What are the features of Critical Illness Insurance?

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The recent virus outbreak and pandemic have proven how precious life is. Just like the pandemic and several other diseases, patients are dying without proper medical treatment, not due to lack of medical facilities, but the biggest reason for that is- avoiding treatment due to unpayable medical bills. Due to the lack of a proper insurance scheme, patients are turning their backs away from their lives. Sadly, people’s mindset has become like- it is better to die without treatment than to live with debt. Gladly, this condition is going to change soon. Patients do not need to worry about bypassing treatment anymore with the Critical Illness Insurance scheme.

What is a Critical Illness Scheme?

Critical illness is a policy that covers around 30-45 conditions if a person is diagnosed with one. It covers heart attack, heart surgery, stroke, cancer to blindness, loss of limbs, coma, etc. Cover and definitions may vary from company to company.

Features of Critical Illness Scheme:

  • Wide range of condition coverage: 

Critical condition covers up to 30-45 types of different disease conditions. Heart conditions like heart attack, cardiomyopathy, stroke, cardiac arrest; surgeries like open-heart surgery, heart valve replacement, coronary artery by-pass graft, open-heart surgery, major organ transplant, removal of the eyeball, loss of limb, third-degree burn, brain injury, respiratory failure, kidney failure, liver failure blindness; neuronal diseases like Parkinson’s disease, Alzheimer’s disease, coma, dementia, paralysis, motor neuron disease; other conditions like- aplastic anemia, HIV, cancer, bacterial meningitis, and few other diseases.

  • Different from Life Insurance:

Life insurance is a contract between an individual and an insurance company. The person has to deposit premium payments promptly, and in exchange for that, the insurance company pays a lump sum of money (known as the death benefit) to that person’s beneficiaries after their death. The beneficiaries can spend the money however they want. Life insurance does not cover any medical bills at all.

Whereas, critical illness scheme covers the treatment cost of any critical conditions. The insurance can provide financial protection to the policyholder’s dependents on the diagnosis of a critical illness or the policyholder’s death due to a critical illness.

  • Wide range of expense coverage:

Critical illness poly covers the following areas too-

  1. Cost of care, treatment bills, hospital bills, medicines.
  2. Pay for recuperation aids.
  3. Replacement of lost income due to decreasing ability to earn by the policyholder.
  4. Provide funds for a lifestyle change.
  • Easy to sign up:

Critical illness policy can be included in the life insurance policy. The critical insurance policy can be taken out for family protection as the policy is not tied to the policyholder’s mortgage.

To know more about the Critical Illness Insurance scheme, discuss with your insurance company to choose the best plan for you and your family.