Critical illness insurance provides a lump sum payment in the event that the policyholder is diagnosed with a serious medical condition. Some of these common critical illnesses include:
Infarct
Cancer
Paralysis
Coronary artery bypass surgery
Transplantation of large organs (e.g. heart, lung, liver, pancreas)
Stroke
Kidney failure
What is Critical Illness Insurance?
Critical illness insurance is a product in which the insurance service provider pays the policyholder a lump sum upon diagnosis of a specific illness on a pre-defined list as part of the insurance contract.
Understanding Critical Illness and Passenger Insurance
These are commonly called riders and depend on the occurrence of an event such as a critical illness.
What is critical illness?
A critical illness is a medical condition of a serious nature. It can have a debilitating effect on an individual’s lifestyle and can cause significant medical costs, in addition to loss of income due to incapacity.
Who Can Benefit From Critical Illness Policy/Rider?
A critical illness policy / rider can be particularly beneficial for individuals who do not want to take risks with certain medical conditions, especially if they have a medical history. Also, the primary breadwinners of families who may find it difficult to afford the financial blow of a critical illness, Critical Illness Insurance Health Plan can provide financial security at a time when an individual would be hard pressed to raise funds to treat and support their illness. family at the same time.
How to protect yourself from critical illness?
An obvious way to avoid the financial loss and inconvenience of a critical illness is to purchase a health plan from a life insurance company or add critical illness coverage to a life insurance policy. If an individual is diagnosed with one of the critical illnesses listed in the Critical Illness Supplement, they will receive a lump sum payment within a specified number of days. The amount is equal to the Critical Illness Sum Assured and is different from the Basic Sum Assured/Lifetime Cover paid on death or survival. The sum insured is paid regardless of whether the insured receives any treatment. Some insurers, as defined in the policy terms and conditions, pay an additional critical illness sum over and above the sum assured. Other companies deduct the payout proceeds from the sum insured, which is revised after payout.