Critical Illness policies are fixed benefit plans, which pay a large lumpsum amount at one go, upon diagnoses of certain critical illnesses, which are listed in the policy. Unlike Health Insurance plans, where one can claim multiple times in the policy years, the payment is made only once in the policy time and policy ends upon the payment.
These policies are dedicated solely to covering various critical illnesses, providing protection for multiple specified conditions.
Can be added to existing life or health insurance policies, enhancing your coverage with additional benefits specifically for critical illnesses.
Some options focus on particular diseases, such as cancer or heart conditions, offering tailored support for those specific health challenges.
These plans provide extensive coverage for a wide range of critical illnesses, often including 34 conditions or more, ensuring broad protection.
Choose a high sum assured to ensure sufficient financial support during tough times. A larger coverage amount strengthens your financial safety net.
Critical illness insurance at a younger age often results in lower premiums and a higher sum assured, maximizing your benefits over time.
Review the list of covered conditions in the policy. Selecting a plan that includes a wider range of illnesses offers better protection.
Limit Opt for a policy with a high renewal age limit, allowing you to maintain your coverage benefits as you age.
Familiarize yourself with the inclusions and exclusions of your policy. Understanding these terms will help you avoid unexpected issues later on.
