Fair advice for best Life and Critical Illness Coverage
Critical illness insurance
Many health insurance plans available today include coverage for critical illnesses and provide additional benefits to policyholders. For more information about these plans, see the table below :
Stand apart from regular health insurance by covering severe, long-term illnesses that demand high-priced medical treatments, offering high-sum insured options. These plans are specifically designed to address the treatment expenses and the loss of income that can occur when the insured is diagnosed with a critical illness.
Below is a list of common critical illnesses typically covered by critical illness insurance policies:
Here are some critical illnesses commonly covered by insurance
Critical illness insurance plans cover specific diseases, which can differ between insurers. To maximize the benefits of a critical illness policy during an emergency, it's essential to be fully informed about the illnesses covered by your plan.
Types of Critical Illness Coverage In Health Insurance
Critical illness coverage is available with health insurance companies, and it comes in two primary forms:
Rider- A rider, or add-on, is an additional benefit you can attach to a standard health insurance policy by paying an extra premium. This coverage is defined by the base policy under which the rider is purchased, and the coverage amount cannot exceed that of the base policy. One prominent advantage of a rider is that it typically does not need a medical examination.
Standalone Policy:- A standalone critical illness policy is a fixed-benefit policy that covers a wide range of critical illnesses. This type of policy offers more flexibility in terms of the insured amount and requires a medical exam for coverage. Additionally, a standalone critical illness policy can be transferred to a similar policy with another insurer, whereas a rider cannot be ported independently.
Advantages Of Critical Illness Policy
Critical illness health insurance plans provide the insured with the following advantages:
Know From Us How To Choose The Optimal Critical Illness Health insurance plans?
The Number Of Critical Ailments Covered:-First, you want to check how many critical illnesses the plan covers. It's not just about quantity though; you need to consider the quality too. Some insurers might boast about covering tons of rare diseases, but what you want are the common ones like cancer and heart conditions. Aim for a plan that covers at least these basics, and ideally, it should cover around 30 or more illnesses in total.
Staggered/Lump Sum payout option:-Now, onto the payout options. When it comes to critical illness coverage you usually have two choices: staggered or lump sum.
Staggered:-Imagine this - Vivek, at 23, decided to get critical illness health insurance. Fast forward 6 years, he finds out he has end-stage renal failure.Now, here's the thing: Vivek's insurance plan had a sum insured of ₹30 lakhs, and it had a staggered claim payout.Therefore, instead of getting the money at once in lumpsum,it's paid out in installments as it was a agreed upon in the beginning itself. With this money, this amount will be utilized covering Vivek's medical treatment in the country and even in abroad. Plus, they can take care of any other financial responsibilities that comes up their way.
Lump Sum:-Let's imagine Anisha, who's 25, decides to get critical illness insurance. She goes for the lump sum payout option. Fast forward 4 years, she finds out she has a benign brain tumor. So she sends all her medical reports to her insurer and files a claim. The insurer checks everything, then offers her the whole sum insured all at once. Now Anisha can use this money for her treatments, put some aside for savings or investments, save up for future family needs, and handle any loans or EMIs she might have. Now, here's the thing: If Anisha had initially chosen staggered payouts but later wanted a lump sum, she might have been able to switch. But it depends on the insurer. In critical illness cases, it's wise to go for an insurance policy that gives you the option for either staggered or lump sum payouts or just the lump sum. That way, you have the flexibility to manage your money however works best for you.
Sum insured:-when you're picking a sum insured for your critical illness insurance, you need to think about covering your treatment costs, and any debts or loans you might have, and also plan for your family's future needs. A policy with a coverage of ₹25 lakhs or more is a concrete option to make sure you've got all your bases covered.
The credibility of the insurer:-Let's talk about critical illness coverage. It's all about getting a lump sum payout, but here's the catch: you only get that money when you're diagnosed with a critical illness. That's why it's crucial to choose an insurer you can trust. You don't want someone who's going to drag their feet when it's time to pay out.
Pre-existing ailment coverage/ waiting period:-Alright, let's break it down. Typically, critical illness plans don't cover pre-existing conditions right off the bat, or they make you wait a while before you're fully covered. So, here's the thing to keep in mind: make sure your insurer does cover pre-existing conditions, and ideally, they should have short waiting periods. A waiting period of around 3 years is usually reasonable.
The survival period clause:-Let's talk about something called the survival period in critical illness insurance policies. Here's the deal: Imagine Rahul. He got himself a critical illness insurance plan, and it came with a survival period of 30 days. Now, fast forward a couple of years, he's diagnosed with a serious end-stage lung infection. But here's the catch: Rahul has to stay alive for at least 30 days after the diagnosis to get the lump sum payout. If heaven forbids, he passes away within that time frame, he won't get the benefit from the policy. So, when you're picking a plan, look for one with the shortest survival period possible. Now, taking all these factors into account, let's look at some of the top critical illness health insurance policies out there.
Why Should You Buy Critical Illness Policy ?
