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Ref. No. KLI/22-23/E-BB/492
If you are looking to buy critical illness insurance, you must consider factors like coverage size, renewability, waiting period, and existing health issues.
Choosing the right critical illness plan is important as it can provide you with financial security in case you are diagnosed with a critical illness. Before buying a critical illness plan one must consider factors like the sum assured, waiting period, coverage size and claim settlement process.
Receiving a diagnosis of a critical illness is a turning point in anyone’s life. Such an event within a family carries profound consequences, as a critical illness can completely shatter one’s morale. In an era where the cost of living and medical expenses are rapidly increasing, critical illness insurance is widely regarded as the most effective solution to combat the financial challenges associated with a critical illness. Funds from critical illness insurance can be used to reduce the financial burden while you are being treated.
A life insurance plan pays death benefits to the beneficiaries in case of the policyholder’s demise during the policy duration. Health insurance is an indemnity plan which covers the cost of hospitalization and some other expenses. Both these may not be appropriate to cover the financial impact of a critical illness.
In case of a critical illness, the benefits of a standard health insurance policy and life insurance plan are unavailable. Moreover, a critical illness may leave you incapacitated, which means you may not be able to work, resulting in income loss.
Having the best critical illness insurance means if you are diagnosed with any of the covered illnesses, the insurance company pays the policy benefits irrespective of the treatment costs and other related expenses. Some of the commonly covered critical illnesses include cancer, liver disease, kidney failure, stroke, multiple sclerosis, heart attack, and many more.
The majority of insurance providers provide critical illness coverage. Choosing the best critical illness plan is a crucial decision that requires careful consideration of various factors. Here are important factors to keep in mind while making this decision:
Understand the waiting period associated with the critical illness plan. Some policies have a waiting period before you can claim for certain illnesses.
Consider the extent of coverage provided. Opt for a plan that offers a substantial sum assured to cover potential medical expenses.
Review the ease and transparency of the claim process. A straightforward and efficient claim process is crucial during times of distress. Also, check the renewability options of the policy. And choose a plan that allows lifelong renewability to ensure coverage throughout your life.
Examine the specific conditions covered under the plan. Ensure that it includes the illnesses most relevant to your health risks.
Consider the entry and exit age limits for the policy. Some plans may have age restrictions, so choose one that aligns with your current and future needs.
Assess your financial capacity to pay premiums regularly. While it is essential to have adequate coverage, it is equally important to choose a plan that fits within your budget.
Be aware of any pre-existing health conditions that might affect your eligibility or premium rates. Some plans may have medical underwriting requirements.
Clarify what is included in the policy, such as hospitalization expenses, post-hospitalization expenses, and additional benefits.
While cost is a factor, prioritize value over cheap premiums. Ensure that the plan offers adequate coverage for a reasonable premium.
Understand any limitations of the policy, such as waiting periods, sub-limits, or exclusions for specific treatments.
Choose a policy with a tenure that suits your long-term needs and a sum insured that adequately covers potential medical costs.
Thoroughly read the policy document to identify any exclusions or limitations that might affect your coverage. Understand the circumstances under which the plan may not provide benefits.
Research the insurer’s claim settlement ratio and reputation for timely claim settlements. A high claim settlement ratio indicates reliability.
Look for features that cover lost income due to critical illness, ensuring financial stability during recovery periods.
Ensure that the sum assured is adequate to cover potential medical expenses and other financial obligations during a critical illness.
Critical illness insurance plans are typically available for individuals within a certain age range. The specific eligibility criteria may vary among insurance providers, but generally, the following individuals can buy a critical illness insurance plan:
Most insurance providers offer critical illness plans to individuals within a specific age range, often between 18 and 65 years old. However, the age limits can vary, so checking with the insurance company is essential.
While some critical illness plans may cover pre-existing conditions after a waiting period, individuals without significant pre-existing medical conditions may have an easier time obtaining coverage.
Applicants may need to demonstrate financial stability to afford the premiums. This is important as critical illness insurance is a long-term commitment, and individuals need to be able to pay the premiums over the policy term.
Some insurance providers may require applicants to undergo a medical examination as part of the underwriting process. This helps assess the individual’s health status and determines the risk for the insurer.
Having understood the importance of a critical illness policy, you may check online for a critical illness insurance comparison table. Such a table compares various policies, their terms and conditions, and inclusions and exclusions on a single page, which makes it easier for you to make a decision.
Before purchasing a critical illness insurance plan, it is advisable to carefully review the eligibility criteria of the specific policy and consult with the insurance provider or a financial advisor to ensure that the coverage aligns with your needs and circumstances.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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