Critical Illness Policy

Heath insurance is the nowadays considered as integral part of individual’s insurance cover. But it becomes very complex to understand due to several exclusions. A basic health policy covers only hospital expenses, but what happens when you require a lump sum of money due to some medical emergency.

Insurance companies offer pre-defined benefits for specific critical diseases .These health plans are called critical illness health insurance plans.

What is a critical illness policy?

As the name suggests, critical illness policy is a specific-benefit plan that pays you lump sum amount of money if you get ill with some specific illness like coronary artery bypass surgery, cancer, kidney failure, heart attack, major organ transplant and stroke. The diseases covered in the policy depend upon the kind of plan taken by you.

You can buy this policy as an individual plan as protection against critical disease. Under that condition, you only get lump sum amount and that too only once. To ensure complete coverage, you should preferably take this plan as an add-on plan or as rider benefit.

What are the key benefits of the plan?

When you get critically ill, it becomes very difficult to manage the expenses as you may be out of work. Since these plans provide a lump sum amount, they act as a supplement to your income thus cushioning your steady fund flow.

But you should always keep one thing in mind that critical illness plans terminate after the payment of lump sum amount. So it becomes very important to ask for a cover again so that if you need medical attention in the later years, you are aptly covered.

Always ensure that you are sufficiently medically covered and enjoy a healthy, carefree life.

Stay protected, Stay insured!

 

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