Problems you Might Get While Buying Critical Illness Insurance

As we are moving to a more sedentary lifestyle, it is clear that there are increasing cases of critical illness. It costs a major chunk of your money to treat any critical disease, and it ends up messing with your financial goals. Therefore, it is important to purchase a critical illness insurance plan for yourself and your family. It is the need of the hour with the constant increase in the cost of medical treatment.

We often estimate our life plans and work accordingly. Although, life is unpredictable, and most of our estimates might not always bear fruit. A critical illness insurance plan saves you financially from these unpleasant and unexpected events. It acts as a life saviour in our most difficult times.

It is important to read the positives and negatives of any critical illness insurance plan.

What is a Critical Illness Insurance Plan?

A critical illness insurance plan is a type of health insurance plan that covers critical diseases or illnesses. We should check the critical diseases covered under the insurance plan.

The procedure of claim filing and pay-out is different, and therefore, we must go through these procedures one time. Like a regular health insurance plan, a critical illness insurance plan has renewal and no-claim benefits. The eligible age is also different and must be checked before subscribing.

Critical illness pay-outs are exempted under Section 80D of the Income Tax Act. The plan also covers the cost of treatment abroad if needed.

The biggest setback of the critical illness insurance plan is that it is only applicable when diagnosed, only if the doctor says that the illness concurs with all the set criteria. Claims are not disbursed if it doesn’t meet the requirements. The insurer defines the criteria and limits. Therefore, it is important to verify it with your doctor or a medical professional.

It is only after carefully reading all the terms and conditions that you should go for a critical illness insurance plan. Ensure that you have read all the criteria and limits mentioned in the plan.

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