One of the reasons why critical illnesses have such a scare around it is because it can reduce your ability to work for years. Hence, preparing for an unforeseen illness is not just logical but, the need of the hour.
Critical illness insurance not only helps to safeguard your finances, but, it also ensures that your family does not have to suffer the consequences of both – your illness and your absence. However, be. The best way to make provision for such situations is through critical illness insurance.
While choosing the critical insurance plan, it is also important that you take into consideration the various conditions that govern the policy. In this article, we will take a look at some of the most important factors that you should be aware of in order to buy the best critical illness policy.
Three main factors govern this policy; they are:
- Survival clause
- Sub-limit on specific treatments
- Scope of coverage
Let’s take a look at these three aspects in detail, below:
The survival clause:
While critical illness insurance offers you a lump sum amount once you are diagnosed with a disease. The insurance doesn’t require you to submit any proof of hospitalisation; it does require other things. One of them is your survival. The survival clause requires you to live on for a minimum of 30 days. If because of an unfortunate event, you are unable to survive for 30 days then, the policy lapses and no benefit can be availed.
Hence, while selecting a critical illness insurance plan, you must make a note of these terms and conditions.
The limit on treatments:
While many critical illness insurances offer no limit, whatsoever on the treatments, some do. While buying a critical illness plan, it is important to understand the kind of coverage that the policy offers you. If the policy has a sub-limit on the main treatments, then, it is best that you look for another one. You must always opt for critical illness insurance that offers you full coverage from the time you are diagnosed until the time you have fully recovered and healed of the disease. Always look for a full-sum assured policy.
The scope of coverage:
Another important aspect to look for while buying a critical insurance plan is – the scope of coverage. Some policies offer coverage on only limited illnesses. This varied from insurer to insurer. Hence, you must see which diseases your policy covers. While checking this, also take into consideration your family medical history. If your immediate family has experienced severe diseases in the past, then see if this policy covers them.
With our hectic and challenging lifestyles, you must opt for critical illness insurance that offers you a good financial cover.
