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What do Critical Illness Insurance Plans Cover?

Posted On : 25 April 2023, 1 Years Ago. Health-Insurance
Critical Illness Insurance Plans

Critical illness insurance provides financial support to policyholders during a severe illness or medical condition. These policies offer a lump sum payment to help cover medical expenses, lost income, and other related costs. However, it is important to note that not all insurance plans are created equal. The coverage and benefits provided can vary greatly depending on the policy and insurance provider. Let's look at the key features of these plans and the most common illnesses they cover.

 

Features of Critical Illness Insurance

A critical illness policy can provide valuable financial support in the event of a life-threatening medical condition. Its main characteristics are listed below:

 

Lump Sum Payment

A critical illness plan typically provides a lump sum payment in the event that you are diagnosed with a covered medical condition. This payment can be used to cover hospitalisation expenses, doctor consultation fees, medicine bills, and other related costs.

 

Covered Medical Conditions

It typically covers a range of serious medical conditions, such as cancer, heart attack, stroke, and organ failure, among others.

 

Partial Payment for Early-stage Diagnosis

In some cases, it provides partial payment for early-stage diagnosis of covered conditions. This can be particularly helpful for conditions such as cancer, where early detection can significantly improve the chances of successful treatment.

 

Income Protection

Many such policies provide income protection, which can help replace lost income due to an inability to work as a result of a covered condition. This can help ensure that you can continue to pay your bills and maintain your lifestyle during your recovery.

 

No Restriction

Unlike some other types of insurance policies, critical illness insurance policies typically do not place restrictions on how the payment can be used. Therefore, you are free to use the amount as you see fit.

 

Renewability

Most of these policies are renewable, which means you can continue renewing your policy even if you have already made a claim.

 

Waiting Period

Many such policies have a waiting period before you can make a claim. This is typically a few months after the policy is purchased and is intended to prevent people from buying it only after they have been diagnosed with a medical condition.

 

Exclusions

These insurance policies typically have exclusions, which are medical conditions that are not covered by the policy. It is essential to carefully study the policy documents to understand what is covered and what is not.

 

Medical Underwriting

In order to purchase such a policy, you may need to undergo a medical underwriting. This can include providing medical history, undergoing a medical exam, and answering health-related questions. The insurance provider may use this information to determine your risk level and set your premium.

 

Optional Riders

Some policies may offer optional riders, which can provide additional coverage for specific medical conditions or events. For example, some policies may provide riders for cancer-specific coverage or coverage for loss of limbs or eyesight.

 

Coverage Under a Critical Illness Plan

The specific illnesses and medical conditions that are covered can vary depending on the insurance provider, but some common examples included in a critical illness list are as follows:

 

Cancer

Most critical illness insurance plans cover different types of cancer, such as breast cancer, prostate cancer, and lung cancer.

 

Heart Attack

They may also cover a heart attack, a serious medical condition resulting from various factors, including high blood pressure, high cholesterol, and smoking.

 

Stroke

A stroke is another serious medical condition that such a policy may cover. This occurs when there is a blockage in the blood vessels leading to the brain or bleeding in the brain.

 

Organ Transplant

Some of these policies provide coverage for the cost of an organ transplant, which is a complex medical procedure that can be very expensive.

 

Kidney Failure

These policies also provide coverage for chronic kidney failure, a condition where the kidneys can no longer function properly.

 

Other Medical Conditions

Depending on the specific policy, such insurance may also cover other medical conditions such as multiple sclerosis, Parkinson's disease, and Alzheimer's disease.

 

It's important to review the critical illness list and the terms and conditions of different policies before purchasing a critical illness plan to ensure that it covers the medical conditions you are most concerned about. Doing so can ensure that you have the financial support you need to focus on your recovery and get back to your daily life.

 

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
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OTP sent Resend OTP
otp icon
OTP Expires in
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
FIND MY PLAN