Critical Illness Insurance Policy
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What is Critical Illness Insurance Policy ?
Critical Illness Insurance Policy is a type of health insurance that provides coverage for specific critical illnesses or medical conditions. In the event that the insured person is diagnosed with one of the covered critical illnesses during the policy term, a lump sum amount is paid out by the insurance company. This payout is independent of the actual medical expenses incurred and can be used by the insured to cover various costs, such as medical treatments, lifestyle adjustments, or even loss of income due to the illness.
Unlike regular health insurance policies, critical illness insurance focuses on providing financial support for serious illnesses that can lead to significant medical expenses and lifestyle changes. The covered illnesses typically include major diseases like cancer, heart attack, stroke, organ transplant, and kidney failure, among others. The policy terms, coverage, and premium amounts can vary between insurance companies and plans. It’s important to carefully review the policy details, terms, and exclusions before purchasing a critical illness insurance policy.
When Suresh is diagnosed with cancer, having a 1 crore critical illness insurance policy proves to be a significant relief for him. The policy provides a lump sum payout of 1 crore rupees upon the diagnosis of a covered critical illness, such as cancer. This payout can help Suresh in several ways:
1. Medical Expenses: Cancer treatment can be expensive, involving surgeries, chemotherapy, radiation therapy, and medications. The lump sum payout can cover a substantial portion of these medical costs.
2. Specialist Consultations: Critical illness insurance can provide financial support for consultations with specialized doctors and oncologists, ensuring Suresh receives the best possible treatment.
3. Lifestyle Adjustments: Cancer treatment may lead to lifestyle changes, like modifications to the living environment or dietary adjustments. The payout can help Suresh adapt his lifestyle as needed.
4. Income Replacement: If Suresh needs to take time off work due to his illness, the payout can act as a temporary replacement for lost income, easing financial stress.
5. Debt Repayment: The payout can be used to pay off existing loans or debts, providing financial stability during a challenging time.
6. Support for Dependents: If Suresh has dependents, the payout can ensure their financial security and well-being while he focuses on recovery.
7. Alternative Treatments: Critical illness insurance gives Suresh the flexibility to explore alternative or holistic treatment options that might not be covered by regular health insurance.
8. Quality of Life: The lump sum can be used to maintain a good quality of life by covering expenses related to hobbies, travel, or any other activities that enhance well-being.
9. Peace of Mind: Knowing that he has financial support through his critical illness insurance policy can provide Suresh with peace of mind, allowing him to concentrate on his recovery without worrying about financial strain.
Overall, Suresh’s critical illness insurance policy acts as a safety net, providing him with the necessary funds to face the challenges that come with a serious illness like cancer, while ensuring his financial stability and peace of mind.
Coverages of Critical Illness Insurance Policy
Lump Sum Payout
Factors Determining the Premium of Critical Illness Insurance Policy
Number of Illnesses Covered
Family Medical History
Major Differences Between Health insurance policy and Critical Illness Insurance
|Aspect||Health Insurance||Critical Illness Insurance|
Provides coverage for a range of medical expenses and treatments.
Offers coverage for specific critical illnesses mentioned in the policy.
General healthcare and medical expenses.
Financial protection against high treatment costs of critical illnesses.
Covers various medical treatments and hospitalization expenses.
Pays a lump sum amount upon diagnosis of a covered critical illness.
Broader coverage for medical procedures, hospitalization, etc.
Specific coverage for critical illnesses like cancer, heart attack, etc.
Typically offers annual or multi-year coverage options.
Usually renewable annually or as per policy terms.
Premiums vary based on factors like age, health, coverage amount.
Premiums can be higher due to the specialized coverage provided.
Can be used for various healthcare needs, not just critical illnesses.
Intended to cover financial impact of specific critical illnesses.
Requires medical bills and documentation for reimbursement.
Requires medical diagnosis confirming critical illness for payout.
Offers riders for added coverage like maternity, dental, etc.
Limited additional riders as the focus is on critical illness coverage.
Survival Period Requirement
No survival period requirement, benefits can be claimed for medical treatments.
Requires survival for a defined period (usually 30 days) after diagnosis.
Flexible usage for various medical expenses and treatments.
Intended to cover costs that arise due to the critical illness.
How to Settle Critical Illness Insurance Policy
Exclusions of Critical Illness Insurance Policy
Medical Procedures Abroad
Alcohol or Drug Abuse
War or Terrorism
Documents Required for Claim Settlement under Critical Illness Insurance Policy
Contact Information for Claim Settlement: related to Critical Illness Insurance Policy
If Policy Obtained through Agent/Broker
Claims are the reason we get a car insurance in the first place! Therefore, ensure the claim process of your desired car insurance is smooth and doesn’t take too long. When you’re in trouble, the last thing you want is, to spend all your time and energy in just filing a claim!
If Policy Obtained Directly from Insurance Company
Claim Settlements are basically getting your compensations done right. Claims being such an important part of a car insurance, check for your desired insurer’s claim settlement ratio so that you’re assured that no matter what, your claims will be settled!
Claim Contact Information for Policy from Beemawala.com
If you have taken the policy from Beemawala.com, please use the following contact details to register your claim.
- Phone: +91-9654259715
- Email: firstname.lastname@example.org