Modern medicine and medical procedures have progressively turned expensive. With the rise of different diseases and health risks, more and more people are turning to health insurance or mediclaim policies. These policies cover the hospitalisation process and costs incurred during medical procedures, including doctor visits and also provide many value-added services for securing comprehensive health insurance.
The modern medical insurance policy is not just a rigid lump sum cash compensation. Most insurance companies offer a comprehensive policy tailored to the policyholder’s specific needs as they offer additional riders along with the primary health insurance policy.
The critical illness cover is one of the most crucial add-on riders provided by mediclaim policies. It offers additional cover for the policyholder if diagnosed with one of the many critical diseases mentioned in your policy.
In addition to the medical insurance compensation, the critical illness cover offers a lump sum during the first diagnosis stage.
Why should one include a critical illness cover in their mediclaim insurance policy?
Diseases can affect anyone in any age group, especially critical illnesses like cancer, coma, stroke, kidney failure, etc. The medical procedures required to deal with such critical illnesses are costly and complicated and may require extended periods of hospitalisation. It can quickly deplete one’s lifetime savings.
This is where a mediclaim policy with additional critical illness cover can come in handy. It can effectively cover the hospitalisation costs and the medical procedures required to treat these illnesses. Also, the lump sum provided on the first diagnosis can cover daily expenses if the disease affects the family’s sole breadwinner.
Features of critical illness cover
The different features of the critical illness cover are as follows:
Lump sum payment: The initial lump sum payment the policyholder receives when a critical illness is first diagnosed can be beneficial for the policyholder’s family members as it can be used to pay for the medical bills and compensate for the loss of income of the affected person.
Cashless hospitalisation: The cashless hospitalisation procedure is also applicable for critical illness cover, where the insurance company pays the entire hospitalisation process cashlessly. This feature also extends to doctor visits and medical tests like MRIs, dialysis, etc., so your loved ones can focus on your treatment.
Critical illness coverage: Most popular critical insurance policies cover major illnesses like cancer, tumour, stroke, burns, brain surgery, etc.
Monthly compensation: Most comprehensive critical illness riders offer monthly income coverage. The insurance company pays a certain part of the coverage amount as monthly compensation, which can come in handy for the policyholder’s family members if the affected member is the family’s sole breadwinner.
Things to consider before choosing a critical illness cover
Sum insured: It is essential to choose a high sum while choosing an insurance policy, as it will provide you with adequate resources in case of critical illness treatment.
Renewal age: It is essential to opt for a critical illness plan, which offers insurance for a longer duration or lifetime renewability, so that you do not have to purchase new policies as you age.
Inclusions and exclusions: One must ensure that they are well aware of the limitations and features provided by the insurance policy before opting for a critical illness cover.
People of all ages are susceptible to multiple diseases in today’s world. It can swiftly deplete one’s life savings, especially with the rising cost of medical procedures necessary to treat such illnesses. The critical illness cover provides a safety net for your lifetime savings, allowing them to get the best treatment and care simultaneously.