Buying a critical illness insurance cover? Heres everything you need to know!

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15 Jun 2023

Critical Illness Insurance: What to Know.

The nature of life is based on a lot of uncertainties. Everyone wants to be prepared for situations that could put them in jeopardy, especially if it concerns one's own life or the health of a family member.

Buying health insurance is one such way of making ourselves more prepared for situations that could lead to an unplanned medical emergency. To many people's surprise, you can choose different types of health insurance plans according to your needs.

One such type of health insurance plan that is growing popular among the masses is known as 'Critical Illness Insurance.' This kind of health insurance provides cover against a medical emergency where one suffers from a critical illness, such as cancer, heart disease, paralysis, etc., that can threaten one's life.

Wondering how critical illness insurance is different from a regular health insurance plan? Health insurance generally covers the hospital expenses incurred during any treatments given to the policyholder or members covered under the policy. However, buying critical illness insurance provides additional benefits that a regular health insurance plan may not offer, such as:

  • Financial protection, especially in case of diagnosis of a life-threatening medical condition.

  • Cover against loss of savings and income that is caused due to long-term treatments of a critical illness, irrespective of the cost.

  • Coverage against critical illness can also be offered as an add-on or an inbuilt cover with your health insurance plan.

Benefits may also differ depending on the critical illness insurance plan that you choose to buy. Make sure to learn all details about different policies before you invest in one. You can know more before you buy health insurance by searching and comparing health insurance online.

A number of key factors should be considered when choosing critical illness insurance policies because they may vary from one to another:

  • The number of critical illnesses/diseases covered under the plan.

  • Survival period, that is, the period after the diagnosis of a condition that the policyholder must survive for.

  • Waiting period, that is, the period of days/years for which the policyholder shall receive coverage with regard to the critical illness.

  • Pre-existing diseases, as not all insurance companies offer coverage for them, while some may provide it after a waiting period of 3-4 years.

If you are looking to buy health insurance or a critical illness insurance policy, here are some essential aspects to keep in mind while purchasing one.

  • Learn all details about how the available critical illness plans work.

  • Go through the exclusions list of the critical illness insurance policy

  • Inquire about the Sub-Limit, as this is one of the main features of a critical illness insurance policy.

  • Look across different health insurance plans as well as providers to find the policy that provides maximum coverage.

  • Check the Maximum Renewal Age for the plan you wish to purchase.

Buying critical illness insurance is a solid way to safeguard against any serious health hazards. If you don't already have one, you can also buy critical illness or health insurance online. Nevertheless, ensure maintaining a healthy lifestyle as well!

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Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.