Various lifestyle disorders are not only becoming rampant in the present time, but also affecting the younger population more than ever before. Though changing the lifestyle habits and adopting healthier practices go a long way in keeping you fit, it is necessary to be at least financially prepared for any eventualities.
So, even if you have a family health insurance policy already, getting a critical illness insurance policy would be a sound decision on your part. After all, the higher cost of treatment for the critical illnesses are better covered by the latter. And, if you’re considering a critical illness plan, here are a couple of things you must know about it.
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Critical illness policy doesn’t replace family health policy
Critical illness policies offer lump sum payments when the policyholder gets diagnosed with a disease or ailment that the policy covers. It doesn’t cover daycare treatments, hospitalization expenses, and so on. While the critical illness policies complement your usual family medical insurance policy, it does not substitute that in any way.
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Critical illness policies have the survival cause
Health insurance plans have a specific waiting period, and the same goes for critical illness policies. However, the critical illness policies also have the added caveat of the survival clause. So, the survival clause becomes effective when you’re diagnosed with critical illnesses. Usually, there is a thirty-day survival period. However, there are several plans that don’t have this clause. You just need to look for a plan that is free from this clause.
Read the Policy Documents Thoroughly
If you’ve made up your mind about a policy, go through the details given in the policy documents. While doing that, pay close attention to the following factors:
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Inclusions
Different insurers provide coverage for different ailments. You can’t just look at the number of critical diseases covered under a policy and go for the ones that have the highest number. You need to know the precise definition of each disease for the insurer. For instance, a critical illness plan that covers cancer might only let you claim after the disease has attained a certain level of severity.
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Exclusions
Understanding what the policy does not cover is as crucial as knowing the illnesses that it covers.
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Claim Process
Know about the claim process in advance from your insurer because it will help you remain prepared beforehand. You need to learn which documents you need to submit and the formalities related to filing insurance claims.
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Benefits
Apart from understanding the core benefits of the critical illness plan, you should look into the added facilities that you will get from an insurer. Besides, it helps to figure out the benefits you can receive at the time of renewal for the claim-free duration.
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Coverage Age
Find out the age limit until which the critical illness plan covers you.
Summing Up
The lump sum amount that you will get from the critical illness plan will be of immense help in your time of need. So, if you still haven’t taken the policy, it’s high time you do. After all, the last thing anyone would want in such difficult circumstances is to worry about funds.
