Types of Health Insurance : Critical Illness Policy
This kind of policy insures an individual against the risk of grave illnesses or diseases in return of a premium he or she is asked to pay.
Various insurance companies characterize certain kind of case specific illness or diseases as ‘critical’. If an individual has a critical illness policy, then the insurance company will reimburse the individual a lump sump amount, only if he or she is identified with a critical illness which comes under the defined category of illness of the insurance company.
This kind of policy gives one an assurance that a certain amount of cash will be taken care of, if any of the unexpected happens or if your are identified with any one of the critical illnesses mentioned in the claim.
Once the desired amount is paid, the plan comes to an end.
Contrasting to other general policies, the critical illness policy comes with multiple options which can be availed during the term of the policy. For instance, ICICI Lombard provides critical illness cover for a sum of Rs. 12,00,000 coverage for a term of 5 years. This kind of policy is also obtainable with disability coverage in order to ensure that you are also covered for financial losses during the decisive term.
Illnesses it can offer
Characteristically, a critical illness plan would offer cover for various illnesses, such as:
1. Kidney failure
4. Coronary artery bypass surgery
5. Multiple sclerosis
6. Primary pulmonary arterial hypertension
7. Heart Valve Replacement Surgery
8. Aorta graft surgery
9. Major organ transplant
10. First heart attack
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Source: Onlymyhealth editorial team Jan 30, 2013
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