The post-pandemic era has brought about a drastic shift in the lifestyle of people. People have become more concerned about their health, and thus they are taking massive steps to ensure their well-being. One such development that has been seen is that many people have started opting for critical illness coverage.
In fact, the global insurance market for critical illness insurance was around $124.7 billion in 2021 and is expected to grow to $354 billion by 2031, increasing 11.2% each year from 2022 to 2031. But the question that arises is, what is a critical illness cover? How does it help?
Read this article to understand all these facets.
What is a Critical Illness Cover?
Critical Illness Cover is a special type of insurance that gives financial protection if a person gets a severe illness or medical condition. This insurance helps individuals and their families deal with the high costs of medical treatments and the possibility of losing income because of the illness.
When a policyholder gets diagnosed with a critical illness, such insurance coverage can help them get the required financial assistance. This assistance can help policyholders pay medical bills, debts, everyday expenses, or any other money needed during the illness.
What are the Features of a Critical Illness Cover?
Health insurance for critical illness offers several features. Some of them are:
1. Coverage for Critical Illnesses
The best insurance for critical illness provides comprehensive coverage against a number of critical illnesses. These can include severe conditions such as cancer, heart attack, stroke, kidney failure, and organ transplant.
2. Survival Period
This refers to the minimum number of days the insured must survive after being diagnosed with a critical illness before they become eligible for the lump sum payout. This feature is in place to prevent fraud and ensure the illness is genuine.
3. Renewability
Policy renewability ensures that the policyholder can extend their coverage beyond the initial term.
What are the Benefits of Critical Illness Cover?
Critical illness insurance offers valuable benefits. Some of them are:
1. Coverage for Expensive Treatments
Critical illnesses often require expensive and prolonged treatments, which can quickly deplete savings. The insurance payout enables the policyholder to access the best medical care without compromising financial stability.
2. Protection for the Self-Employed
A critical illness can significantly impact self-employed individuals’ business and income. Critical illness coverage can provide essential financial protection to self-employed individuals who may not have access to employee benefits or sick leave.
3. No Waiting Period for Claim Settlement
Some of the best insurance for critical illness typically has no waiting period for claim settlement. The policyholder can avail of the benefits immediately after diagnosis, easing the financial burden from the onset of the critical illness.
What are the Inclusion and Exclusion Under a Critical Illness Cover?
Certain medical conditions are included in a critical illness health insurance plan, while others are excluded from the policy. Here’s a table summarising them:
| Inclusions | Exclusions |
| Cancer | Pre-existing medical conditions |
| Stroke | Self-inflicted injuries |
| Heart attack | Injuries from dangerous activities |
| Major organ transplant | HIV/AIDS |
| Coronary artery bypass surgery | Drug or alcohol abuse |
| Kidney failure | Mental disorders or nervous system conditions |
| Blindness | Congenital disorders or birth defects |
| Deafness | Pregnancy and childbirth-related complications |
How to File a Claim Under a Critical Illness Cover?
In an emergency, having a complete idea of how to file a claim is essential. You can easily get the claim by following these steps:
Step 1: Contact the Insurance Provider
Policyholders must contact their insurance company. They must Inform them about their critical illness diagnosis, expressing their intent to file a claim.
Step 2: Obtain Claim Forms
The insurance provider will guide the policyholder through the claim requirements and provide the necessary forms.
Step 3: Fill out the Claim Forms
Carefully complete all the claim forms with accurate and detailed information.
Step 4: Gather Supporting Documents
Collect all the supporting documents required for the claim. These may include medical reports, diagnostic tests, hospital bills, prescriptions, and other relevant paperwork.
Step 5: Submit the Claim
Now, submit the insurance claim through the preferred mode of submission, which could be online, in-person, or by mail.
Step 6: Wait for the Assessment
After submitting the claim, the insurance company will thoroughly review it and assess its validity.
Step 7: Approval and Payout
Upon approval, the policyholder is notified of the payout amount, and funds are disbursed accordingly.
Step 8: Appeal or Follow-up
If the claim is denied, the policyholder can appeal the decision or seek further clarification from the insurance company.
Conclusion
Health insurance for critical illness is like a safety net that helps people and their families when they face severe medical conditions that can change their lives. It provides financial protection during difficult times. Getting critical illness insurance is an intelligent decision to ensure your future is secure and your loved ones are protected from life’s uncertainties.
You can consider Niva Bupa the best health Insurance company as they provide the best insurance for critical illness. They are dedicated to ensuring their customers stay happy and healthy. With their help, you can get a strong critical illness insurance policy to protect yourself and your family
