Critical health insurance is a policy that provides financial assistance when a policyholder is diagnosed with a serious or life-threatening condition, such as cancer or heart attacks.
These types of illnesses mainly involve high treatment costs and can lead to major financial distress, potentially impacting one's ability to work.
Under a critical illness insurance plan, the insured individual receives an amount (as specified in the policy) upon being diagnosed with any of the illnesses covered by the policy.
Understanding your needs
The process of understanding your needs while finding a critical illness policy includes several steps. First, it includes determining the types of illnesses and medical conditions you are more prone to.
Next, it includes understanding how these specific conditions are covered under various insurance policies.
Finally, it includes identifying the ideal coverage amount, taking into consideration potential medical expenses and personal financial situation.
Evaluating Policy Benefits and Limitations
Let us talk about the benefits and limitations of the best critical illness insurance in India.
Critical Illness Insurance: Generali Central's Criti Care plan
Benefits:
- Protection against financial burdens caused by the cancer treatment
- Coverage for costs associated with kidney failure
- Insurance benefits for liver failure treatments
- Assistance in handling financial stress during primary pulmonary arterial hypertension
- Coverage for treatments needed for multiple sclerosis
- Assistance with costs for open-chest coronary artery bypass grafting (CABG)
- Protection against financial implications caused by a stroke
- Financial assistance in case of severe heart attack treatments
- Insurance benefits that help cover costs when a coma occurs.
- Provides financial relief in cases of total blindness.
Limitations:
- Coverage does not apply to birth defects or pre-existing illnesses.
- Diseases diagnosed prior to the initiation of the policy are not included.
- Any disease contracted within the first 90 days of the policy period is not covered.
- Customise your health insurance to ensure the physical, emotional, and financial well-being of you and your family.
- We provide to you our health insurance plans that only include the benefits and coverage that you desire, and you only pay for the coverage that you require.
DIY health insurance:
Benefits:
- Provides comprehensive medical expense coverage up to the sum insured.
- Covers expenses for daycare procedures involving less than 24 hours of hospitalization.
- Covers bariatric surgery expenses for up to 50% of the sum insured, or a maximum of Rs. 5 lakh per policy year.
- Covers HIV/AIDS treatment.
- 25% increase in cumulative bonus if no claim is made in a year.
- It covers the expenses of LASIK surgery if the refractive error is greater than or equal to +7.5 dioptre.
- 100% restoration of the sum insured if you exhaust your sum insured and cumulative bonus.
Limitations:
- The critical illness policy doesn't cover costs related to pre-existing diseases, as detailed in the policy schedule.
- It doesn't cover any illness contracted within the first 30 days of the policy's commencement unless it is due to an accident.
- Doesn't cover specific critical illness diseases like cataract, benign prostatic hypertrophy, hernia, and tumours until a waiting period of either 24 or 12 months.
FG Health Absolute:
Benefits:
- Free wellness benefits, such as health check-ups, mental health guidance, daily fitness tracking, wellness content, and health brand discounts
- Comprehensive health coverage, including physical and mental health.
- Enhanced maternity benefits, including additional coverage for girls and insurance for newborn babies under the mother’s policy,
- Home health care coverage of up to 20% of the sum insured, coverage provided for infertility treatment, and vaccination coverage for newborn babies
Limitations:
- Critical health insurance doesn't cover war-related injuries or illnesses.
- Don't cover circumcisions unless medically necessary.
- Won't cover illnesses or injuries linked to nuclear materials or weapons.
FG Health Elite:
Benefits:
- Critical Illness Policy covers pre- and post-hospitalisation costs for up to 60 and 180 days, respectively.
- Reimburses domiciliary hospitalisation expenses for treatments at home, extending more than three days.
- Covers room rent, boarding, and nursing expenses during inpatient treatments.
- Covers inpatient care costs up to 10 days after discharge (maximum 30 days per policy year).
- Reimburses out-patient medical expenses, including consultations, diagnostics, and prescribed medications, up to 80% of the cost.
Limitations:
- Critical health insurance doesn't cover congenital diseases or illnesses.
- Excludes coverage for injuries caused by substances like alcohol or drugs.
- Excludes coverage for war-related injuries or illnesses
Choosing a critical illness policy can seem daunting, but it's a significant step in safeguarding your financial stability during challenging times. Remember, it’s not just about the cost; it's about the benefits and the coverage that fit your needs the most.
