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Critical Illness Insurance
Nov 27, 2023

Things To Consider Before Buying A Critical Illness Policy

In times of medical inflation and rising rates of illnesses, it is important to have in place, a health insurance policy. However, there are certain medical situations in which you may require more than a health insurance plan. Supplemental coverage in the form of a critical illness insurance plan can provide financial protection against the risk of life-threatening illnesses. For the unaware, a critical illness insurance plan can help the insured receive pre-fixed financial compensation if they were to be diagnosed with a critical illness. * Claims are subject to terms and conditions set forth under health insurance and critical illness insurance policies. While a critical illness plan can be definitely useful, it is essential you pick the plan carefully. One must look at several factors related to a plan before finalising it. Here’s a guide on the same.

Factors to Consider Before Buying a Critical Illness Policy

Before you sign the proposal form for a critical illness insurance (CII) plan, make sure to check for the following:

Diseases covered in the policy

The most essential aspect of any insurance plan is the coverage it provides. In the case of a CII plan, it is vital to check the diseases covered by the plan. The critical illness insurance policy provided by Bajaj Allianz General Insurance Company covers a wide variety of diseases, including but not limited to: * Myocardial infarction (first heart attack of specified severity) Open chest CABG Stroke (resulting in permanent symptoms) Cancer (of specified severity) Kidney failure (requiring regular dialysis) Major organ transplantation Multiple Sclerosis (with persisting symptoms) Surgery of Aorta Permanent paralysis of limbs As you may have noticed, along with diseases, medical events and surgeries are also covered under the plan. Hence, one of the benefits of critical illness insurance is that you get coverage for a wide variety of unexpected and unfortunate medical situations. Claims are subject to terms and conditions set forth under health insurance and critical illness insurance policies.

Limitations of each coverage aspects

Your CII policy document will have an explanation after mentioning each coverage point. This explanation will give you a comprehensive idea of the terms and conditions under which you can raise a claim for the particular disease. Furthermore, the document would also have a list of general terms and conditions as well as a set of general exclusions. It is important that you go through the document and these sections thoroughly so that you know the situations where you can raise a claim. Claims are subject to terms and conditions set forth under health insurance and critical illness insurance policies.

Waiting period and survival period

The waiting period is a common feature of most insurance policies. It refers to a period of time after the purchase of the plan during which one cannot raise a claim. The critical illness insurance plan from Bajaj Allianz General Insurance Company has a waiting period of 90 days. * On the other hand, the survival period is a unique feature of a critical illness cover. It refers to the duration of time after the insured person is diagnosed with a critical illness. If the insured person survives this duration after the date of diagnosis, the critical illness benefit may be paid by the insurer as listed in the policy. At Bajaj Allianz General Insurance Company, we have a survival period of 30 days under our critical illness insurance policy. * Claims are subject to terms and conditions set forth under health insurance and critical illness insurance policies.

The balance of coverage and premium 

Extensive coverage in an insurance plan is always ideal. However, it can also mean that you have to pay heavy premiums. Protecting your finances in the future should not have to mean compromising on your current needs. Hence, it is important that you choose a critical illness insurance plan that fits into your budget. You can also use online calculators, such as a Mediclaim policy for family premium calculator to get an idea of the premium. Compare different policies. Look for the coverage they provide and whether it meets your needs. Then, looking at your present and future finances, analyse how much you can allocate to a CII plan and go ahead with a plan accordingly.

Critical Illness Insurance is Not a Substitute for Health Insurance

Even if your CII plan is very comprehensive and offers a ton of benefits, it may not be a substitute for health insurance plans . A CII plan is a benefit-based plan, meaning it does not offer reimbursement for regular hospitalisation and the like. For regular medical needs, such as hospitalisation expenses, relevant diagnostic tests, ambulance charges, and so on, it may be ideal to opt for a regular health insurance plan. * To make the most of it, you can buy your health insurance and critical illness insurance from the same insurance company. Claims are subject to terms and conditions set forth under health insurance and critical illness insurance policies. Now that you may be aware of the things to consider before buying critical illness insurance, we hope you are able to choose a suitable plan for yourself and your loved ones. The support from a good CII plan can help you face the financial consequences of being diagnosed with a critical illness with dignity. * Standard T&C apply. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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