5 Frequently Asked Questions About Critical Illness Cover

Critical illness cover provides additional coverage for medical emergencies like heart attack, stroke, cancer etc. Since these emergencies can cost higher than average, the critical illness cover helps finance any overruns that may not be covered by traditional health insurance.

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An apple a day keeps the doctor away – if only this were true!

In reality, a healthy diet and regular exercise are your best bet to stay fit and keep illnesses at bay. But in many cases, individuals can still end up with health issues despite their best efforts. The reason for this is that sometimes conditions can be hereditary or simply occur with age.

Does this mean you can do nothing about it? No!

In addition to keeping up with a favorable lifestyle, you should also buy a health insurance policy. This way, if a medical emergency does come your way, you can save yourself from the financial drain of healthcare expenses.

These days, you can even increase the coverage of your health insurance plan by opting for add-on covers. These add-ons allow you to build a plan around your varied needs and requirements.

One particular add-on that may be of interest to you is the critical illness add-on. If you are not already familiar with it, the Internet has brought you to exactly the right place.

This article will answer five commonly asked questions about critical illness cover to give you a better understanding of the same:

What is a critical illness cover?

A critical illness cover is designed to provide financial protection from a number of life-threatening illnesses listed in the policy. If diagnosed with such an illness, a critical illness cover provides the insured with a lump sum payment, up to Rs. 10 lakhs in some instances! If taken as an add-on cover, this payment will be over and above the standard indemnity cover from your health insurance policy. So, if you have a health insurance policy with a critical illness add-on, you get cover for all your medical expenses & an additional pay-out that can be used as per your requirement!

Why do I need critical illness cover?

Your first line of defense against a life-threatening illness, in financial terms at least, is your health insurance policy. It will ensure the initial tests, consultations, and hospitalization costs, etc. are covered. However, when it comes to a critical illness, treatments usually go on for a prolonged period and expenses keep adding up.

Things can get even more complicated if you are the breadwinner or the sole earner of the family. You would have to take time off from your job for extended periods of time, and this will put a strain on your finances.

This is where critical illness cover can be extremely helpful. The pay-out you receive will go a long way tiding over these troubled times. Moreover, there is no restriction on the use of these funds – perfect in case you need to cover EMIs, household expenses, etc.

What conditions am I protected from with a critical illness cover?

The list of conditions covered by a critical illness policy will differ slightly from one insurance company to the next. The best critical illness cover should offer protection against more than 8 critical illnesses that usually include cancer, heart attack, kidney failure, etc.

Should I buy separate critical illness policy or add-on cover?

Financial protection against critical illness can also be bought as a standalone policy. While it is in many ways similar to a critical insurance add on cover, it means you have to manage two separate policies. Hence, buying a critical insurance add-on saves you from having to pay two separate premiums.

To opt for add-on critical insurance cover, you have to simply contact your insurance provider and update your current health insurance policy. While this means your premium might increase, the money you pay could be much less than two completely different premiums.

What is not covered under a critical illness policy?

The exclusions of a critical illness cover can vary depending on the insurance provider. However, some of the common exclusions include:

  • Self-inflicted Injuries
  • STDs
  • Nuclear, biological or chemical contamination
  • Alcohol consumption, smoking, other tobacco intake or drug abuse
  • Any form of war, invasion, civil war, rebellion

To conclude, just think of it like this – you work hard to save money for your future goals, for your children, and for your retirement. How unfair would it be for an illness to come along and burn through what you’ve saved for years in a matter of months? So give yourself a back-up plan, add critical illness cover to your health insurance policy and live every moment to the fullest knowing that you are protected from life’s uncertainties!


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