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What is a critical illness insurance cover?
21 January 2020
What are the features of critical illness insurance?
A critical illness cover takes care of your financial burdens in the event of a serious ailment. Your insurance provider gives you a lumpsum amount which can be used to cover expenses for your diagnosis, doctor visits, medical expenses and hospitalisation as well. However, critical illness insurance's meaning and the list of diseases covered will differ from one insurance company to another. The important thing to keep in mind is that all critical illness plans work the same way – as a fixed benefit plan.
Thus, under a critical illness insurance cover, you are offered a lump sum amount upon the diagnosis of the critical illness.On the other hand, a standard Mediclaim insurance plan will only reimburse you for the hospitalisation costs. While a critical illness plan will pay 100% of the sum assured.
Once the sum assured is paid out, the insurance promise is fulfilled, and the coverage ceases to exist.
Why do you need a critical insurance cover?
Without a critical illness cover, you may have to dip into your precious savings to pay for the expensive treatment and possibly put the future financial goals of your family in jeopardy. A critical illness cover relieves financial stress which can help you lead a healthy life.
You can also choose the type of critical illness cover you need. It can be taken as either a stand-alone insurance cover or as an additional benefit to your standard health insurance plan. Most insurance providers nowadays offer you critical illness covers. All you need to do is go online and find one health insurance plan that suits your needs. If you still want to know more about critical illness plans, head on over to https://www.maxbupa.com/ for more information.