health insurance

Things You Should Know Before Buying Critical Illness Policy


As life is unpredictable, the only mantra you can follow is always to be ready to fight anything. A standard health insurance policy protects you financially if you end up in the hospital.

On the other hand, a critical illness cover helps if you are diagnosed with a life-threatening illness like cancer, a stroke, kidney failure, paralysis, or other similar conditions. *

Even though health insurance for individuals is enough to cover hospital costs, it may not compensate for the loss of income and savings due to a severe illness that takes a long time to treat. *

What is Critical Illness Insurance?

A critical illness insurance policy is a type of health insurance that gives you a lump sum payment if you are diagnosed with an acute disease that your insurer covers, such as a heart attack, stroke, etc. The amount of diseases covered by an insurance plan varies from company to company.*

In addition, you need to know a few other things before buying critical illness insurance:

1. Number of diseases covered:

Different insurance companies cover a different number of serious illnesses. Cancer, strokes, and heart attacks are usually covered, but not all insurance companies pay for Alzheimer’s, deafness, and other disorders. Because of this, you should always ensure that your critical illness insurance covers all the diseases you could get.

Also, it’s essential to know that only some companies pay out once based on the Critical Illness mentioned in the policy, and even fewer companies pay out more than once based on the stage and severity of the illness.

2. Survival period:

A critical illness policy has a survival period of up to 30 days or less, which means that the person with the sickness must live for at least that long after the diagnosis. This also differs from one insurance company to the next and can take up to 60 days.*

3. Waiting period:

The waiting period denotes the number of days or years that have to pass before the user can get coverage for a critical illness. Always find out how long you have to wait before you can file a claim. If you do so before that time, you won’t be covered.*

3. Pre-existing diseases:

Some insurance companies will cover pre-existing diseases after you’ve had them for 3–4 years, but few won’t.*

So, what is the difference between health insurance and critical illness insurance?

Unlike a health insurance plan, the main goal of a critical illness policy is to pay you and your family if you are diagnosed with a critical illness, no matter how much it costs to stay in the hospital. A critical illness rider can be built into a health insurance plan or added as an extra. Critical Illness coverage can also be bought as separate insurance.

In addition to the abovementioned things, you should consider your age, your family’s medical background, your current financial situation, and how the company handles claims. With the health insurance premium calculator, compare the insurance benefits and costs to

protect your family against all the financial problems from such illnesses.*

Subscribe to Bajaj Allianz General Insurance YouTube Channel here!

*Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

Leave a Reply

Your email address will not be published. Required fields are marked *

personal loan Previous post How to get a starter loan with no credit?
accounting services for small businesses Next post Five Accounting Tips for Every Small Business Owner