We all are aware of the fact that Critical illnesses are life-threatening conditions that necessitate significant and specialized medical care. According to reports, treating them is very expensive. Treatments for lung disorders, liver ailments, and cancer can cost up to ₹20 lakhs, ₹18 lakhs, and ₹10 lakhs respectively. Since such therapies tend to be expensive, Critical sickness insurance plans have become an absolute necessity in today’s world. A critical illness insurance policy is a fixed-benefit health insurance plan that is required to protect oneself from the financial consequences of such illnesses. The policy covers all types of acute illnesses, including terminal conditions like cancer, and provides a lump sum payment if you or a loved one is diagnosed with one. This lump sum benefit can help you get the best treatment possible or cover other financial obligations.
However, there are certain myths associated with Critical illness Insurance and in this article, we will be demystifying them with facts.
Myth #1: Critical illness insurance policies cover all forms of illnesses.
A lot of customers feel that by purchasing a critical illness insurance policy, they are covered for all possible illnesses. However, the fact is critical illness insurance plan only covers specified ailments as mentioned on the policy. Only if you have been diagnosed with one of the specified ailments can you file a claim. If, however, you suffer from a sickness that is not covered by the insurance, you will be ineligible to file a claim.
Myth #2: If I am diagnosed with a sickness covered in the policy, I will undoubtedly be eligible for the claim.
If you believe that simply having a diagnosis of a covered condition qualifies you for the claim, think again. At the time of purchasing an insurance policy, you can read under what conditions you will get a payout. Claim payout under critical illness policies is subject to specific terms and limitations. Some limits and conditions apply to claim compensation.
For example, most critical illness insurance plans cover the first heart attack. So, if you have a heart attack after acquiring insurance coverage but it is not your first, you will not be reimbursed for the claim. Similarly, cancer of a specific severity is covered by the plan. So, unless your disease satisfies the plan’s description, you will not be eligible for a claim.
Myth #3: When I am diagnosed with severe illness, I will receive an immediate claim for insurance.
The truth is you are only entitled to a claim payout after a certain survival period which normally lasts between 30 and 90 days. The claim is then paid once the diagnosis is completed.
Myth #4: I have health insurance. I don’t need critical sickness insurance.
Health insurance provide treatments for critical illnesses. However, because treatments are expensive, your policy may not give adequate coverage. Furthermore, there are financial consequences to a serious disease.
For example, you might require home nursing and international treatments, or you might lose your work and have to provide for your family’s basic needs. These charges may not be covered by health insurance plans. A critical illness insurance policy offers you with a lump sum payment that you can use at your convenience. It therefore complements your health insurance coverage.
Myth #5: Critical illness coverage is only available as a standalone option.
This is the myth that prevents many people from buying the policy. Critical illness coverage is offered as a standalone policy or one can add as a rider with their existing health insurance policy that can be added to the policy for a nominal premium.
Myth #6: Critical illness plans are pricey. I can’t afford the premium.
Critical illness coverage is inexpensive. Stand-alone critical illness insurance plans come with reasonable premiums. Furthermore, if you choose the critical illness rider, the premium is negligible compared to the coverage. So, negate the idea that coverage is expensive because it isn’t.
Myth #7: I have pre-existing conditions. I am not eligible for critical illness insurance coverage.
In the case of pre-existing conditions, the insurance provider may demand you to undergo a pre-health check-up before the policy is issued. Furthermore, you may have to pay a higher premium due to the increased health risks. However, your pre-existing conditions will not prevent you from receiving coverage. You can purchase critical illness insurance even if you have pre-existing conditions.
Myth #8: Critical illness coverage is unnecessary for young people.
Critical illness coverage, like health insurance coverage, is not age-related, as some major health illnesses can emerge at a young age. Young people are growing more vulnerable to critical illness as their lifestyles and work cultures change, and as they adopt poor eating habits. As a result, in addition to comprehensive health insurance coverage, critical illnesses should be covered more extensively.
Myth #9: All pre-existing conditions are covered by critical illness insurance.
Policyholders should not assume that critical illness coverage will cover all pre-existing disorders. Some life insurers that offer critical illness riders exclude all pre-existing diseases. However, some players continued to give coverage even if the policyholder had a pre-existing medical condition.
If the policyholder is diagnosed with a critical illness while undergoing pre-medical testing, they may be required to pay a hefty premium. Some plans include both a waiting time and a surviving term in their policies. As a result, the policyholder should obtain the critical illness plan while healthy and then benefit from the lump sum payment upon diagnosis.
So we are saying,
Now that you know about this policy, it’s time to comprehend the complicated nature of the coverage and purchase the best critical illness insurance policy. It would be an invaluable asset in medical emergencies, allowing you to get the necessary financial aid to fight the condition head-on.