How to choose the best critical illness insurance covers?

Choosing an appropriate critical illness plan requires care and an understanding of the plan and your situation.

Apr 22, 2016 05:04 IST India Infoline News Service Neha Gupta |

You may have a comprehensive health cover procured individually to complement the group insurance cover from your employer. However, to get through the challenges posed by a life-threatening ailment, an extra insurance cover is of necessity. Your individual cover and group insurance plans may have caps on doctors’ fees, the cost of therapy equipment such as prosthetics or specific caps of specific medical expenses such as on intensive care. Such cases will only see the propulsion of your bill to levels that your insurer would be unwilling to pay, forcing you to meet the costs from your pockets.
 
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.

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