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A critical illness or terminal illness cover in medi-claim is designed to offer financial protection to the policyholder in case he/she gets diagnosed with a life-threatening health condition. A few examples include cancer, heart stroke, lung disease, and more. In such cases, the disease or illness is likely to result in death and therefore it is termed fatal or critical illness.
It is inevitable then that the treatment duration and process for such health conditions lasts for a long time, sometimes for the entire life of the patient. It is therefore bound to be highly expensive and sometimes even unaffordable for the patient’s family.
To help provide financial protection to the family in these times, most insurance companies offer a critical illness cover. This cover benefit is either provided in conjunction with a term insurance or life insurance policy or as an add-on rider benefit with the base health insurance plan to the policyholder.
As is evident from the name, a critical illness cover is designed to provide financial aid to the insured in the case of a severe or terminal illness with a probability of death. Most critical or terminal illness covers offer protection against a number of critical illnesses, some of which include:
All of the above conditions are likely to threaten the life of an individual and hence require timely treatment. The time taken for the condition to be treated might extend beyond expected and therefore it is imperative for everyone to buy health insurance with critical illness cover to insure the life of their loved ones.
In the above section, we had the terminal illness cover explained in detail. Now let us take a look at everything you need to know about terminal and critical illness covers before buying one in your health insurance plan:
Similarly, the insurance company would also provide for a survival clause. Under this plan, the insured is required to survive or stay alive for at least 30 days after the disease has been diagnosed. It is only upon completion of the 30-day period that the policyholder can file a claim. It is imperative to check for both these clauses before buying the critical illness cover.
A common question that is bound to arise in the mind of a policyholder is whether a critical illness cover is the same as a terminal illness cover or different. Part of the confusion stems from the fact that the terms ‘terminal illness’ and ‘critical illness’ are sometimes interchangeably used.
Here we understand the difference between critical illness and terminal illness and how the two health insurance covers are different too. The prime difference between the two types of covers is that a terminal illness cover is issued to the policyholder when the diagnosis suspects the life expectancy of the patient to be even less than a year.
On the other hand, a critical illness cover is designed to offer financial protection to the insured only in case of a critical health illness. A few examples would include a specific prolonged injury or serious illness, the treatment of which is bound to be prolonged.
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A critical illness cover is your key to unlocking a healthier future for your family and loved ones in case of any untoward mishap. To look for some affordable deals on the best critical illness cover, visit PayBima.
Also read: First Salary Gift for Yourself a Health Insurance Plan via PayBima’s Khushi Ka Tohfa | Individual Health Insurance Plans, Features, Coverage, Exclusions and Waiting Period | Cancer insurance plan checklist 2023: 10 factors to consider before buying cancer health insurance policy in India
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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