You are lucky if you never heard about or used critical illness health insurance. But when it comes to a major medical emergency like a heart attack, stroke, or cancer, critical illness insurance can make a world of difference for you in terms of financial assistance.
Most people presume that their standard health insurance policy from companies like ManipalCigna Health Insurance includes complete protection against most ailments. However, to cover specific life-threatening diseases that involve exorbitant costs, you need to purchase critical illness insurance or add the plan to your current policy if you already have one. Read on to know more about critical illness insurance policies and whether you need one for you and your family.
What is Critical Illness Insurance, and Why is it Important for You?
Critical illness insurance is an add-on coverage that offers a lump sum payment towards the cost of treatment and recuperation of certain illnesses. The payment in a critical illness insurance plan is specified and fixed, unlike indemnity plans. This means you receive the total insured amount irrespective of hospital expenditures.
If you have any surplus amount left, you can use it towards ambulance costs, pre-and post-hospitalization costs, and even to pay off loan EMIs. Essentially, a critical illness cover goes beyond covering general hospitalization expenses and can be used as a temporary means to cover a compromised income during an illness. By adding critical illness coverage to your standard health insurance policy, you can protect yourself financially from an array of ailments under a single plan.
What are the Inclusions and Exclusions in Critical Illness Cover?
A critical illness health insurance generally covers conditions like stroke, heart attack, paralysis, cancer, kidney failure, organ transplant, multiple sclerosis, and some more. On the other hand, this plan does not cover self-inflicted injuries, sexually transmitted diseases, injuries from adventure sports or wars, and similar defense operations. You will also not be reimbursed for cosmetic and bariatric surgeries under this plan.
Benefits of Critical Illness Insurance
Critical ailments may need several days of hospitalization and even many surgeries, increasing the expenses with every passing day. Along with the exorbitant expenses, your income might also suffer, which further hurts you financially. Fortunately, you can add critical illness coverage to your insurance plan and get the following benefits:
- Many reliable insurance companies offer plans to suit your requirements
- The insured sum is obtained in a single transaction. This means no waiting time for the subsequent monetary clearance, and you can start treatment without wasting precious time.
iii. Critical illness cover offers easy renewal and an opportunity to renew for a lifetime.
How to Obtain a Critical Illness Insurance Policy?
Critical illness insurance like the ManipalCigna Health Insurance is an added benefit on top of a health insurance plan. So, you need to purchase a health insurance policy if you don’t have one to add the critical illness coverage. This additional layer of protection will help you cover the unreasonable cost of treating a severe illness. To put it simply, you will receive a lump sum amount towards treating any critical illness from your insurer. You can also claim reimbursement by sending documents and medical invoices through your basic health policy to the insurance company.
Most health insurance companies offer critical illness cover, and you can talk to an agent to learn more about the available plans. It is recommended that you purchase an insurance policy with critical illness coverage while you are still young because of lower premiums. It’s undoubtedly one of the best ways to secsecure your financial stability in the longer run