What is Critical Illness Insurance? How is it Different from Health Insurance?
If you are a novice and not familiar with health insurance, you might think, “what is health insurance?”
Well, during the surging epidemic, the entire world realizes that medical emergencies are unpredictable. Also, it is very likely to inflict a financial upheaval which is intimidating and tremendously difficult to handle. And while the infection rate continues to multiply even after vaccines, people now understand the importance of health insurance plans.
On the other hand, medical expenses are going higher and higher. Thus, accessing excellent hospitalization and medical facilities can be financially strenuous. So, acquiring the best health insurance in India can efficiently provide added protection to you and your family.
Acquiring critical illness insurance is also important for a health insurance policy. Besides taking care of your loved ones, it will give you financial confidence for treating certain critical illnesses. Thus, we can rightfully say that a health insurance policy is extremely useful for successfully beating medical treatment inflation.
Today, this article will familiarize you with critical illness insurance. Further, you will learn how it is different from health insurance. Let’s get started.
Critical Illness Insurance Policy – What is it?
The critical illness policy covers certain life-threatening and critical diseases, including heart attack, cancer, renal failure, etc. This policy grants a lump sum amount for covering all exorbitant medical expenses related to critical illnesses. Remember, the payout is made only on the specific conditions on a predefined list included within the policy.
What are the Features of Critical Illness Insurance Plans?
It is always essential to choose the best critical illness insurance plans. This will not only give you confidence about your finances but also give you the courage to adhere to the best treatment.
Here is a comprehensive listing of all the critical illness insurance plans:
- Lump-Sum Payment Option
When it comes to critical illness insurance plans, insurers provide a lump sum payment. Thus, you can use the paid amount for treating all the covered critical illnesses.
- Complete Coverage of Critical Illness
Critical illness health insurance provides coverage for up to 20 major critical illnesses. Some of the critical illnesses include cancer, tumor, heart ailments, kidney failure, etc.
- Exceptional Tax Benefit
With the best critical illness insurance cover, you can efficiently save taxes under section 80D of the income tax act. Remember that this tax benefit is only offered for the premium amount.
- Incredibly Easy Claim and Settlement Process
Whenever it comes to acquiring the best critical illness insurance covers, ensure that there is zero involvement of third parties. This will help in seamlessly claiming and settling all your processes.
- Guaranteed Renewal
You’ll always get assured renewal whenever you acquire critical illness insurance from the best insurance providers. And for this indefinite policy renewal, only your residential city and age are taken into consideration.
Health Insurance Plan vs Critical Illness Insurance Plan
Having a health insurance policy is not enough for treating critical health issues. It is because they are highly expensive and exceed the coverage amount provided by health insurance plans. Let’s take a quick look at how a critical illness insurance plan is different from a health insurance plan.
|Critical Illness Insurance Plan||Health Insurance Plan|
|It grants coverage to all life-threatening diseases like permanent paralysis, cancer, tumor, etc.||It grants comprehensive health insurance coverage which includes hospitalization expenses as well.|
|It provides coverage for up to 20 critical illnesses.||It provides coverage for various aspects which includes pre-hospitalization and post-hospitalization expenses.|
|It is not important for hospitalization to acquire the benefits. Only a simple diagnosis is enough for receiving the lump sum payment.||The insured amount is reimbursed only when any bills showing hospitalization expenses are submitted.|
|It usually comes with a waiting period which entirely depends on the severity of illness.||It has a typical waiting period of at least 30 days.|
Treating any critical illness without a critical illness insurance cover can significantly wipe out your entire savings. So even if you have a health insurance plan, obtaining critical illness cover is equally important.