Critical Illness Cover And Why You Need It?


Our sedentary lifestyle has increased the risk of falling ill. And, with every passing year, healthcare is becoming increasingly expensive. Even if you are healthy, an unexpected health crisis can always knock on your door.

This is why it is important to stay prepared beforehand in order to deal with financial needs efficiently. This is why taking critical illness insurance is imperative. In this blog, we will tell you everything you need to know about this health insurance policy.

What Is Critical Illness Policy?

Critical illness is defined as a life-threatening illness that hinders your ability to work regularly, comes with temporary/permanent disability, or comes with significant risk to life. Generally, a medical insurance plan does not cover critical ailments. Moreover, the cost of treating such diseases can be exorbitant. And critical insurance policy aims to cover such serious and expensive ailments.


What Type of Illnesses Are Covered Under This Health Insurance Policy?

The type of critical illness covered varies from one insurance company to another. A majority of insurers would cover between 8 and 20 major critical illnesses. Some of the common illnesses include:

  • Heart attack
  • Bypass surgery
  • Stroke
  • Aorta surgery
  • Kidney failure
  • Heart valve replacement
  • Paralysis
  • Organ transplant

The coverage of a critical illness insurance plan could go anywhere from Rs. 1 lakh to Rs 1 crore, or even more.

What is Not Covered in Critical Illness Insurance Plan?

Critical Illness plans only payout on diagnosis or for treatment of only a set number of diseases. Anything that is not specifically mentioned in the plan is not covered in your critical illness plan.

What Is A Waiting Period?

In order for individuals to claim critical illness insurance, they have to survive (for example) 30 days within the diagnosis of the illness; this period is known as the waiting period. Additionally, there is also 90 days of waiting period after you have taken the policy. Therefore, diagnosis of illness within 90 days of the policy and death within the 30 days of the diagnosis will not be covered by the health insurance providers.

Who Needs A Critical Illness Policy?

A lot of critical illnesses are hereditary. So if there is a family history of a critical illness, then there is a great risk of transfer of the same. People who are the sole breadwinners of the family should also get this insurance policy. This way, the family will not have to struggle financially to get the right treatment.

Another group who should consider this policy is the one who works in high-risk jobs. Lastly, people above the age of 40 are more vulnerable to contract the critical illness. Therefore, they should consider taking critical illness insurance with good coverage.

By having good coverage critical illness insurance, the insurer can focus on getting well peaceful instead of being stressed out by medical bills.