health insurance plans. Although the health insurance is enough to financially support in times of medical emergencies, it is important to invest in a critical illness policy. Opting for critical illness policy ensures that you are covered even in times of life-threatening diseases that can exhaust money in treatments.
What is a critical illness policy?
If you’re looking forward to covering yourself and your family from a list of specific types of diseases, then a critical illness insurance
policy is the perfect fit for you. A critical insurance policy is where a policyholder is eligible to receive a lump-sum amount only if you’re diagnosed with critical illnesses as specified in the inclusions. However, this is only the case if you’re diagnosed with one of the diseases as specified by the insurance company.
A majority of people often confuse a health insurance plan with a critical illness plan. Both these policies hold different meaning and a much larger difference in the provision of their features. While a health insurance policy
compensates the expenses of hospitalization, the best critical illness policy covers the threats of cancer, kidney failures, bypass surgeries, and so forth.
Go through the following table to understand the numerous differences between a critical illness policy and a health insurance plan:
||Critical Illness Policy
||Regular Health Insurance
||Covers diseases like cancer, paralysis, heart attack, and so forth
||Covers cost of ambulance, hospitalization, treatment, discharge
||Rs. 1,00,000 to Rs. 50,00,000
||Depends on whether you’re selecting for an individual or a family
||Fixed benefit plans
Tips for buying the best critical illness policy:
- Know the company
It is the most crucial stage before finalizing a critical illness insurance policy. In order to understand the company better, go through their website, testimonials and claim settlement ratio. Researching about the insurance company will paint a better picture of the product offerings and their numerous benefits.
- Select comprehensive coverage
Comprehensive coverage ensures that it allows a cover for over 35 different types of diseases. Therefore, see to it that you check the list given to you by the insurance company. Review all their list of illnesses that are covered in the plan. Further, go through the various terms and conditions in order to check for the inclusions and exclusions specified by the company.
- Check the claim settlement ratio
Before choosing the policy, it is important to check the claim settlement ratio of the company. With our high claim settlement ratio, Bajaj Allianz General Insurance is a great option when it comes to buying a critical illness plan.
- Consider the sum assured
The value of sum assured that you are bound to receive depends on the insurance company. However, it is your responsibility to opt for that company which makes provision for a higher value of sum assured. A huge sum assured will provide security to you and your family in bad times. Therefore, opt for Bajaj Allianz General Insurance as it allows a sum assured ranging from Rs. 1,00,000 to Rs. 50,00,000.
- Check for the waiting period clause
Typically, the waiting period of a critical illness policy is divided into three categories. Take a look at these mentioned below:
If your claim for sum assured passes this stage of 90 days only then will it be accepted further.
A customer is supposed to survive for at least 28 days after he has been diagnosed with a disease.
- The waiting period between claims
In case you have made claims with multiple insurance companies, you have to wait for a certain time period time in order to receive the full amount.
You should check for lifetime renewability and the provision for online policy renewal
to make the process hassle-free. With these tips in mind, we are sure that you’ll definitely land up with the best critical illness policy. We, at Bajaj Allianz General Insurance, ensure our critical illness cover acts an addition to your health insurance plan. Therefore, invest in our plan today to avail maximum benefits for you and your family.