What do you understand by a critical illness? – A critical illness refers to life-threatening chronic illnesses and lifestyle diseases such as cancer, stroke, paralysis, liver disorders, kidney failure, and other ailments.
Recently there is a sudden rise in cases of critical illnesses in India due to changing lifestyles, pollution, hectic work schedule, and other environmental factors. Besides causing harm to your health, these illnesses also pose a threat to your hard-earned savings since treatment for such diseases is expensive and often recurring.
A critical illness insurance plan offers financial aid if you are diagnosed with any of the critical diseases mentioned under the policy. Now let us tell you more about its benefits, importance, and how it works!
Importance of Critical Illness Insurance
Apart from the physical distress, your mental peace is also disturbed when it comes to costly medical expenses incurred from critical illness treatment. So, to help you understand the significance of critical illness insurance, we have mentioned a few points below:
On being diagnosed with a critical illness covered under the policy, your insurance company will pay you a pre-fixed amount. You can use this amount to take care of medical and other healthcare expenses while recovering from the illness.
While suffering from a major critical illness, there are chances that you may not be able to work. And this could affect your ability to earn and provide financial support to your family. Receiving this amount in bulk from your insurance company may help you cover your expenses.
Compliments your health insurance policy
Health insurance is the most recommended and effective financial protection against high medical expenses. Having a critical illness plan on top of your regular health insurance will provide you with a wider safety net in case of being diagnosed with a critical illness. With this, you can also manage your non-medical expenses more effectively.
Access to quality treatment
Treatment for critical illness is generally costly and may require recurring treatment for a prolonged period. Having a critical illness insurance cover in place will help you access the best of healthcare treatment at an affordable price.
Common Critical Illnesses Covered Under Critical Illness Policy
A list of common critical illnesses that are usually covered under a critical illness insurance policy is as follows:
- Multiple Sclerosis
- Muscular Dystrophy
- Kidney Failure
- Heart Attack
- Major Organ Transplantation
- Major Burns
Please read the policy document carefully to understand what all illnesses are covered under a specific plan as it varies from insurer to insurer.
How to File a Claim for a Critical Illness Policy?
Claims for critical illnesses can be filed in the below 3 steps:
Step 1: Once you are diagnosed with a critical illness that is covered under your policy, inform your insurer and register a claim.
Step 2: Submit the necessary documents to file a claim.
Step 3: Based on the terms of the policy and the submitted details, the insurer will either accept or decline your claim.
We hope this detailed article on critical illness insurance was helpful to you. If you want to purchase the critical illness policy or wish to explore more plans, you can download our Bajaj Finserv.
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