Basics of Critical Illness Insurance

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Basics of Critical Illness Insurance

• Medical facilities and treatment for most
  illnesses are available today in most parts of
  the world. Life expectancy too has improved
  because of improved medical facilities and
  advanced treatment methods. However, the cost of
  treating many illnesses, especially the
  life-threatening ones can drive many people into
  severe financial crisis. A critical illness
  health plan will go a long way in reducing the
  financial and mental stress in such a situation.
• Illnesses generally covered under a critical
  illness policy include serious illnesses,
  injuries and surgeries, such as Heart Attack,
  Stroke, Kidney failure, organ transplants,
  Cancer, Alzheimer disease and severe burns.
  Critical illness policies are priced with several
  factors in mind. Your age, weight, gender, health
  history, familys health history, personal habits
  are some of the key factors that determine the
  cost of a critical illness health insurance
  policy.
• Important Features
• Under a critical illness mediclaim policy any
  sickness or injury that is mentioned under your
  policy contract will be paid for during a crisis
  situation. Some common features of these policies
  are
• The amount is generally paid as a lump sum to the
  policyholder, for specified illnesses.
• The amount is generally paid following the first
  diagnosis after a 30 days survival period.
• Many policies dont cover illnesses during the
  first 90 days.
• Any loss of income due to the declining ability
  to earn will also be covered.
• You must also know well the exclusions and
  limitations.
• Companies generally dont provide cover for
  pre-existing conditions unless you have
  continuous coverage for at least two years.
• Most policies are given for duration of maximum
  25 years and till the age of 65Some insurers sell
  critical illness policies only to customers who
  possess key medical plans.
• Common Exclusions