A critical illness insurance plan is necessary. Nowadays human is surrounded by stress, anxiety, pollution, depression, hectic schedules, etc. Due to this, many people are having health problems. Therefore insurance becomes important to them. But some diseases do not cover general health insurance i.e. critical illness like cancer, tumor, blindness, deafness, organ failure, heart attack, stroke, etc.
So critical illness insurance beneficial otherwise the expense is very huge which cannot be afforded by anyone.it comes into play when the insurance holder is diagnosed with any critical disease. The premium paid in this is generally less than the premium paid in general health insurance.
How To Choose the Best Critical Illness Insurance Plan?
Add-on or stand-alone?
The critical insurance can be taken in two ways. The first option is standalone i.e. taking a separate plan without any involvement of any pre-existing general health insurance plans. The second option is adding or pairing the critical insurance plan with the existing health insurance plans. Both ways an be adopted whichever is suitable for the person.
Standalone is more flexible than the pairing one as it offers a large cover.
When to buy a critical illness insurance plan?
Well, it is preferable to buy it at a young age as the premium goes on increasing with the increase in the age of the person as he or she becomes more prone to diseases.
Also, consider other existing plans which you have already take. it is important as any contradictions in the benefits or any overlapping will lead to confusion. Problems can be raised at the time of claiming the money.
Well, many companies provide special offers to women and senior citizens so that they can be more useful to them. Health insurance offers for women regarding diseases like breast cancer, cervical cancer, and ovarian cancer, etc. So before taking any health insurance check out these offers.
There are sub-limits in every insurance. I just depend upon the plan to plan. For example, you have a plan or INR 6 lakh, there will a limit of INR 3 Lakh for medical tests and the remaining INR 4 lakh for surgical or operations costs. Therefore before taking any plan, you should check these limits so that you can choose the best plan.
Limits on renewal
many insurance policies include renewal limits differs according to plan.generally, the minimum entry age is of 16 and the maximum entry age is of 65 with a maximum maturity age of 75.some have to limit to 50 years once the maximum limit passes, then renewability is not possible. although rules are different for senior citizens depends on which plan you have taken.
after signing to the policy, there is also a waiting period in every insurance policy. generally, the waiting period varies between 2 to 3-years after which they provide cover to these diseases.in between these periods, they would not consider any claim. a person should take a plan which had the less waiting period.it is advisable because you never know when will you need a medical emergency.
Before choosing any policy, we should also consider some points about the policy provider. First, check the claim settlement ratio. Don’t risk your investment with a policy provider whose claim settlement rate is not good. doing so you might risk your investment or have a problem while claiming the amount.
The next thing you should consider is the process of filing the claim. If the claim request process seems too complicated and comes with unnecessary forms and procedures, then it is advisable to take preventive steps.
to sum up, critical health insurance is very beneficial is all the above points are taken care of. we cannot predict the future. we can have a medical emergency at any time and their expenses are really very huge.
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