Incidents of ailments have risen exponentially in recent years in India. Lifestyle diseases like cancer, renal infection, liver cirrhosis, etc. have become significantly prevalent among people of all ages throughout the country, accompanying the total number of people suffering from critical illness.
Medical situations like these can exert severe financial strain on your saving. Healthcare and treatment costs have increased significantly in recent years. The medical costs associated with treating lifestyle diseases and the long treatment period may drain your finances unless you use a contingency plan like critical health insurance for yourself.
Critical illness insurance schemes
Critical illness insurance policy are health insurance schemes designed to cover major critical illnesses. It can be availed by anyone between the ages of 18 to 65 years.
There are several financial institutions including NBFCs that offer such insurance schemes. However, there are certain factors that you should look out for before availing critical illness coverage.
- Illness covered –
You should carefully go through the list of ailments covered under the insurance policy before you select a particular product. Most insurance plans protect the insured against only some certain type of illnesses. The inclusions in the list should provide financial support against diseases that have a higher chance of occurrence.
Although, you might have to pay more premium if your insurance policy provides coverage against a higher number of ailments. Alternatively, you can avail insurances policies such as a Critical Illness Health Insurance plan from Bajaj Finserv. It offers policy cover for an extensive list of medical treatment expenses and consultation charges as well as the cost of medicines.
- Sub-limits –
Certain insurers may levy sub-limits for different ailment category. You will have to pay an extra fee for coverage if you are diagnosed with such diseases.
Ideally, you should select a policy that excludes any such restrictions. Policies like Individual Health Insurance scheme from Bajaj Finserv provide a complete coverage against the most number of situations without any such restrictions.
- Renewal limit –
You should always go for insurance schemes that offer coverage for a longer duration. You can either select policies that have a lengthier maturity period or opt for schemes that allow you to renew them once the term ends.
- Claim settlement ratio –
Opt for insurance schemes that have a high claim settlement ratio. It shows that the medical insurance policy in question has a higher chance of disbursing the claim amount within a given period.
- Survival period –
Some insurance policies may also require serving a ‘survival period’ before they initiate the reimbursement process. This particular clause necessitates you wait for a specific period after initial diagnosis to avail assistance from the insurance. Learning whether your insurer issues a survival period or not is an essential thing you should consider before selecting a particular scheme.
These above-mentioned factors are some of the most important criteria you should consider before availing health coverage against critical illnesses. Compare the available policies, their benefits, exclusions, and terms to find out a scheme that will be the most advantageous to you.
