In anyone’s life, a critical illness like heart disease, kidney failure, cancer, stroke, lever transplant, and similar illness may come uninvited and without warning. Hence, it is extremely important to buy proper insurance cover that can compensate for the financial cost of treatment for critical illness. Below are the points to be considers while evaluating critical illness insurance offers from different companies:
Coverage and Exclusions
Not all critical insurance policies cover every disease. Some companies list out which disease is covered in the policy. If there is any disease outside the list, the claim will not be payable. While some companies list the exclusions, such policy covers all kind of illness that is not mentioned in the list of exclusions. Study the list carefully, as it would be financially disastrous if you find yourself uninsured even after availing critical illness policy. Best Health Insurance Company in India
Many people do not take enough sum assured amount to pay less premium. Most critical illness can cost you anywhere from INR 2 Lacs to INR 10 Lacs. The cost of operation is also very high. Hence, if you are underinsured, you have to pay the balance amount of the treatment from your pocket. It is advisable to take critical illness insurance with a sufficient amount to cover the treatment cost entirely.
Not every hospital is equippy with facilities to treat every kind of diseases. The operation theater capacity is also limited in mid-size hospitals. Some diagnostic tests are not performs in the same hospitals. On the other hand, your insurance company gives you cashless facility only in the hospital that is in its network list. If you need to take some treatment or diagnosis tests outside the hospital network, you have to pay the expenses to the hospital and then claim the reimbursement from the insurance company. It is recommended to give priority to the insurance company that has more hospitals to its network.
Age of Coverage
The critical illness policy specifies the maximum age up to which it will cover the insured. If the mentioned age is very less, say, below 65 years, there is little point to take such policy — the probability of occurring the critical illness is higher in old age. When the need is the maximum, you cannot afford to lose the insurance cover suddenly.
For certain treatment, you need to inform the insurance company in advance, like in the event of the planned operation. If required, the doctor from the insurance company may visit the hospital if the claim amount is very high. Hence it is advisable to know the process well in advance, so you don’t have to enter into a panic in need of an hour.
No Claim Bonus
As per industry norms, you will be entitle to “No Claim Bonus”. If you have not claimed in the previous year. The amount of “No Claim Bonus” varies from company to company. Many companies increase the sum insured instead of No Claim Bonus. Such benefits ultimately expand your coverage without increasing the amount of the premium.
In a nutshell, the critical illness insurance plan aims to provide you with relief from huge financial outgo. If you ignore the aspects like the type of illness covered or you take insufficient insurance cover, the whole purpose of taking such policy goes in vain. There are reputed companies like Bajaj Finserv, that are into health insurance business for many years. You can explore the suitable option to avail critical illness insurance plan for your family.