Critical illness plans are better placed to cater for such, unlike regular indemnity health covers which are designed to meet medical costs as they are incurred, critical illness plans pay out a lump sum to the insured or beneficiary on diagnosis irrespective of whether the insured has been hospitalized of not. On the other hand, choosing an appropriate critical illness plan requires care and an understanding of the plan and your situation. Here are 4 pointers to help you choose the best critical illness cover.
Consider the list of Illnesses Covered
A longer and broader list is better; however, this would probably come with a correspondingly higher premium. To balance between the premium cost and the illnesses covered, review your family history, lifestyle and health history to best narrow down on the most likely critical ailments that would affect you. A consultant physician can assist you in this process.
Sum Assured should also Interest you
The sum assured is meant to cater for future financial liabilities, treatment costs, post hospitalization treatment and provide an alternative source of income while you are incapacitated to work and earned.