Critical ailments not only affect our bodies but also impact our finances. Though medical technology is developing, treatment costs are rising swiftly. Hence, being prepared for this by purchasing critical illness coverage is a great decision. Critical illness cover in health insurance provides additional financial protection in the case of serious medical emergencies, such as heart disease, stroke, cancer or organ transplant. A critical illness policy allows policyholders to focus on their health instead of getting worried about the high cost of the treatment. After all, living a peaceful and enriching life is the main aim of an individual. So, let’s explore what’s included in critical illness insurance, as well as what it is, how it works and its benefits.

What is Critical Illness Cover?

A critical illness policy in health insurance provides coverage against different types of life-threatening diseases and lifestyle-related conditions, such as heart attack, cancer, stroke and organ failure. Such diseases are generally covered in traditional health insurance plans concerning hospitalisation expenses. Critical illnesses need complete treatment, and regular hospital visits impact your finances. Therefore, purchasing a critical illness policy as a rider for additional healthcare coverage is essential to get the lump sum amount when diagnosed with a critical illness.

How Critical Illness Does Work?

Critical illness cover in health insurance works as a policy in which you make premium payments to the insurance provider for a specific duration. By paying the premium, you can get critical illness coverage for several medical treatment costs, which include pre- & post-hospitalisation treatment, day care treatment, ambulance charges and regular doctor consultations. In the case of hospitalisation, you can either choose a cashless claim at the network hospital or opt for a reimbursement claim if the treatment is at a non-network hospital. 

Remember, a critical illness insurance policy usually doesn’t provide coverage if you are already diagnosed with a life-threatening disease while purchasing the plan. 

What’s included in a Critical Illness Cover Policy? 

While critical illnesses covered could vary by insurance company and policy, here are some of the common life-threatening diseases that a critical illness cover policy includes. 

• Cancer
• Acute Coronary Syndrome
• Major Organ Transplant
• Brain Tumour
• Blindness
• Heart Attack
• Coma
• Kidney Failure
• Liver Failure
• Open Heart Surgery
• Stroke
• Traumatic Brain Injury

Benefits of Critical Illness Cover

Now that you know about critical illness insurance and what serious illnesses are included in it, let’s understand its key benefits.
Covers Life-threatening Diseases: Critical illness insurance provides complete coverage for life-threatening diseases, including cancer, heart diseases, stroke and major organ transplants. These diseases may impact a person's health and lifestyle.

• Provides Lump Sum Amount for Treatment: A lump sum payment when diagnosed with a covered critical disease is one of the key benefits of a critical illness cover policy. The insured person gets a lump sum amount that may be used for managing medical care and rehabilitation.
• Covers Expensive Medical Treatments: A critical illness cover in health insurance provides coverage for several medical treatments. It covers medical expenses, which include in-patient care, pre- & post-hospitalisation costs, ambulance charges, day care treatment, OPD costs, chemotherapy and radiotherapy.
• Provides Shorter Waiting Period: Unlike regular term insurance plans, a critical illness cover policy generally provides a shorter waiting period for certain diseases. Hence, policyholders may get healthcare and financial support quickly after the diagnosis of a covered critical illness. The shorter waiting period makes critical illness coverage more beneficial in getting timely support.
• Provides Tax Benefits: Critical illness insurance allows policyholders to claim tax deductions on the premium paid towards the policy under Section 80D of the Income Tax Act, 1961.

Conclusion

Getting critical illness coverage is essential even if you already have a basic health insurance policy. This is because your existing health insurance plan is not enough to provide coverage for the expensive medical treatment when it comes to dealing with critical ailments. Hence, choose the right critical illness policy to get complete financial support in times of need.
 

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