Critical Illness Policy
The critical illness policy gives coverage to an individual against certain diseases. The diseases covered under the policy differ from one insurance company to another. The critical illness policy can be availed with a life insurance plan or a health insurance plan. The sum assures can also be availed in case of diagnosis, death or disability. It is offered as a rider with some insurance products in lieu of an additional amount of premium. Investment is also eligible for tax exemption under section 80C and under section 80D of Income Tax act.
Why should one avail critical illness policy?
The foremost reason why one must avail critical illness policy is the reason why get insurance and that is transfer of risk from one’s self or family to an organization which can bear it.
Critical illness insurance policy only covers specific illness as listed in the insurance policy document. Usually these illness are classified as dreaded disease which may require very high treatment costs. The insurance company usually make as a lump sum cash payment if the patient is diagnosed with the illness.
Points to consider while buying a critical illness policy?
One must get an idea of history of claim settlement ratio of the insurer one is considering buying the policy from. This can be obtained from various sources, commonly market research, reviews, etc. Go through the list which contains the details of illness covered. Take advantage of the total and partial disability coverage.
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