Critical Illness (CI) is an interloper which will take a toll on your health and financial planning. Cancer, heart failure, paralysis, etc., are a number of the foremost common critical illnesses that are prominent among both men and ladies. The worst a part of such diseases is that the treatment cost can cause a deep hole in your pocket.
So, how does one mitigate the situation? Well, the solution is straightforward, purchase a comprehensive insurance that gives coverage against critical illnesses. If your existing policy doesn’t cover them, you’ll must purchase a separate critical insurance.
Today, many insurance companies offer different insurance policies, and if you’re a first-time insurance buyer, choosing the proper critical illness plan are often confusing. So, during this write-up, we discuss some tips to assist you select the correct plan. understand how The Critical Illness Insurance Plan Works once you buy any sort of medical insurance, you want to understand how the plan works. Generally, under the critical illness plan, the insurance underwriter pays a payment amount if you’re diagnosed with any of the critical illnesses covered by the policy.
The amount you get is fixed, and you get the total sum insured, regardless of the particular treatment cost. this implies you’ll use the number to pay off the treatment expenses, and if you’ve got surplus, you’ll be able to use it to pay off your debts or the other purposes you wish. Check the premium Premium is that the amount you pay to the insurance firm at specific intervals to stay your insurance policy active. The premium may vary supported several factors like policy tenure, sum insured you select, age, medical record, etc.
You can use the insurance premium calculator available on the insurance company’s website to compute the premium for the plan you decide on. This way, you’ll choose a concept that protects you from financial losses within the future and is simple on your pockets. remember of the exclusions Before you sign the policy documents, you need to check the exclusions in your critical insurance policy. Exclusions are situations where the insurance firm isn’t prone to pay money for the medical expenses. you need to bear in mind of the various conditions and also the medical procedures that the policy doesn’t cover. Critical illness policies like Kotak Secure Shield offer maximum coverage with minimal exclusions. Ask the insurer about the waiting period Every insurance policy incorporates a certain waiting period. It refers to the amount where the insurer isn’t vulnerable to pay money for your medical expenses. after you buy a critical contract, you need to ask the insurer about the waiting period.
Generally, critical insurance policies have a waiting period of 90 days from the commencement of the policy. Also, there may be a waiting period for pre-existing diseases which may range from four months to four years. Hence, it’s better to shop for a CI plan that has the bottom waiting period. understand sub-limits Sub-limit is one amongst the important features you need to consider while buying CI plans. Generally, CI plans have a sub-limit on the room rent or the bed charges and sub-limit on treatment of specific diseases.
Sub-limit is actually the utmost compensation the insurer is susceptible to buy specific expenses.
Let us understand this with an example.
Let us assume your policy contains a sub-limit of 10% on the space rent. Now, after you get admitted to the hospital, suppose the daily room rent isRs.1000 per day. after you file an invitation, the insurer can pay onlyRs.900 per day. The balance amount you need to pay from your pocket. Critical Illness Insurance A Necessity for dead view of the rising medical inflation and therefore the growing risk of affected by various lifestyle-related diseases, it’s better to own a financial cushion. The treatment of critical illnesses is pricey, and it can drain off your entire savings in one go.
Hence, it’s advisable to buy a critical illness policy. you’ll check the big selection of plans offered by Kotak General Insurance that are comprehensive with affordable premium and wider coverage benefits.