Always remember that you are braver than you believe, you are stronger than you seem, and smarter than you smarter than you assume about yourself. Getting over any critical illness requires a bit of courage and smartness to dig a little deep to find out. While regular health insurance covers your hospital expenses, a critical illness policy is like a safety net for those big and unanticipated situations in life. Think of it as a fixed benefit plan that gives you a lump sum payout if you are detected with a serious illness like cancer or stroke. Now, here's where it gets interesting. Most health insurance plans don't automatically cover critical illnesses. And even if they offer it as an add-on, you usually have to pay extra, and sometimes it's not even enough to cover everything. But with a serious illness insurance plan, you're covered for all the big hitters listed in the policy—no add-ons needed. So, even if you already have health insurance through your job or elsewhere, it's worth considering a critical illness policy. Let's face it, none of us are immune to life's curveballs, and the cost of treatment for a critical illness can be pretty mighty.
Exclusions Under Critical Illness Insurance Plan
As quoted by Martin Luther King Jr, “ We must accept finite disappointment, but never lose infinite hope.” So, with the very thought in mind let's go over some important points about what critical illness insurance plan typically doesn't cover:
Injuries from Adventure Sports:-If you get hurt while doing adventurous stuff like paragliding or mountain climbing, your critical illness insurance probably won't cover the treatment costs.
Self-Inflicted Injuries:-If you intentionally harm yourself, like attempting suicide, your critical illness insurance won't cover those injuries.
War And Riots:-If you end up needing medical care because of war, riots, or similar situations, your critical illness insurance won't chip in for those expenses.
Sexually Transmitted Diseases:-Diseases like HIV/AIDS, which are transmitted sexually, usually aren't covered by critical illness insurance.
Weightloss for Obesity Or Cosmetic Surgery:-If you're looking into treatments for weight loss or cosmetic procedures, critical illness insurance typically won't cover those either.
It's important to keep these exclusions in mind when you're considering critical illness insurance.
How Does A Critical Illness Policy Work?
Here's how it works: Once you're diagnosed with a critical illness covered by your policy, you'll get a lump sum payout. When you file a claim under your critical illness plan, the benefits will be paid directly to you.
Now, what can you do with this money? Well, pretty much anything you need. It can be used to cover medical bills, keep up with your mortgage or rent, pay for groceries and utilities, fund your child's education, or even seek treatment abroad if necessary. And if there's any experimental treatment that might help in your recovery, you can use the money for that too.
In a nutshell, a critical illness policy is there to ease your worries and let you focus on getting better when faced with a serious illness.
Critical Illness Insurance Policy vs. Health Insurance Policy
Let me tell you about Anant. When he found out he had a brain tumor, he was completely shattered.
Luckily, his health insurance policy covered his treatment costs with a sum assured of Rs. 10 Lakh. But even with that relief, things took a turn for the worse when his business revenues started dropping. Because his ailment was so severe, he couldn't manage to run his business anymore, and that took a toll on both his health and his finances.
You see, a lot of folks like Anant don't even realize that there's a big difference between a health insurance policy and a critical illness insurance plan.
Here are the differences between a critical illness insurance plan and a health insurance plan.
Below mentioned are the differences between a critical illness insurance plan and a health insurance plan.
| Parameters | Critical Illness Insurance Plan | Health Insurance Plan |
|---|---|---|
| Meaning | Critical illness insurance steps in when you're facing serious, life-threatening diseases like tumors or permanent paralysis. | Regular health insurance has your back for a wide range of medical needs, from hospitalization expenses to other healthcare costs. |
| Benefits | You don't have to be hospitalized to get the benefits of your policy with critical illness insurance. Just getting diagnosed is all it takes to receive a lump sum payment. | If you do end up in the hospital, you can still get reimbursed for your expenses by submitting your bills. Plus, you might have the option for cashless treatment at hospitals that are part of your insurer's network. |
| Coverage | It provides coverage for up to 36 critical illnesses. | It's got you covered for everything from pre-hospitalization expenses to post-hospitalization costs. |
| Waiting Period | There is a waiting period that depends on the seriousness of the illness. | There is a waiting period of 30 days. |
Process to File a Claim for Critical Illness Policy
First things first, if you need to make a claim, get in touch with your insurance company and let them know what's up. They'll walk you through the process.
Once you've handed over all the necessary documents, the claim team will take it from there. They'll double-check everything and let you know if your claim is good to go or if there are any issues. Either way, they'll keep you in the loop every step of the way.
How Can Beema1 Help You ?
Facing a critical illness can drain your savings faster than you can imagine. But there's a way to protect yourself financially,
a critical illness plan. With Beema1, an individual can compare and choose the best critical illness plan in a matter of a few clicks at Beema1. We will help you to browse across the plan that provides the best insurance benefits at the most cost effective insurance premium. Our team is here to help you navigate through the options and make sure you get the right coverage at the best price.Understand The Critical Illness Coverage Benefits That You Receive Through Beema1
Hospitalization Expense- You are covered through Beema1 for your hospitalization expenses that ideally include your hospital room rent, ICU, medical investigations, doctor consultation fees, surgeries etc due to illnesses and injuries.
