Most people have to face diseases like cancer, heart stroke, hypertension and diabetes due to changed lifestyle and genetic reasons. Here people need a separate insurance plan for serious diseases because it is difficult to cover all the expenses in the Basic Health Insurance Policy. Serious diseases go on for a long time, which increases the financial burden. In such a situation, it is very important to take the Critical Illness Insurance Policy along with the Basic Health Insurance Plan. You will have to pay a lower premium for taking coverage for serious diseases at an early age, in which case it should be taken at an early age. Tax deduction is available under Section 80D on the premium paid.
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This is how the Critical Illness Plan differs from the Health Insurance Policy.
Critical illness plans (CI plans) are very different from basic health insurance policies. Under the Critical Illness Plan, the entire sum insured for the treatment of a serious illness is available, which can be used for treatment and care costs. Even your debt can be repaid by this. However, some insurance companies pay 50 per cent of the sum insured in some cases like angioplasty. In contrast, the Health Insurance Plan is an Indemnity Plan which covers only those expenses which have been incurred.
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Important things about the Critical Illness Plan
- If an insured has more than one critical illness policy from insurance companies, then all insurance companies will give full insurance.
- 10-20 major critical illnesses are covered under this plan. At the same time, some insurance companies provide cover for 40 serious diseases under this type of plan.
- These plans cover Cancer, Coronary Urinary Bypass Surgery, Heart Attack, Stroke, Kidney Failure, Aorti Surgery, Heart Valve Replacement, Major Organ Transplant and Paralysis.
- This type of plan can also be purchased as a rider along with life or health insurance plans, but if you take a separate CI plan, you will get more flexibility ie that you will be able to take a better decision on the sum insured and the cover. Generally, under the rider, you get only as much cover as the base policy.
- The Critical Illness Insurance plan should be taken at a very early age to pay a lesser amount as a premium. Another disadvantage of buying this type of plan at an older age is that then you can get coverage only for less diseases.
- Various insurance companies have fixed a fixed period for a claim after treatment for critical illnesses or after purchasing a policy such that some insurance companies give coverage amount after 90 days of purchasing the policy and 30 days after the treatment of critical illnesses. Gives a chance of claim upon surviving till.
- Some insurance companies also provide coverage for treatment abroad.
(Source- Maxlife Insurance)
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