2020’s ongoing pandemic outbreak has taught a range of lessons to one and all. But what becomes the most important lesson is how the world is at an increased risk of falling prey to lifestyle diseases. This calls for the significance of a second health insurance plan, even if you have a Mediclaim. People suffering from non-communicable diseases like heart diseases, cancer, and cardio-vascular ailments might require a critical illness insurance plan. Let’s learn further!
An Introduction to CI Plan and How It Works
Although it sounds similar to financial insurance like Mediclaim, it works in a different manner. This health insurance plan pays a massive amount of money, which is equal to the sum insured. The insured receives the payment on acquiring severe ailments like stroke or cancer.
The critical illness insurance policy offers a beneficial amount for paying the total cost of treatment and care, recuperation expense, and debt (if any). The insured individual can have more than just a single CI cover, although the specific number of critical illnesses might vary from one to another. The most crucial critical illness that it covers includes:
- Coronary artery bypass surgery
- Heart attack
- Kidney failure
- Aorta surgery
- Heart valve replacement
- Organ transplant
- Paralysis; and more
Understanding the Amount of Money Required
Although borrowing from relatives or breaking significant investments can be considered, it is always better to achieve it independently. And investing in a CI policy will be sufficient. Additionally, suffering from a chronic disease can affect the earning potential of the individual. Depending on a couple of factors, the cost of CI is not that expensive. But for this reason, it is fundamental to consider a couple of factors, including:
- Family history
- Job type
- Medical inflation, and
Things to Learn about the Waiting Period
A distinguishing feature of a CI plan is that an insured individual requires surviving for at least 30 successive days (and few also have zero or even 28 days) after the critical illness gets diagnosed to make a claim. On a further note, there is a 90 days waiting period at the commencement of the policy. When a critical illness gets diagnosed within the first 90 days & the patient dies within 30 days after the diagnosis, the benefits do not get covered.
Benefits of a Critical Illness Insurance Plan
Here’s your list of pointers to understanding how a CI plan can be a significant help.
- A CI plan offers additional coverage for serious medical emergencies, including heart attack, cancer, or stroke!
- Since this illness incurs greater than the average medical expense, the policies pay the cash to cover overruns where the traditional health insurance falls short.
- The CI policies are available at a low cost. However, instances covered are limited to only very few emergencies or illnesses.
Medical bills have proven to be a common cause of bankruptcy. Thus, choosing the crucial illness insurance plan will protect you from financial fears. As with insurance types, you have to look for a critical illness insurance policy that best meets your requirements and demands.