While purchasing a critical illness benefit, following points should be kept in mind:

• Figure out how you want the critical illness benefit - whether as an add-on benefit along with a basic benefit or as a standalone cover. Also, determine if you require a core benefit or an accelerated benefit
•  Read the brochure and the key features document carefully to understand what is covered and what is not under the policy
  
•  Shop around and weigh the benefits vis-a-vis price among insurers offering the benefits. The cheapest policy may not always be the best; it may not cover most of the illnesses
  
•  Check whether the premiums are guaranteed or reviewed periodically
  
• Check for the waiting period and survival period - lesser the period, the better
  
•  It pays to be honest and disclose any existing illnesses. This may lead to higher premium, but would be helpful at the time of lodging a claim
  
• It is important to disclose all material facts to the insurer at the time of application. During a claim, if the insurer detects suppression of any facts that would have influenced the insurer in underwriting the application, the insurer may not only repudiate the critical illness benefit, but also cancel the existing base policy.

 To understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need. Or you can directly call them on +91-22-30503050

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