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Do you need Critical Illness Cover if you have Health Insurance?

Do you need Critical Illness Cover if you have Health Insurance

A health insurance plan covers hospitalization and medical expenses under various circumstances. The policy issued by the health insurance company provides insurance coverage as per applicable terms and conditions. While it may provide a comprehensive insurance coverage, it will not cover all the diseases.

Additionally, the pre-existing diseases are not covered up to a specific period after the inception of the policy. If you are diagnosed with a critical illness, you would have to pay for medical treatment. Hence, you are advised to buy a critical illness insurance cover. It can be purchased as an additional rider with the basic health insurance plan. Otherwise, you can purchase it as a standalone critical illness plan on the basis of your insurance needs.

Benefits of a Health Insurance Plan

A basic health insurance plan offers the following benefits:

  • Cashless HospitalizationHealth Insurance companies provide cashless medical treatment at the network-listed hospitals.
  • Sub-limits– There is a cap on the consultation fee paid to the doctor, room rent charges, ambulance expenses and other charges.
  • Portability– You can switch from one insurance company to the other in order to get better facilities or a higher cover.
  • Income Tax Benefits– The premium paid towards the health insurance plan is exempted from income tax as per the Section 80D.
  • Top-up– If the insured has exhausted the sum insured, they can avail a top up and restore it.
  • Maternity Cover– Some health insurance companies offer maternity insurance cover. The expenses incurred for the vaccination of the newborn baby will be borne by the insurance company.
  • Critical Illnesses– Most of the health insurance plans will not cover critical Hence, you should buy a critical illness plan or opt for an additional rider with the standard health insurance plan.

What is a Critical Illness Plan?

The treatment cost of life-threatening illnesses is very high. To avoid a huge financial loss, you can buy a critical illness plan. The plan provides insurance coverage for covered critical illnesses such as heart attack, cancer, paralysis, organ transplant, kidney failure, stroke etc. It can be bought online or offline as per your convenience.

Features of Critical Illness Plan

Here are the features of critical illness plan:

  • 30-Days Grace Period– If the insured survives 30 days after being diagnosed with a critical illness, the insurance coverage will be paid to the insured by the insurance company.
  • Lump Sum Payment– After the hospitalization of the patient, the insurance company pays the lump sum payout.
  • Pre-Medical Check-Up– Since critical illness plans provide comprehensive insurance coverage; they attract a high insurance premium. Hence, pre-medical check-ups are required to assess the eligibility of the candidate to issue the critical illness plan. The medical check-up is mandatory if the age of the insured is above 45 years.
  • Daycare Procedures– The critical illness plan provides coverage for day care
  • Cashless Treatment– Patients can undergo treatment at the network-listed hospitals approved by the insurance company and avail cashless treatment.

Should you buy a Critical Illness Plan?

  • If your family has a history of critical illness, you should buy a critical illness plan to protect your financial interests.
  • A critical illness plan is recommended for people above the age of 40 as they are susceptible to developing/ contracting various kinds of diseases. If you opt for a critical illness plan, the financial distress can be avoided in a very efficient manner.
  • The critical illness plan will provide financial aid upon diagnosis of covered critical illness.
  • You can buy a critical illness policy online after customizing the features as per your insurance needs.

Over to You

A critical illness plan covers various kinds of critical illnesses which are not covered in a basic health insurance policy. You can buy a critical illness plan to fulfil your insurance requirements. Insurance experts advise buying a critical illness plan before you turn 40. When you opt for a critical illness policy, you will be covered for a wide variety of critical illness.

When you buy a critical illness plan at a young age, you will have to pay a low insurance premium and you can enjoy the high sum assured. The coverage can be continued throughout your life by renewing the policy on a regular basis.


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