Health Insurance Vs Critical Illness Insurance For Critical Illness May Add Security But At A Cost The New York Times

Because these emergencies or illnesses often incur greater than average medical.

Good health kindergarten. The choice depends on your medical condition. Health insurance plans allow a higher coverage amount compared to critical illness plans. Critical illness cover critical illness cover is different from permanent health insurance in a number of ways.

Typically a health insurance plan is availed for a year and then renewed year on year. However critical illness plans do not have such high coverage. Most health insurance plans provide critical illness rider cover on payment of additional premium that helps the insured pay for exorbitant hospitalization and treatment expenses.

On the other hand the best medical insurance for critical illness covers only certain pre determined medical conditions. The only difference is that a cancer plan is cancer specific whereas a critical illness insurance plan covers a large number of specified critical illnesses including cancer. However a critical illness insurance is usually bought for a longer duration of time for instance 15 to 20 years.

Unlike a regular indemnity health insurance policy that covers hospitalisation expenses a critical illness cover is a defined benefit plan that pays a lump sum sum insured if an individual is diagnosed with any of the critical ailments for example cancer or stroke as per the coverage. Critical illness insurance policy gives a financial benefit to the policyholders only when they suffer from any critical illness. Critical illness insurance provides additional coverage for medical emergencies like heart attack stroke or cancer.

There are health plans where the allowed sum insured goes as high as rs5 6 crores. Terminal illness insurance policy gives a financial benefit to the policyholders only when they have a terminal illness and their life expectancy is assumed to be less than 12 months. Thus the premium amount is also higher.

A critical illness health insurance policy is a benefit cover that pays the insured in a lump sum on diagnosis of a critical illness as specified in the policy document. What is critical illness policy. Critical illness insurance covers serious and long term illnesses that require an expensive medical treatment.

Critical illness plans or dread disease plans as they are sometimes known pay out. Under critical illness plans the maximum sum insured levels range between rs10 lakhs and rs25 lakhs.