In an era where lifestyle diseases are on the rise and healthcare costs are soaring, having a robust Mediclaim policy is essential. However, a standard one might not always suffice when it comes to covering the expenses of major health issues like cancer, heart attack, or kidney failure. 

This is where critical illness coverage becomes a crucial addition. As an insurance aggregator in India, Digibima helps you understand the importance of including critical illness coverage in your Mediclaim policy to safeguard against significant health risks.

What is Critical Illness Cover?

Critical illness cover is an add-on benefit to your Mediclaim policy that provides a lump sum payment if the policyholder is diagnosed with a specified critical illness. This cover is designed to help manage the high medical costs associated with severe diseases and can also provide financial support for other expenses during recovery.

Importance of Critical Illness Cover

Comprehensive Financial Protection

The primary advantage of critical illness cover is the comprehensive financial protection it offers. Critical illnesses often require expensive treatments, prolonged hospitalization, and can lead to loss of income due to the inability to work. The lump sum received from critical illness cover can be used to pay for medical bills, cover household expenses, or fund lifestyle changes needed due to the illness. By combining critical illness cover with a Mediclaim Policy, individuals can ensure that they are protected from both minor and major health-related expenses.

Peace of Mind

Knowing that you have additional financial support in case of a severe health crisis can provide immense peace of mind. This allows you to focus on recovery without worrying about the financial strain that such illnesses can cause.

Key Features of Critical Illness Cover

Wide Range of Illnesses Covered

Critical illness cover typically includes a wide range of diseases such as cancer, heart attack, stroke, kidney failure, and major organ transplants. It's essential to check the list of covered illnesses when purchasing this add-on to ensure comprehensive coverage.

Lump Sum Payment

Unlike standard Mediclaim Policy policies that reimburse medical expenses, critical illness cover provides a lump sum payment upon diagnosis of a covered illness. This payment is independent of the actual medical expenses incurred, giving policyholders the flexibility to use the funds as needed.

Survival Period Clause

Most critical illness covers have a survival period clause, which means the policyholder must survive for a certain period (usually 30 days) after the diagnosis to claim the benefit. This clause ensures that the coverage is used for recovery and treatment rather than immediate expenses following death.

Examples of Critical Illness Cover in Action

Example 1: Heart Attack

Consider Mr. Sharma, a 45-year-old professional who suffered a heart attack. His Mediclaim policy covered his hospitalization and treatment costs. However, the critical illness cover provided an additional lump sum of ₹10 lakhs, which he used to cover his loss of income during recovery and to make necessary lifestyle changes such as adopting a healthier diet and regular check-ups.

Example 2: Cancer Diagnosis

Ms. Mehta, a 35-year-old teacher, was diagnosed with breast cancer. Her Mediclaim policy covered chemotherapy and surgery expenses. The critical illness cover gave her a lump sum of ₹15 lakhs, which she utilized to pay for advanced treatments not covered by the policy and to support her family financially during her recovery period.

How to Choose the Right Critical Illness Cover

Assess Your Risk Factors

Consider your family medical history and lifestyle when choosing critical illness cover. If you have a family history of heart disease or cancer, opting for higher coverage would be prudent.

Compare Policies

Use platforms like Digibima to compare different Mediclaim Policy policies and their critical illness covers. Look for plans that offer extensive coverage for a wide range of illnesses at a reasonable premium.

Read the Fine Print

Understand the terms and conditions, including the list of covered illnesses, survival period clause, and any exclusions. This will help avoid surprises during claim processing.

Conclusion

Adding critical illness cover to your Mediclaim policy is a smart decision that enhances your financial security against major health risks. With Digibima’s expertise and resources, you can easily compare and select the best policy that suits your needs, ensuring that you and your loved ones are well-protected in times of health crises.

FAQ Section

Q1: What is the difference between a Mediclaim policy and critical illness cover?
A1: A Mediclaim policy reimburses medical expenses incurred during hospitalization, while critical illness cover provides a lump sum payment upon diagnosis of a specified critical illness.

Q2: Can I add critical illness cover to my existing Mediclaim policy?
A2: Yes, many insurers offer the option to add critical illness cover as a rider to your existing Mediclaim policy.

Q3: How much critical illness cover should I opt for?
A3: The amount of critical illness cover should depend on your income, existing medical conditions, and potential medical expenses. It's advisable to choose a sum that can cover major treatment costs and provide financial support during recovery.

Q4: Does the critical illness cover payout depend on actual medical expenses?
A4: No, the payout from critical illness cover is a lump sum that does not depend on the actual medical expenses incurred. It can be used for any purpose.

Q5: Are all critical illnesses covered under this add-on?
A5: Not all illnesses are covered. The list of covered illnesses varies by insurer, so it’s important to check the specific terms of the policy.