INSUBCONTINENT EXCLUSIVE:
Insurance providers today offer cover against critical illnesses in a variety of products.Today, insurers offer a variety of medical
insurance plans to cater to different customer needs
Insurance companies provide several types of benefits to customer in different medical insurance plans
Typically, in a regular medical insurance plan, expenses related to a heath condition that requires hospitalisation, and even subsequent
follow-ups, are covered but not those related to life threatening diseases, known as critical illnesses
This is where a special type of medical insurance comes to customer's rescue.Unlike a regular insurance policy, wherein expenses related to
hospitalisation of eligible individuals are covered, insurer provides cover in form of a lump sum in case subscriber is diagnosed with a
pre-defined disease in a critical illness plan.Here are five things you need to know about critical illness medical insurance plans:1
Which types of health conditions are covered under a critical illness planCritical illness usually includes illness, sickness, disease or
corrective measure related to cancer, kidney failure, coronary artery (bypass) surgery, heart attack, heart valve surgery, major organ
transplantation, multiple sclerosis, primary pulmonary arterial hypertension, aorta graft surgery, paralysis, coma, total blindness and
stroke.In other words, insurers provide cover against health conditions that require long-term medication and monitoring, and can occur or
even reoccur indefinitely.2
How do critical illness medical insurance plans differ from regular medical insurance plansOther than kind of cover provided by insurer, a
critical illness plan typically does not require patient to be hospitalised to be eligible for cover
Unlike a regular medi-claim plan, individual is required to only be diagnosed with any of conditions to be eligible for cover under a
critical illness insurance plan
Therefore, coverage offered under critical illness medical insurance plans is restrictive in nature, with respect to these pre-defined
health conditions, and not extensive
Also, a critical illness plan is usually offered for a period of time longer than one year, unlike a regular medi-claim policy which is
renewed on an annual basis.3
Which important aspects does one need to consider while comparing different critical illness medical insurance plansOther than a general
comparison of insurers on basis of loan disbursement, market share and reputation, experts suggest studying policy documents carefully for
details on various features such as waiting period
It is always advisable to study policy document, for details on conditions applicable to covered critical illnesses.Here are three things
one may take into account:Waiting periodA critical illness insurance plan may have a waiting period spanning multiple years, which means
that even after buying a policy, any claim by policyholder is not deemed admissible by insurer for that period
A potential medical insurance customer should compare thoroughly waiting periods associated with different policies, especially if one wants
protection against said critical illnesses to come into effect soon, say experts.Inclusion and exclusionBesides, there are several
inclusions and exclusions associated with critical illness medical insurance plans
This information is there in policy document and can be demanded from insurance agent too
Having a thorough understanding of various conditions applicable to a critical illness insurance coverage helps customer in many ways.Not
only customer becomes equipped to make most of insurance plan by knowing constraints and limitations applicable to it, but also avoids
falling prey to difficult financial circumstances emerging out of a health condition.Term vis-a-vis premiumSubscription to only a
well-studied and suitable plan ensures protection in case a major health problem occurs.Needless to say, one also needs to consider term and
premium associated with medical insurance policy keeping in mind his or her budget, requirement and family history, say experts.4
Are there any options to purchase protection against critical illnessProtection against critical illness can be taken up in two ways: as a
standalone policy, or as a rider with a medical/life insurance plan
Insurance providers today offer cover against critical illnesses in a variety of products
Generally, when it comes to protection against critical illness, standalone medical insurance policies provide a higher cover compared to
policies with critical illness riders
Also, number of diseases covered in standalone critical illness medical insurance plans is higher than in case of life or medical insurance
policies with critical illness riders.5
How to compare different providers of medical insurance plansAny decision on investment in an insurance policy must be backed with a fair
amount of due diligence, say experts
Comparing different insurance companies is as important as comparing different insurance products
A diligently selected medical insurance policy can go a long way, in supporting insured in case of a medical emergency
Insurance regulator IRDAI or Insurance Regulatory and Development Authority releases data on performance of insurers periodically, with an
aim to protect interest of policyholders
This information - such as premium income, compliance, claim settlement and incurred claims ratio - can be used by potential customer to
make a choice.Having subscription to multiple medical insurance plans where on one hand offers more protection to customer, it also leaves a
larger scope for error when it comes to selection of policy
A poor selection can render a medical insurance policyholder helpless at actual time of requirement should need arise
And this is why experts emphasise on a thorough understanding of different medical insurance plans to reap maximum benefits of one's time
and money.IFFCO Tokio is a general insurance company that provides a range of medical insurance products, such as Critical Illness Insurance
