Common Critical Illness And Their Policy Coverage
We all like surprise gifts and unexpected pleasant experiences in our life. But, life is not just a bed of roses; it can have thorns as well. We never know when a single hiccup in our life can turn our world completely upside down. There are some diseases that can totally ruin a person and his family too. This is why such cases are placed under the category of Critical Illness. The medical expenses in the case of critical illness can be huge. It can cause a lot of disruption in your life by partially or even completely wiping away your entire savings. This is why it is crucial to protect yourself and your family members with an effective critical illness insurance plan.
What is a critical illness insurance policy?
This kind of policy offers you and your family members the much needed financial security for such kind of unexpected events. People save money with the purpose of using it for constructive reasons. When we talk about critical illnesses, we usually mean medical conditions like- heart attack, kidney failure, cancer, stroke, paralysis, and major organ transplantation. So, to prepare yourself for such kind of unforeseen circumstances, it is vital to have a critical illness insurance policy by your side.
Before you buy one, it is important to have some idea about the different aspects of this kind of policy. You must get some idea about the common critical illness and the amount of coverage you should go for. So, let us help you with the details.
How to choose the Sum Insured?
We all know that the cost of medical treatment in India is rising day by day. Hence, before you decide an amount as the sum insured, you must carry out a systematic research related to the cost of treatments. In the present time, most of the medical insurance policies offer sub insured ranging between 5 lakh INR and 1 crore INR. Some people feel confused about whether to go for a standalone health policy or opt for a combined one. Well, this is something you must decide according to your needs. If your family’s medical/health history has something you need to be worried of, it is better to go for a standalone policy. A standalone insurance policy will provide you with greater flexibility in terms of sum insured and choosing the add-ons. Otherwise, you can combine your regular health insurance policy with a critical illness plan. But, you cannot expect the sum insured amount to be in excess of 4 lakh INR in this case.
How much coverage is offered for the various critical illness conditions?
The policy coverage amount related to the different critical illness conditions differs. However, the amount is usually 3 to 5 times that of your health insurance cover. Most of the top insurance companies offer critical illness cover up to 25 lakhs INR. Of course, the medical expenses in the case of kidney failure are usually very high. The monthly expenses can go up to 20,000 INR, which can make a big hole in the wallet of any middle-class family. Hence, you must choose a critical illness insurance policy that offers a decent amount of sum insured for such situations.
Likewise, surgeries that involve implantation of devices or organs are also quite expensive. For example, in the case of knee replacement surgery, coral synthesis implants can cost around 1.5 lakh INR. Likewise, the cost of medical surgery (heart stroke) for implants that make use of tissue heart valves is between 1 lakh and 2 lakh INR. The coronary stents procedure is equally expensive. The cost of new biodegradable stents can go up to 3 lakh INR.
So, getting an in-depth idea of the various critical illnesses and their cost of treatment is important. If the sum insured of your critical illness insurance policy turns out to be much lower than the medical expenses, it will put an unnecessary burden on your savings. In some critical illness conditions, the patient is put on bed rest for months. If he/she happens to be the bread earner of his/her family, things can become difficult for the other family members as well. Fortunately, choosing the right critical cover can help you sail through all these troubles.
How to choose the best critical illness policy?
When it comes to choosing the right plan, comparison of the different policies is the best way to begin. Comparing the premium, the sum insured, and the number of critical illness conditions is must. Most of the critical illness insurance policies cover between 7 and 12 types of critical illness conditions. You should also take a look at the list of exclusions before finalizing a policy. So, keep the above mentioned aspects in mind and then go for the best plan that suits your requirements.