Is it good to buy a critical illness insurance policy?

One of the smartest things to do these days is to buy a health insurance policy. If you have a health insurance plan and renew it on time, you will not have to be bothered about the financial support that you may need during any kind of treatment that you have to undergo in the future.  What about a health insurance policyholder who is diagnosed with a tumor, cancer, or even suffers from permanent paralysis? Well, in this case, just a health insurance policy will not serve the purpose. What you would require is a critical illness health insurance policy.

What is a critical illness health insurance plan?

It is basically a cover that you need to buy along with a health insurance plan. A critical illness health insurance policy provides coverage against life-threatening illnesses such as cardiac arrest, cancer, renal failure, and many more. This cover provides a lump sum cover which is enough to cover excessive medical costs.

Features of critical illness health insurance policy

Some of the features of a critical illness health insurance plan are mentioned herein below:


Coverage is provided for around 36 major critical diseases including cancer, heart diseases, tumor, kidney failure, and many more.

Easy claim processing

On the basis of the diagnostic reports, the claim is easily processed.

Lump-sum payment

A lump sum amount for the treatment of the diseases that are covered under the policy is provided by the insurance company.

Waiting period

In the majority of the cases, after the waiting period gets over, the coverage is provided to the policyholders.

Loss of income

The policyholders can use a part of the lump sum as an income replacement.

Factors that you check before purchasing critical illness insurance

Mentioned herein below are some of the factors that you should focus on before deciding on buying a critical illness insurance policy.

Critical illness insurance coverage included in your policy

Various insurance companies offer risk coverage for several critical illnesses. Some may offer coverage for more than 30 such diagnoses, while others may provide coverage for only eight.

Critical illnesses coverage not included in your policy

While the majority of us focus on inclusion, we often forget to think about the exclusions of the policy. So, make it a thumb rule to go through all the details of the policy very carefully.

The process of claim filing

The claim process is significant for any insurance policy. And when it is for the critical illness insurance plan, it is even vital. Therefore, you must know all the formalities as well as documents that you will need for filing a claim.

Benefits during renewal

You must know the fact that a critical illness health insurance policy has to be renewed each year. If you want to keep getting the benefits, you have to renew the policy without fail. Thus, before you purchase a critical illness health insurance plan, you must ensure to find out the benefits related to renewal that you will get from your insurance company for the year that you do not file a claim.

Age of coverage

Before purchasing a health insurance plan, you must try to find out to what maximum age and critical illness will be covered by the policy.

Apart from these factors, you should also focus on other points before purchasing a critical illness insurance policy. The points include claim settlement history, hospital network, etc. You must understand the coverage provided by the policy and exclusion, to understand the pros and cons of a critical illness health insurance plan.

Once you have understood everything about critical health insurance, you now need to buy a plan that can provide you with the financial support that you need at that point in time. And to do that, you can visit the website of IIFL.

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