Financial

Critical Insurance Plans and Policies

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rubber stamp with inscription INSURANCE

There are numerous critical illness insurance plans and policies available in the market. You can just Google or search hundreds of companies which are offering their services in insurance health sector. You just need to search a health insurance plan that will suit your need, budget and requirements.

Critical illness health plan is specialized insurance policy that focuses on the prolonged or serious health problem that need daily and routine health checkups and consistent medication. These types of policies are very beneficial in taking care of your daily health expenses.

There are two major types of specific critical illness policies available in the market as mentioned:

  • Standalone Policy
  • Rider Policy

Why to choose Standalone Critical illness insurance Policy?

One gets easily confused in both these policies so let us focus on various advantages of the standalone health insurance policy to make you more aware of it.

  • Standalone critical illness insurance policy offers superior coverage and claim to the person.
  • These policies and plans are easily maintained and controlled.
  • You get to choose among various policies that are offering highest coverage. You must always compare various policies against 11 most common critical diseases (as stated by IRDA) so that you choose the best among all. Standalone critical illness plan also covers disabilities and other medical requirement claims.
  • Sum insured is as per your need and budget however, you must talk to your family members and relatives who already have such policy. It is recommended that you must talk to your insurance company’s professional to have clarity on the sum insured and other benefits attached to it.
  • This insurance policy has a usual waiting time of around 30- 90 days from the commencement of critical illness policy and for pre-existing illness for around 3-4 years of time period.
  • You can calculate your premium (Amount that you are supposed to pay every year to the insurance company) immediately through online calculators that are provided on the websites. Under such policies, it is made sure that premium cost lead to the maximum coverage so that insurer enjoys maximum benefits.
  • Terms and conditions are made transparent to the insurer which means that when cover is claimed by the party, it will be processed as immediately as possible. Settlement is done through the most easiest and simple way that include minimal formalities and paper work.
  • You can choose from further two types of plans:
  • Vanilla Plan: This plan or policy covers only the most common types of illnesses such as cancer, heart problems, liver, kidney problems etc.
  • Special Plan: Special plans combines’ vanilla plan along with various customization that you need. For example you can get all the common health problems and illnesses related to women added in the plan.

From next time onwards, when you buy any critical illness insurance policy, then make sure that you keep these pointers in mind and choose your policy wisely. You must always compare different insurance policies to make better judgments and decisions.

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