Critical illnesses are chronic health disorders or diseases which require prolonged medical treatment. These diseases include heart disease, liver or kidney failure, cancer, etc. As these illnesses require prolonged medical care, it is important to be financially capable in order to meet the treatment costs. Hence, having critical health insurance is essential.
Critical illness plans provide a lump sum amount in the event of diagnosis of a critical illness listed in the policy terms and conditions. Incidence of critical illnesses is increasing due to the paradigm shift in our lifestyles, which is why having insurance protection is important. Despite this fact, many people are still hesitant about purchasing critical health insurance.
To help clear the mist of the myths from the facts, here are the top myths about critical illnesses and the corresponding facts –
- Myth – Critical illness plans have high premiums
Fact – It isn’t true, as not every critical insurance plan is expensive. But, obviously as the associated risk is high, the premiums are on a higher side. However, you can compare various plans to get the best quote.
- Myth – I will be covered for all critical illnesses
Fact- Having critical illness insurance doesn’t necessarily mean that you will be covered for all types of critical illnesses. However, you will be covered for the illnesses of specified severities, as mentioned in the policy document. Hence, it is important that you read the policy document carefully before making a purchase.
- Myth – I have pre-existing medical illnesses, so I cannot buy critical illness insurance
Fact – False! There are different critical illness insurance plans and you can buy one as per your requirements and health conditions. If you have a pre-existing illness, you may have to pay a higher insurance premium.
- Myth – If diagnosed with a critical illness, the claim amount will be given immediately
Fact – Upon diagnosis of a critical illness, the claim amount won’t be disbursed at once. The time of settlement varies from one provider to another. So, before buying a policy, you can ask your insurer about the settlement process and time.
- Myth- I am covered for all types of cancer as the policy covers cancer
Fact – It is not necessary. Every covered disease listed in the policy document is covered only for a specified severity. Hence, it is necessary to read the policy document to know what types of cancer are covered.
If you want your critical illness policy to work for you, it is necessary that you read your policy document carefully.
IFFCO Tokio General Insurance Company 