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Critical illness policy is a cover which provides a fixed sum after you are diagnosed with a critical illness covered under your insurance policy. You can opt to purchase a critical illness policy as a stand-alone policy or as a rider to your regular health insurance policy.
Critical illness (CI) serves as a valuable addition to the basic health cover in case you are diagnosed with a critical illness. While you may use your individual or family health insurance to cover hospitalization bills, you can gain a lump sum amount from the critical illness cover to fund other essential expenses related to your critical illness apart from best life insurance policy.
In this modern world of stress and sedentary lifestyle, critical illness can happen to anybody at any time. Additionally, when one is young and physically healthy, insurance premiums are cheaper since they are classified as low risk for critical illnesses like cancer and heart disease.
As one grows older, the health risks and as such, insurance premiums increase. If you wait till you are older to buy a critical illness policy, it may prove more expensive. This is particularly because there is a higher possibility of developing conditions like diabetes, high cholesterol and high blood pressure, which can lead to exclusions, denial of policies or higher premiums.
There are several kinds of insurance plans to opt for with regard to getting covered against Critical Illnesses. Many people have a life insurance plan and add the critical illness plan as a rider to the base policy. Some have a Stand Alone critical illness Plan. Some others may depend on a Hospitalization plan.
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Things to Know about Critical Illness Plans:
You need to know the following details about critical illness plans:
Choosing a Critical Illness Policy:
Besides a general comparison of insurers on the basis of market share, claim settlement ratio and reputation, experts recommend that policy documents must be studied carefully for all details and additional benefits like a whole life insurance top-up, child benefits, spouse cover etc. It is always recommended that all details for conditions applicable to CI must be perused rigorously:
In conclusion, it is often advised that you buy a critical illness plan in a young age. Buying early (in your 20’s) helps as health risks are less and so are the premiums. On the other hand, changes in modern lifestyles and diseases contribute to health issues like a heart attack as early as in your 30’s imply that you should invest in critical illness policies, or even other life insurance policies for ruling out financial emergencies while enjoying a low premium.