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There used to be a time when life-threatening diseases like tumours and cancers were regarded as rare. But this is not the case anymore. Today, a diagnosis of cancer has become as common as a common cold. The fast-paced lifestyle of people coupled with stressful work hours and unhealthy eating habits has greatly contributed to the escalation of these illnesses, which makes one wonder whether a basic health insurance policy is truly enough? A diagnosis of a critical illness is not only stressful for the patient and his loved ones but can also drain out one’s savings in a matter of days. It has therefore become imperative for everyone to invest in a critical illness policy. So what is critical illness cover? Here’s all you need to know about it
What is a critical illness policy?
As the name suggests, a critical illness policy is a special type of a health insurance policy which can be encashed when one is diagnosed of a critical or life-threatening illness. Such a policy typically comes with a higher amount of sums assured, ranging into several lakhs and even crores, thus allowing policy holders to undergo treatment without worrying about draining their savings. The insurance provider generally lists out the diseases covered under this policy with the most common ones being cancers, paralysis, tumours, attacks, strokes, etc. Note that the premiums of critical illness policies are generally higher than a regular health insurance policy, but then, so is the sum assured.
What does critical illness cover?
Here are some of the conditions covered under a critical illness policy.
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Note that the conditions covered under a critical illness policy depend upon the type of policy you choose and can differ from insurer to insurer.
What is excluded in a critical illness policy?
Now that you know what does critical illness cover include, let’s look at the exclusions of the policy.
Apart from these conditions, one cannot encash a critical illness policy within the first 90 days of purchasing it.
Reasons to purchase a critical illness policy
Having shed light on what does critical illness insurance cover and what it doesn’t, let’s now look at the top 3 reasons why one must invest in a critical illness policy.
Things to consider before investing a critical illness policy
Just knowing what does critical illness cover is not enough. Here are a few points to consider before investing in this policy.
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