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Critical Illness Insurance

With the ever improving medical facilities and standards of living, the life expectancy of individuals is on the rise. While this is good news, on the other hand more people have now started to suffer from a critical illness such as cancer, heart attack, stroke, tumors, alzheimers, etc. during their lifetime.

It is generally seen that not only an entire life's savings gets depleted to get a person treated against critical illnesses, but it also makes a severe dent in the financial standing of the entire family of the person suffering from the illness. While a Critical Insurance cover may not take away the sufferings of the patient, but atleast it would take care of the financial impact of such illness.

At times this cover is also available as an additional rider with the life insurance policy and is worth a consideration.

If a person who has a critical illness cover, is diagnosed with critical illness, the lumpsum payment mentioned in the policy is paid to the policy holder. The lumpsum amount can be used to pay off liabilities such as mortgage / home loans, paying medical expenses and maintaining the standard of living.

Care must be taken on the following points before taking on a critical insurance cover:
  • Reputation of the insurer;

  • List of illness which are covered;

  • Survival period mentioned in the policy which mentions the duration for which the policy holder would need to survive after diagnosis of the illness;

  • Read through the policy documents to identify the list of restrictions in the policy;

  • Identify the monetary impact if the cover is taken jointly for yourself and your spouse;

  • Similar to other types of insurance policies, the premium payable on critical insurance policies would depend upon the age, medical history, amount of cover, etc.
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