The human body cannot always escape diseases. Hence, it is smart to invest in a Health Insurance Policy. This policy will work as a safety net, enabling you to not only cover the cost of treatments but also ensure that you get proper treatment when you fall ill. Today, there are different types of Medical Insurance Plans you can choose from. A Critical Illness Health Insurance Policy is one of them.
In this article, we will describe Critical Illness Health Insurance and explore the various do's and don'ts you must remember when opting for this Insurance Policy.
What is Critical Illness Health Insurance?
Critical Illness Health Insurance is a kind of Medical Insurance Plan that covers specific critical diseases. These may include conditions like cancer, first heart attack, major organ transplants, stroke, etc. The treatment of these illnesses usually requires a large amount of money.
This is a Definite Benefit Health Insurance Plan. Hence, it offers the policyholder a pre-fixed lump sum amount when diagnosed with an illness covered under the policy. This amount is independent of the actual medical expenses you incur during hospitalisation or treatment.
This way, the plan provides financial protection from specific major critical illnesses. It keeps you monetarily secure during difficult times.
Factors to consider when opting for Critical Illness Health Insurance
Today, you can easily buy General Insurance online. However, before you opt for this Health Insurance Plan, you must consider some do's and don'ts.
Do's
When buying a Critical Illness Medical Insurance Plan, do the following:
- Determine the sum assured you need
When choosing a sum insured, consider the present cost of treatments for the illnesses and the high medical inflation.
- Know the process of raising a claim
Before you buy a policy, you must ascertain the process for raising a claim under it. This will be helpful when you need to submit an Insurance claim in the future.
- Check the illnesses covered under the policy
Critical Health Insurance is designed to cover specific conditions. Hence, you must review the illnesses that a particular policy covers before committing to it.
- Understand the exclusions
You must also go through the exclusions, i.e., the things your policy does not cover.
Don'ts
- Do not buy a plan without reviewing it
Understand the plan and go through its various details before buying it.
- Do not skip the details about the Insurance provider
Remember to research well and choose a reputed Insurance company.
- Do not buy as a replacement for Individual or Family Health Insurance
Critical Illness Insurance is targeted at serious diseases. It should not replace a Family or Individual Health Insurance Policy.
Conclusion:
You must consider a Critical Illness Health Insurance Plan as another layer of security to deal with medical emergencies. However, before you buy this Insurance as a safety net, remember the do's and don'ts. This step will ensure you choose the right policy to address your needs.
