16 NOV 2016
How Critical Illness Insurance Policy Is Different From Mediclaim?
Mediclaim – it’s different from a critical illness plan!
Mediclaim is health insurance, and critical illness is loss of income insurance.
Mediclaim is good, but not good enough.
You have bought a medical insurance plan. So you feel that you have protected yourself against the financial damage that a critical illness will result in. You are right, but only partially. A medical insurance will only take care of the hospitalization expenses. Which means that, say, you suffer a cardiac arrest and need to undergo a surgery through the CABG(Coronary Artery Bypass Graft) procedure. The cost of the surgery, including the procedure,tests, and hospital stay is Rs.2 lacs. This part of the treatment would be covered by the medical insurance. However, once you are back at home, you would need rest and a lot of medication. This will mean expenditure as well as loss of income as you may have to take time off from work for a short period. The medical insurance is not going to cover this. During this period, your home loans need to be kept regular. Your utility bills and maintenance expenditure will not change or diminish. Your child's school fees cannot be compromised on. All this will require money.
What is a critical illness plan?
That's where a critical illness plan comes into the picture. A critical illness plan is very different from mediclaim. It steps in after medical insurance has stepped out; in the sense that it helps you once you are out of hospital and recovering at home. This is the period when you have expenses and no income. This will put undue stress on you and the recovery will be that much more difficult.
Also, the claim amount is paid on the diagnosis of a critical illness. This ensures that as soon as you are diagnosed with a critical illness like kidney damage, you will get money which you can use to make payments for out-of-hospital expenses like travelling from your home to the hospital for a surgery or making an advance deposit in the hospital.
Edelweiss Tokio Life – Criticare+
Edelweiss Tokio Life – Criticare+ is a critical illness plan which has various features. Firstly, it covers 17 critical illnesses like burn injuries, motor neurone disease, stroke, blindness, and organ transplant etc. These critical illnesses are divided into four groups. There is a multiclaim option wherein you can claim upto three times provided each time the disease is from a different group.
In today's world, despite advancements in medical science leading to better life expectancy, we still regularly keep hearing about young men and women having to face critical illnesses like a cardiac arrest or cancer. There are more organ transplants today than ever before in the history of medical science. Such critical illnesses will reduce your ability to continue being gainfully occupied and may severeley dent your income-earning capabilities. Also, there may be added pressure on you due to some medical expenses that may be excluded from the medical insurance cover.
Having a medical insurance policy is good, but not good enough to cover you against the loss of income that follows a critical illness. Buy Edelweiss Tokio Life – Criticare+ and stay protected.
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