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Do you need extra insurance policy for life-threatening illnesses when you already have a health plan? What if you are diagnosed with a critical ailment that requires specialised care while your health plan has a limit on doctor’s fees or there is a cap on specific expenses such as on medicines, intensive care unit and your bill is more than what the insurer will pay. In such cases, you’ll have no option but to pay from your own pocket. A critical illness can also mean loss of income for few months, total or partial disability and change in lifestyle. The financial burden could be far more than what an health plan would cover. Buying a critical illness plan is the best way to financially be prepared against these shortcomings.
While your health insurance policy covers hospitalisation, a critical illness plan pays a lump sum on diagnosis of serious critical illnesses listed in the policy document.
The lump sum that you get can be used for various purposes such as to pay for expensive advanced treatments , cover for loss of income due the inability to earn for few months or to pay EMIs. A critical illness plan is a supplement to your health insurance.
Why critical illness plan? The purpose of a critical illness cover is paying for your advanced treatments, EMIs when unable to work, etc. Most critical illness insurance plans are also cheaper than a health insurance plan.. In a critical illness plan, one gets the full sum insured i.e. lumpsum amount irrespective of whether one is hospitalised or not or what the treatment expenses are. However, the benefits and features vary from plan to plan. Like HDFC Life and Aegon provide cover only against cancer whereas Edelweiss Tokio Life provides it against 17 critical illnesses including cancer, heart disease, chronic kidney failure, etc. These are stand alone plans whereas ICICI prudential provides a critical illness rider which can be purchased if the insurer buys a term plan from ICICI pru life. Edelweiss Tokio Life also provides a benefit of multi claim option where the policy holder can claim thrice also after the first claim premiums are waived off. This is a great benefit provided to policyholders because after a critical illness he/she will not be in a position to earn for some time and hence he/she may not be able to pay his/her premiums. He may also be prone to another critical illness and hence this multiclaim option provides a comprehensive protection in such a manner that the policyholder can bounceback(http://buynow.edelweisstokiolife.in/campaign-criticareplus-bounceback-97?vid=19&cid=12&utm_source=blogs&utm_medium=blog18 ) from a critical illness without any financial distress.