5 Important Things To Know Before Choosing Critical Illness Insurance

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5 Important Things To Know Before Choosing Critical Illness Insurance

According to a recent survey, India’s health insurance sector witnessed substantial growth in premiums at Rs.4074.8 crore in October 2020. With both private and Government-backed schemes getting launched and companies coming forward with investment plans, individuals are able to find affordable insurance policies in the health segment. 

In today’s fast-paced life, having been diagnosed with critical illnesses can take a toll on both health and wealth. The costs of regular check-ups, medicines, hospitalisation, dialysis, etc., are involved in the treatment of critical illnesses like cancer, kidney failure, paralysis, etc. The way medical treatments are getting expensive, it is fair to say that having a critical illness policy is extremely necessary to afford all these expenses. 

Points to remember before buying a critical insurance policy 

Even though most of the health insurance policies claim to cover the essentials, there are some key differences in claim procedure, duration, and some other relevant elements. 

Under a critical illness policy, the policyholder avails a lump sum amount after submitting the documents of the diagnosis information to the insurance aggregators. You can conveniently pay off all the treatment costs, medicines and hospitalisation charges, doctor’s fees with that amount. Since the lump sum amount varies across different insurance aggregators, you should get these details before buying the policy. 

Consider the below-mentioned suggestions before buying the policy. 

  • Know the eligibility parameters 

While looking for the best health insurance policy, it is advisable to check whether you are eligible to utilise all the benefits they are offering. Generally, the eligibility criteria for such policies are not that stringent as insurers try to help every individual out during emergencies. However, insurance aggregators pay heed to aspects like age, pre-existing medical conditions, etc., before approval, and it is advisable to go through the protocols beforehand. You should also check the maximum renewal age since some of these plans do not allow medical coverage for over 60-year-old individuals. 

  • Check tax benefits 

This is one of the key features of every insurance policy. Therefore, one needs to obtain clear information regarding the same. Generally, the tax deduction is available for your premium amount, and the amount claimed under your critical illness policy is completely exempt from tax. 

  • Understand the process of filing the claim

There are certain formalities and document requirements involved when you file a claim, and having a detailed idea regarding this process is necessary to save time during emergencies. Nevertheless, you can expect a hassle-free claiming process with Bajaj Allianz health insurance plans brought by Bajaj Finserv since they do not involve any third parties and offer prompt response to policyholders.  

  • Choose adequate cover size

Medical treatments for critical diseases tend to get quite expensive, which is why you should look for insurance policies that offer a high coverage amount. Even though these days, online health insurance aggregators are coming up with a host of benefits, only a few of them can be considered entirely reliable. You need to check their terms and conditions and look for an optimum cover size to meet the sizeable treatment costs. 

  • Ask for a waiting period 

You need to discuss this particular aspect with the insurance aggregator and get to know about the stipulated time under which your critical illness insurance policy is payable. In case of critical illnesses, the benefits shall be payable after 90 days of the commencement of the policy. Consequently, it is advisable to look for CL policies that come with a low waiting period. 

Looking at the stressful lifestyle, pollution, and other factors individuals are facing on a daily basis, it is fair to say that staying financially protected is imperative to tackle these health emergencies. And, while opting for a critical illness policy, one should keep the aforementioned points in mind in order to maximise its benefits and save themselves from financial troubles.