You are covered through Beema1 for your hospitalization expenses that ideally include your hospital room rent, ICU, medical investigations, doctor consultation fees, surgeries etc due to illnesses and injuries.
This covers you with all your pre-hospitalization cover up to 60 days and post-hospitalization cover expenses up to 180 days after your discharge from the hospital.
Cashless Home Health Care treatment facilities are provided if it is medically necessary and medically prescribed by treating medical practitioners. Beema1 helps you to explore those options with helpful assistance and guidance.
Medical advancements and progress in technologies related to the medical industry help in speedy procedures related to any major surgeries or any kind of medical treatment in less than 24 hours. The good news is that through Beema1, you are covered for that as well.
You get the cushion of this benefit through us because it adds to the sum insured, an amount equal and parallel to the claim amount, up to the basic sum insured, under the incidence of any hospitalization that happens thereafter.
Through the platform of Beema1, you are covered for the medical and surgical expenses of the organ donor while picking a major organ from a donor’s body.
Through us, you will be getting introduced to those beneficial health insurance policies with useful critical illness coverages that actually offers you with preventive health checkup at renewal.
If you are admitted in any network hospitals for a certain period of time then you are paid for other financial losses which invariably helps you to meet up the other expenses during your hospitalization.
Once you are covered with any health insurance plan through the platform of Beema1, then your insurance plan will be renewed year on year. You will stay secured and assured with the medical expenses provided to you with every renewal.
Through Beema1, you are covered for hospitalization expenses that happen under Ayush treatments as well. We believe in your beliefs. Alternate therapies like Ayurveda, Homeopathy, Unani, and Siddha are all included in the Ayush benefits.
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FAQ
Frequently Asked Questions About Insurance
Beema1 comes with questions and answers which is a good thing, especially when you’re trying to get the most out of a policy or pick up additional coverage. But sometimes, consumers aren’t even sure where to start or what to ask. Whenever you need clarification or a second opinion, our experts are here. We’ll start a frank conversation with you to sort through the clutter and get to the heart of coverage.The best age to purchase health insurance is one that works for you. But to keep your premium low, buying it as soon as possible is advised. Because you are less likely to experience health problems when you are young compared to someone in their mid-50s or 60s, who is more susceptible to serious illnesses, the earlier you purchase health insurance policy for yourself, the lower the premium you will have to pay.
Getting health insurance coverage does not need getting a medical exam. However, if applicants are older than 45 years, most Indian health insurance companies demand medical test results. Other medical tests may be necessary depending on the applicant's age and the insurer's requirements.
The 'sum insured' describes the maximum sum an insurance company will pay a policyholder if he/she files a claim for a medical condition or accidental injury. It also goes by the name 'maximum coverage' in health insurance.
You can include more family members while renewing or purchasing a health insurance policy. As long as you adhere to the terms and conditions of the family health insurance plan, you, your spouse, your dependent children, your parents, and your parents-in-law may all be covered.
You can raise the amount insured under your current policy when your health insurance coverage is renewed. If the sum insured under your existing policy cannot be increased, then you can anyway purchase a top-up plan to increase the coverage.
Beema1's health insurance policy covers medical expenses, like doctor appointments, hospital admission, prescription drugs, and coverage for preventive care and wellness programs.
The cashless claim settlement facility allows the policyholder to avail treatment benefits at the network hospital without worrying about the expenses. The bill in cashless cases are settled directly between the insurance provider and the network hospital. However, the policyholder only pays for expenses that aren’t a part of or covered under the cashless facility. Yes, the policyholder can use this facility at any of the network hospitals of the insurer that provides cashless claim settlement facilities. Never forget to note down the names of the network hospitals for availing cashless claim settlement because the patient needs to get admitted in a network hospital. Every insurance company has their own set of network hospitals. it is very essential for every policyholder to have the information and knowledge about the listed hospitals in the company’s network as it’s always preferred for an individual to choose the location and area according their convenience. Most suitably providing cashless facility.
You really cannot anticipate when a medical emergency will occur. Hence, it is wise to be alert and cautious of the territorial limitations of the claim settlement in the policy in advance. Health insurance policies provide coverage across India; however, it is best to clarify all your queries about the same before confirming your decision regarding purchasing your health insurance plan. Stay informed that there are also some medical insurance plans that provide international health insurance coverage as well.
Pre-existing diseases is something that varies from policy to policy. A policy offering cover for a pre-existing condition will get tagged along with a certain waiting period applicable on the coverage. Without fail, find out the waiting period for your pre-existing diseases and how early you are eligible to be covered. To conclude, having a clear picture of whether your pre-existing condition is not covered in the interim or is it entirely excluded from the option of coverage is must before purchasing the policy.
Medical exigencies ask for quick surveillance and awareness, that’s why it is recommended that you concentrate on taking the patient to the nearest network hospital for hospitalization. After you get admitted the family members of the patient must contact the insurance provider or the Third-Party Administration (TPA) to inform about the hospitalization and get the best possible guidance related to claim settlement procedure.