A critical illness insurance policy is slightly different than a normal health insurance plan. This insurance policy offers a lump sum amount of funds that help to finance the huge expenses of treatment and care.
Individuals suffering from critical diseases require substantial healthcare, subject to just as significant expenses. Further, they are incapable of maintaining a work routine and are definitely unable to generate income. As such, among the basic requirements for an individual diagnosed with a critical ailment is timely and sufficient monetary support.
A critical illness insurance can be of utmost help in such a situation to provide the maximum benefit as the pay-out. Coverage of such plans includes fixed pay-outs assuring a large amount of funds during the time of requirement.
Diseases covered
Critical illness insurance plans generally cover the following diseases –
- Cancer
Critical illness insurance covers cancer treatments but subject to limitations. Individuals on beyond the first two stages of cancer are sometimes not offered an insurance policy. Moreover, if the cancer is diagnosed at a very early age, critical illness insurance plans might not be able to fund its treatment.
- Brain stroke
A stroke generally occurs when blood supply to the brain is blocked, or there is a rupture of a blood vessel/s. Studies and surveys blame such situations on the modern busy lifestyle and the lack of work-life balance. Paralysis is one of the most common after-effects of a stroke.
Individuals are often unable to regain complete functionality of their body. Loss of income is only the smallest negative outcome. The prolonged medical care required is one of the most points of concern for the immediate family for a stroke survivor.
A critical health insurance policy in place can at the very least provide sufficient financial coverage for the insured.
- Cardiac arrest
The heart is considered amongst the most crucial organs of the human body. Coronary arteries are the blood vessels that help in supplying blood to the heart. Blocked arteries lead to myocardial infarction or cardiac arrest, often fatal.
Whatever be the course of treatment, heart attack patients are often prescribed or forced towards bed-rest for at least 3-4 months. A comprehensive medical insurance policy in place is essential for the necessary financial coverage.
- Major organ transplant
If you are undergoing a major organ transplant like heart, liver, kidney etc. you can mitigate financial stress with a critical illness insurance policy. For all policies offered, high-value insurance plans such as the Bajaj health insurance cover or regular insurance policies, do keep in mind that coverage will not apply if you are diagnosed within the first 90 days of initiating the insurance policy.
- Kidney failure
Kidneys help in regulating blood pressure and maintaining water balance of our body. When a single kidney fails to perform those duties, it results in life-threatening illness. You either require a kidney transplant or repeated dialysis to extend your survival. Undergoing regular dialysis can wipe away your accumulated savings with added emotional stress on your family members. Claim a critical illness insurance policy to compensate for the lack of funds and ease your financial burden.
Other diseases covered by the critical illness insurance policy include –
- Liver failure.
- Coronary bypass surgery.
- Loss of speech.
- Deafness.
- Aplastic anaemia.
- Bacterial meningitis.
- Bone-marrow transplant.
- ALS.
- Parkinson’s.
- Coma.
- Multiple sclerosis.
- Viral hepatitis.
- ● Major burns.
Opting for the right critical illness policy is not an easy task. Moreover, insurance companies will check your medical history and run a medical examination at one of their partnered diagnostic centres before providing you the health coverage.
It is always advisable to have such a specific insurance policy in place. You can avail a Critical Illness Insurance plan from Bajaj Finserv to benefit from affordable premiums and substantial sum assured. Compare between terms of coverage on health insurance plans before availing.
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