The policy stipulated in critical illness insurance acts on a simple principle - if you are diagnosed with a critical illness, the insurance company will pay the sum insured as a lump sum. In addition to paying for inpatient fees, this amount can be used to pay household expenses, children's school fees, etc.
Even if you want to go abroad for further medical treatment, you can do it with the help of the lump sum paid by the company. Overall, this amount acts as a substitute for income and as such, can be used however you want in a way beneficial to you.
How much coverage must be taken?
There are things that are scarier than fighting critical illness. When exposed to critical illness, a person will suffer from insufficient funds. There are no standard rules for deciding how much coverage should be taken, but a person must decide according to age, income, and lifestyle.
However, because this is a one-time benefit paid to policyholders at the first diagnosis, after a 1-month survival period, it makes sense to buy at least 1 billion rupiahs of cover if you are over 35 years old. People who belong to the higher age groups and income groups must naturally seek higher protection.
The policy also covers treatments that occur in a foreign country.
Under the critical illness insurance plan, a fixed amount is paid for the diagnosis of critical illness, regardless of whether the treatment is carried out in India or abroad. This means that the policy can help you with your expenses if you decide to go abroad for further medical treatment.
Our own lifestyle is the cause of most life-threatening diseases. So, if you feel you are vulnerable, this is the time for you to buy the best critical illness insurance package and stay protected from a number of critical illnesses.
However, that doesn't mean you can avoid individual health insurance policies. In fact, you first have to buy an individual health insurance policy and then, include a critical illness plan as a second layer of protection in your insurance portfolio.