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What is Critical illness Health insurance?
As the name suggests, it is to do with a patient who is critically ill and has been covered for diseases that may even be terminal. It is a policy in which the patient or the patient’s family takes the critical illness and the insurance company makes a lump sum cash payment to the patient. The insurance plan is given to the policyholder who is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy. The premium for such Plans will be high. In some instances, there will be a waiting period before you may avail of the benefits.
Benefits:
A critical insurance pays a lump sum amount which can be used to cover medical and household expenses. Critical illness payout is tax-free under Section 80D of the Income Tax Act.
No Claim Bonus
This is very important. If you are staying fit and healthy, health insurance plans reward you with ‘No Claim Bonus’. If you do not make any insurance claim during your policy period, insurance companies give ‘No Claim Bonus’. Insurance companies reward you with a discount on your next premium when you go for renewal. The discount can keep increasing every year depending upon on your health status and your premium could come down substantially.
Why Insuremile ?
The most important differentiator is InsureMile’s ‘Buy A Policy, Feed A Child’ mission For every policy you buy, InsureMile on your behalf contributes 25 meals to a child. You are thus becoming part of a Social Movement to eradicate hunger among children in India. There is no additional amount to be paid for the social cause. It is part of the premium. You can claim tax benefits for the donation you have made.
Key features of a critical illness health insurance policy
Critical illness health insurance policies cover a specific purpose and should therefore offer have some key features – Depending on insurance providers, there is an applicable waiting period after diagnosis before compensation is paid out. – The best critical illness insurance plans offer a sum assured as a lump sum payment post-hospitalization. – When applying for a critical illness health insurance policy, ensure all the pre-medical check-ups required are done accurately to avoid disqualification on a technicality. This is also mandatory for people over 45 years of age. – Compare critical illness insurance plans online and get one that offers day care procedures cover. This will cover patients undergoing kidney dialysis treatment. – Understand what is covered in your health insurance policy and what is not. Online critical illness insurance providers do not offer pre-existing disease cover unless a certain period of time has elapsed on your policy without interruption. It is also practical to know the number of medical conditions covered. – Ensure your health insurance provides a list of cashless network hospitals where emergency treatment can be availed hassle free. – While requesting for critical illness insurance quotes, consider insurance providers who have a daily allowance benefit to cater for the income the policyholder is losing. – A critical illness health insurance plan with a low waiting period so as to reduce the amount of money that you may have to spend before reimbursement – Request for a critical illness insurance quote that has the most affordable premium. While doing so remember that the cheapest insurance policy is not always the best
Exclusions of a critical illness health insurance policy include
– Illnesses that are caused by lifestyle choices such as substance abuse and smoking are not covered. – Enhancement surgeries such as breast lifts or ailments resulting from such procedures are not covered by this health plan. – Dental and infertility treatment is not covered by a critical illness insurance policy. – Diagnosis within the first 90 days from the date of policy inception. – Treatment sought outside India.
Why is it important?
As the patient is critically ill or is diagnosed of some ailment which requires long duration of hospitalisation and constant monitoring, the Insurance Plan takes care of the bills as and when the patient has to go to the hospital. Different insurance companies provide critical illness plan to different ailments, so it is better to check out which plan suits you or the patient. As hospitalisation is expensive and regular visits may cost huge sums of money, it is better to take the plan and cover against high costs of medical treatment.
How to claim?
At the time of hospitalisation, send in your details to the hospital. The Insurance company will ask for additional documents such as medical records, diagnostic records, original policy document and identity proof such as PAN or Aadhar cards.
Why buy insurance on InsureMile online platform?
● Because enquiry about insurance quotes, buying of insurance and other transactions are simple, transparent and competitive on InsureMile platform ● Because InsureMile does not ask you for your phone number or email details, thus you are not harassed by unwanted calls or mail. ● Because InsureMile will guide you, whenever you need any assistance
Advantages and exclusions of critical illness insurance policy
Critical illnesses are diseases and conditions that include but are not limited to cancer, stroke, organ transplants, and kidney diseases among other health conditions. Critical illnesses are expensive, disruptive to one’s way of life and may lead to disability. A critical illness health insurance policy helps you to mitigate such emergencies which if unattended would be fatal by providing an affordable illness plan. A sum of the assured amount is paid to the policyholder by the insurance company if diagnosed with a critical illness. The best critical illness health insurance plans cater to hospitals costs and the long recovery periods required.
Advantages of a critical illness insurance policy
– A critical illness insurance plan protects your savings and protects you from financial ruin brought about by illness. – Most health insurance providers offer financial aid during the recovery period. This facility is not available with other basic insurance policies. – A policyholder with a critical illness insurance plan also enjoys tax relief similar to other insurance plans. – As per online critical illness insurance information provided by most insurers, a policyholder enjoys free regular check-ups. – A critical illness health insurance plan is renewable.