What Is Critical Illness Cover? - Features, Benefits and Claim Process

Being diagnosed with a critical illness means complete disruption of normal life and completely wiping away of a lifetime of savings. You become uncertain of your existence and added to this are worries regarding the security and future of those depending on you. So, what is the way out of this quagmire? Critical illness covers provide you and your family financial security for such times that come unannounced.

Critical Illness Cover

Do not let unforeseen circumstances shatter the long cherished dreams of you and your family but start planning for such occurrences well ahead. In most of the critical illness plans, you get a lump sum when the news of such an earth shattering health problem finally comes to the fore. 

With so many best health insurance in India providing their covers, it is necessary to compare the available features and then decide which one seems ideal in your current situation.

What does critical illness insurance cover?

Critical illness cover can give you and your family the needed cover when the going gets very tough. This may work as a standalone product or as a part of your existing life insurance policy. A number of different illnesses remain covered under this scheme, which may vary from policy to policy. However, stroke, cancer, bypass of a coronary artery, paralysis, and failure of a major organ are common to various available covers. You can use this in addition to your existing Mediclaim in order to get extra financial security when dreaded illness strikes.

Clauses for Use of Critical Illness Cover

Before you can use the critical illness cover, for dealing with the medical situation in your family it is necessary to understand the various clauses that detail its use. It is necessary to know that you cannot go for this plan to cover any congenital condition or diseases, which are pre-existing. Again, there is a specific waiting period mentioned in the plans only after which you become eligible to make the most of the inherent benefits. The survival clause associated with the critical illness cover provides policyholders a pre-determined benefit should he/she survives a definite period in the post diagnosis scenario. However, death waves off any claims to this end.

Remain aware of the various rules and regulations associated with the critical illness cover for making a strong claim when the time comes.

Number of Diseases Covered - Critical Illness Rider

When you are shopping for a critical illness cover one of the first things to look into is the number of diseases the policy covers. This may vary from as low as eight different diseases to as high as over twenty. Remember, based on this the premiums that you need to pay in order to avail this services may vary. Therefore, instead of bulk it is a better idea to delve into what your needs are and then make decisions based on that.

Claim Process for Critical Illness Insurance

Before you actually zero in on a particular critical illness cover, it is necessary to know clearly, what the claim process of the company is like. If it seems complicated, a maze of various procedures it is a good idea to remain away from such covers. An ideal cover is the one that gives a detailed way to get your due in clear and precise language so as not to leave any doubts in your mind.

There is no doubt, that a sturdy critical illness cover can help you to tide over difficult health and financial condition and give your family something to fall back on. However choosing well is the key to success. With so many choices available in the insurance market and each company luring you with their high-featured schemes, this is not going to be much difficult. Even then, do not forget to take your time!

 

[Source: http://www.policybazaar.com/health-insurance/critical-illness-insurance/articles/what-is-critical-illness-cover-features-benefits-and-claim-process/]