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How to Choose The Best Critical Illness Plan

  7/10/18 5:51 AM

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In today’s times, where the cost of healthcare is sky-rocketing, a critical illness plan becomes imperative.

A critical illness plan acts as an insurance cover in which you receive a lump sum amount, in case you are diagnosed with a critical disease listed in your critical illness insurance policy.

It takes care of your financial needs during the time of a medical emergency. There are several critical illness insurance plans available in the market, so it may become difficult for you to choose an appropriate one. While you are short listing few critical illness plans, here are a few things that you should definitely check:

1. The right critical illness cover amount

The average cost in treating a critical illness like cancer is Rs 20 Lac, for an organ transplant can vary from 15 lac 50 lac. These costs are not something you and your family will be able to arrange overnight. Hence, cover amount you choose becomes a critical aspect. You should take into account your medical history and present health condition before narrowing down on the right amount. Also, don’t miss out on considering the lifestyle you and your family members maintain currently because a critical illness will not only impact your health but also your working capability which may lead to a loss of income and savings.

2. The diseases covered:

When you take a look at a critical illness plan, look for a plan which covers multiple critical illnesses. Certain plans in the market may only cover cancer and heart disease. However, with the increase in stress levels and unhealthy lifestyles we can’t predict which diseases are going to be common in the near future. You can choose a standalone plan or a plan which provides accelerated benefit to secure yourself against a number of diseases.

3. Multi-Claim Option:

Our organs are connected to each other and hence when one key organ is affected there are chances for the others also to be affected. What happens if you get diagnosed by a critical illness twice? How will you cope up with the financial pressure?

A multi-claim option will let you claim thrice. So, you get a critical illness cover not just once but thrice on diagnoses of a second or third critical illness.

This benefit offers complete financial security against critical illnesses.

4. Limits on the cover provided

Critical illness plans are built to take care of all your financial needs during a medical emergency. However, some critical illness plans have sub-limits. If you have selected a cover of Rs 10 lac, there will a limit for medical tests, surgical costs, and hospitalization costs. Some critical illness plans will require you to actually wait for hospital bills, medical bills, etc. It is recommended you go for a plan which provides you the lump-sum amount on diagnosis itself.

5. Renewal limits:

Many insurance policies have a limit after which the critical illness plan can’t be renewed. Look for a plan which will cover you against critical illnesses for a longer duration.

Health is wealth and a critical illness impacts not just one but both of them!

Don’t take your health lightly! Protect yourself financially against critical illnesses today.

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