Monday, May 23, 2016

How critical illness insurance can help one bounceback from a critical illness?

When choosing a mediclaim, it is also important to consider the factor of critical illnesses. A critical illness not just affects the health but leads to massive expenses that can financially impact the entire family. A critical illness is therefore capable of exhausting your entire lifetime savings thus impacting the future plans of you and your family members.
An illness can affect anyone, even the fittest and the most health conscious person can be affected. Hence, it is important to consider mediclaim and a critical illness policy. Your mediclaim can help you pay a portion of the hospitalisation bills. But the treatment for critical illness is expensive  and sometimes the cost of the medicines may exceed the amount covered by your mediclaim. The amount may not even be considered for specific expenses such as prosthetics, physiotherapy etc. among other treatment requirements. In such cases, you may have to pay from your own pocket.
Buying a critical illness plan can help to overcome such restrictions. This kind of cover provides comprehensive cover against critical illnesses. You either can buy a critical illness plan as a standalone policy or  buy critical illness riders with a life insurance plan. The policy terms and conditions under both are similar. The choice between a standalone policy and a rider depends on one’s needs.
Usually, a standalone policy offers more flexibility in choosing the sum insured and provides higher cover as compared to riders. Also, the limit on sum insured for a rider is usually the same as the base policy.
Below are some differences between the two types of critical illness coverage
1. The Amount of coverage
A standalone policy provides more flexibility to decide the sum insured. However, critical illness rider, cannot exceed the coverage amount of the base policy. Hence, a standalone policy is a better option for people who require a higher amount of coverage.
2. Coverage

Standalone policy provides more coverage for critical ailments than any critical illness rider does.
3. Critical illnesses covered:

Some stand alone policies only cover a single critical illness like cancer whereas most riders cover multiple critical illnesses. However, there are stand alone plans which cover multiple critical illnesses like Edelweiss Tokio Life – CritiCare+ and Bharti Axa General insurance

4. Multi claim feature:

Most critical illness riders don’t have a multi claim option. Stand alone critical illness insurance plans like Edelweiss Tokio Life – CritiCare+ provide a multiclaim feature under which a policyholder can claim thrice.

Now that you are aware about the importance of a critical illness insurance plan, take an informed decision to secure yourself so that you can bounceback from a critical illness.


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