Critical illness is like an unwelcome guest, significantly affecting health and wealth. Sclerosis, cancer, coma, kidney failure, heart attack, and paralysis are common critical illnesses. Continuous diagnosis, hospitalisation, treatment, dialysis, medicines, and doctors’ fees can create a hole in your pocket.

Buying Critical Illness Health Insurance protects you from financial losses and helps you face such situations. You need to select the right policy. Here are some important things to consider before buying one:

Understand how the plan works

Generally, under the Critical Illness Plan, you get a lump sum or fixed sum assured after submitting your diagnosis and other reports to the General Insurance company. This amount helps you pay for your loved one’s treatment, hospitalisation, doctor’s fees, and medicines. Therefore, you should remember to get these details from the Insurance advisor and make your buying decision accordingly.

Look for maximum coverage

When comparing different General Insurance online, look for a policy that covers your critical illness with maximum coverage. Ideally, a sound cover includes pre and post-hospitalisation expenses, diagnosis, treatment, and medication. Organ donors, daycare treatment, dialysis cover, ambulance cover, and a second opinion are the benefits that should be part of the Critical Illness cover.

Premium amount

The premium is the sum you pay to the insurer against the Critical Illness Plan after specified intervals. You can calculate it using the Insurance premium calculator accessible on the insurer’s website. It makes it easier to buy a plan that protects you from financial losses and supports you during these challenging times.

Check the exclusions

Before buying the Critical Illness Health Insurance Plan, check the exclusions list of the company. Exclusions refer to the situations that the Insurance company does not consider. See what the conditions are when you cannot get the claim. Buy a plan offering you maximum coverage and minimal exclusions.

Ask for the waiting period

The waiting period is the stipulated time under which the policy is payable. In critical illness, the waiting period starts after 90 days of the policy commencement. For pre-existing diseases, it is 48 months. Therefore, check for a Critical Illness Plan with a low waiting period.

Sub-limits

The sub-limit can be of two types. One is the sub-limit on specific diseases hospital room rent, and the other is the hospital room rent. You can select the Insurance Plan with sub-limits as per your budget. Read the sub-limit clause in the Critical Illness Plan for a hassle-free claim settlement. Also, carefully review other policy clauses before signing the form.

Check the age

Check the maximum renewal age before buying a Critical Illness Plan for you and your loved ones. Some Health Insurance providers offer Critical Illness Plans up to a specified age. You cannot buy them if you are over 60 years old. The Critical Illness Plan for senior citizens can also provide lifelong coverage.