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Critical illness Insurance is the cover which provides financial protection in case of critical illnesses. Critical Illness insurance as it name suggests provides financial compensation only in case of critical illnesses and not for any other illness.
People believe that Critical Illness Insurance and Health Insurance policy are one and the same. It may look similar to health insurance but they are different in nature.
Critical Insurance Policy which is not reimbursement plan in fact it is a benefit plan. In Health Insurance whatever amount you spend on your hospitalization it gets reimbursed according to the sum insured of the policy.
In case of Critical Illness Insurance you will not get reimbursement but you will be given entire amount for which you are covered. A person has Critical Illness Insurance policy of Rs. 1 lac, and he gets heart attack then in that situation he will receive entire amount what he is insured for that is Rs.1 lac irrespective how much he spends on treatment.
It is an Insurance cover which provides financial protection in case critical illnesses such as Cancer, Heart Attack, Paralysis, Kidney Failure, Coma, Accidental Death, Major Burns, Major Organ Transplant etc. and at the time of claim policy provides you lum sump payment.
Most of the insurance companies in India are providing critical illness insurance as an addition to the Life Insurance, Health Insurance policy with the payment of additional premium. This enables them to add value to their insurance product.
As a customer he has two choices for Critical Illness Insurance cover first that is standalone insurance product or else he can opt for health insurance policy with critical illness rider. Critical Illness is the kind of insurance where medical test is compulsory irrespective the age of customers.
In India there are many insurance companies such as ICICI Lombard, Bajaj Allianz General, Tata AIG General, Reliance General which offers great critical illness policies. Apollo Munich Health Insurance provides Critical Illness cover as an added features in its Health Policy its self.
If you are not sure whether to go for standalone Critical Illness product or Health policy with Critical Illness Rider you can always take advice from agent or Insurance Broker.
Know more about Critical Illness Products in India.
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