Critical illness insurance provides a lump-sum payment in-case the policyholder is diagnosed of a health related condition of a serious nature. Some of these common critical illnesses include:
Critical illness insurance, also called as a critical illness cover is a product in which the insurance service provider makes a lump sum payout to the policyholder on diagnosis of a specific illness on a predefined list as part of the policy.
They are commonly referred to as riders and are contingent on the occurrence of an event like a critical illness.
Critical illness is a health related condition of a serious nature. It can have a debilitating effect on the individual’s lifestyle and can incur considerable treatment cost, apart from loss of income from inability to work.
The critical illness policy/ rider can be particularly beneficial for individuals who wish to take no chances with certain health conditions, especially if they have a medical history. Also primary breadwinners of families who can ill-afford a hit on their finances from a critical illness critical illness insurance policy The health plan can provide financial security at a time, when the individual would be hard pressed for funds to treat the illness and support his family at the same time.
A definite way of circumventing the financial loss and inconvenience of a critical illness is by buying a health plan from a life insurance company or taking a critical illness rider on a life insurance policy. If the individual is diagnosed with one of the critical illnesses specified in the critical illness rider, he will receive a lump sum payment within a specified number of days. The amount equals the sum assured for the critical illness insurance rider and is different from the basic sum assured/life cover disbursed on death or maturity. The critical illness insurance amount is disbursed whether or not the insured undergoes any treatment. Some insurers as defined by the policy terms and conditions, disburse the amount towards the critical illness rider over and above the sum assured. Other companies deduct the disbursal proceeds from the sum assured, which stands revised post-disbursal.
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