Tips to Buy the Best Critical Illness Insurance Policy
Critical illness is like an unwelcome guest that takes a huge toll on your health and wealth. Cancer, sclerosis, coma, kidney failure, heart attack, and paralysis are some of the critical illnesses that have become common these days. We hear daily about this growing epidemic all over the world. Continuous diagnosis, hospitalization, treatment, dialysis, medicines, and doctors’ fee create a hole in your pocket. So, how to face this difficult situation? Well, the answer is, opt for a comprehensive critical illness insurance policy. It can protect you from financial loss. Selecting & choosing the right critical illness insurance policy is very crucial.
Here we have some essential tips to consider while buying a critical illness insurance policy.
Check How the CI Plan Works
The first thing that you should check is how CI plan works. Generally, under the CI plan, you get the lump sum amount after you submit the diagnosis to the insurance company. You can pay for treatment costs, hospitalization costs, medicines, and doctor’s fees out of it. The sum assured is defined and fixed. So, you should get the details about the sum assured from the insurance advisor and then make your buying decision.
Look for Maximum Coverage
When you are browsing the health insurance providers, you should look to the critical illness cover that provides you maximum coverage. Ideally, a sound critical illness cover includes pre and post-hospitalization expenses, diagnosis expenses, treatment, and medication. Organ donors, day-care treatment, dialysis cover, ambulance cover, and second opinion are some of the benefits that you should also get in your CI cover.
Amount of Premium
Premium is the sum of money that you have to pay to the insurer against the CI plan after specified intervals. You can calculate the premium with the help of an online health insurance premium calculator available on the Care Health Insurance (Formerly Religare Health Insurance) website as well. In this way, you can opt for the plan that protects you from financial losses and supports you in your hard time.
Before buying the CI plan, you should check the exclusions list of the insurance company. Exclusions are the situations that insurance company does not consider. See what all are the conditions when you cannot get the claim. Care Critical Illness offers maximum coverage with minimal exclusions.
Ask For Waiting Period
Waiting period means the stipulated time under which the policy is payable. It’s advisable to ask for a waiting period before buying a critical illness plan. In critical illness, it is after 90 days of the commencement of the policy period and for pre-exiting diseases is for 48 months. Therefore, you should consider the CL plan with a low waiting period.
Sub-limit is one of the main features that you should consider while buying a critical illness plan. It can be of two types. One is the sub-limit on the hospital room rent, and another is sub-limit on specific diseases. So, you can choose the insurance plan with sub-limits as per your budget. For a hassle-free claim settlement, you should read the sub-limit clause in the CI plan.
Check the Age
Before you choose a critical illness plan for you or your loved ones, you should also check the maximum renewal age. Some health insurance providers offer CI plan up to a specified age, and in some plans, you cannot go beyond 60 years. CI plan for senior citizens offered by Care Health Insurance (Formerly Religare Health Insurance) provides lifelong coverage.
Who can Buy a Critical Illness Insurance Plan?
- Senior Citizens
- People with the history of critical illness in their families
- Bread Earners
- People with high-pressure jobs
- Individuals above 40 years of age
Keeping in mind the day-to-day lifestyle, eating habits, pollution, and stress level it’s better to stay financially protected. Treatment costs for critical illness can drain all your savings. Therefore, you should be wise enough to buy a critical illness insurance policy. Check the CI plans offered by Care Health Insurance (Formerly Religare Health Insurance) that are comprehensive with wider coverage and maximum benefits.