People buy a general health insurance plan, aka mediclaim, mainly to get their medical expenses covered. If you do not buy such coverage, you may end up making a deep hole in your pocket. No doubt, life is quite unpredictable; and hence we need to prepare ourselves for such situations. But, can a general health insurance plan provide you ample amount of protection from the financial implications of grave diseases?
Well, if you are looking for such a protection then you must opt to buy a critical illness insurance plan. This kind of plan encompasses the high expenses incurred during the process of treatment of serious diseases, such as organ failure, cancer, loss of limbs, deafness, blindness, etc. Having a comprehensive health insurance plan will not prove to be enough in such cases. So, the question that now we need to address is- how to buy the right critical illness plan? Well, let’s find out.
Figuring out the best critical illness plan
There is no doubt that comparison of the insurance plans is one of the best ways to find out the right one. Nowadays, there are tons of insurance companies present in the market. Most of them offer more or less the same kind of features. However, the minor dissimilarities do matter in the process of selection. Some of the deciding factors are mentioned below.
- Go for stand-alone or add-on?
There are basically two ways of availing a critical illness plan. Going with a stand-alone policy is one method, which involves purchasing a separate plan. This kind of plan has got nothing to do with the general health insurance plans you already have, if any. On the other hand, the other method involves combining your existing life or health insurance plan with a critical illness plan. Without any doubt, the flexibility associated with a stand-alone policy is greater in comparison to the other one. The cover offered in a stand-alone policy is much wider, which is the reason why it is better to opt for a stand-alone critical illness policy; even if the premium amount is a little higher.
- Get detailed knowledge
Every insurance package offers something different from the rest; even the minor add-ons can create a lot of difference for you. After all, it is all about the perfect matching of your requirements with the inclusions in the package. Another aspect that matters in determining the perfectness of a policy is the age factor. Like we know, the premium associated with the health insurance policies gradually becomes higher with age. After all, people become more vulnerable to critical illness as they age. For this reason, if you want to get the perfect policy, you must buy it at a younger age.
At the time of purchasing a critical illness plan, you must take into consideration the health/life insurance policy you already have, if any. You must make sure that no conflict would pop up in case you bundle up your existing policy with a critical illness plan. The benefits should not overlap or contradict. Otherwise, it might lead to a lot of confusion.
- Special plans
You might find some insurance companies that offer special plans for senior citizens and women. Such plans are particularly designed according to their requirements and needs. Some insurance companies provide critical illness plans that cover diseases like cervical cancer, breast cancer, ovarian cancer, etc. So, if you are looking for a plan which is totally designed for women, make sure you search properly, before zeroing down your option.
- Does it offer lifetime renewability?
Most of the critical illness insurance policies cannot be renewed after a certain age. Once the insurance holder crosses that age, he or she will no more be able to renew the policy. So, when you buy a critical illness policy, you must make sure there is no age limit to the renewal of the plan. After all, serious diseases occur mostly when people cross the age of 50. It is also crucial to check the policy encompasses a wide range of diseases.
- Inclusions & exclusions
Every insurance policy contains some inclusions and exclusions. You can also consider them as a catch; and if you want to be a smart purchase, you have to be aware of them. An in-depth study of the exclusions and inclusions of the critical illness policy is a must. In this way, you will be able to comprehend the limitations and constraints of the policy in a much better way. In case an exclusion mentioned in the policy document is something which might create some problem in future, you should never go with such a policy. Some insurance providers allow their customers to add the exclusions in the form of add-ons.
So, those were the five important points one must remember or keep in mind. In this way, you will end up selecting the best crucial illness plan for your loved ones.