Critical Care
Critical Care
About Critical Care
A Critical plan is a health insurance plan that pays a lump sum amount, equal to the sum insured, to the insured on acquiring a serious aliment such as cancer or a stroke. A Critical Illness cover provides a lump sum benefit which can pay for the cost of care and treatment, recuperation expense and even pay off any debt if taken.
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Low Cost, Limited Coverage
Part of what makes these policies appealing is that they generally don’t cost a lot, especially when you get them through an employer.
Low Brokerage
When you buy an insurance policy, the commissions charged by brokers or agents are mentioned under the premium allocation charges. This is a recurring expense.
Alternatives to Critical Illness Insurance
Insiders point out that there are alternative forms of coverage without all these restrictions. Disability insurance, for example, provides income when you can’t work for medical reasons and financial protection isn’t limited to a narrow set of illnesses. This is an especially good option for anyone whose livelihood would take a significant hit from a prolonged work absence.
Features of Critical Care
Some critical illness plans can even reduce or completely drop your benefits after you reach a certain age, when you might need the coverage the most.
For some, critical illness insurance provides peace of mind, which should not be discounted. But for many, critical illness insurance is rarely worth the money.
Critical Illness Coverage
Coverage is provided for up to 36 major critical illnesses such as a tumor, cancer, kidney failure, heart ailments etc.
Lump-sum Payment
The insurer provides the lump sum payment for the treatment of covered illnesses.
Waiting Period
Usually, the coverage is provided after the end of the waiting period.
Easy Claim Processing
The claim can be easily processed based on the diagnosis reports.
Critical Care – Eligibility
Any salaried, self-employed or professional Public and Private companies, Government sector employees including Public Sector is eligible for a personal loan.
Age
Maximum age of applicant at loan maturity: 60 years
Income
Minimum Net Monthly Income: Rs 15,000
Credit Rating
Applicant should have the bank specified credit score.
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