Tips to follow while

buying a critical illness policy

A critical illness plan financially assists you with a lump sum amount if diagnosed with a specific illness. But there are certain things you must look for while buying such a policy.

Assess your current family situation

Note down the age group of your family members. It can help determine the

ideal coverage amount. Also, figure out if you need extra cover for aged family members.

Keep your current finances in mind

Based on your earnings, determine whether you will be able to cover the costs of a medical emergency in the future. And take into consideration the rising costs of medical facilities while making this decision.

Analyse your health condition

According to your current lifestyle, will you be more susceptible to illnesses in future? Do you have a family history of certain diseases? If yes, then you may want to get coverage for these diseases in particular.

Critical illness plan and a health insurance policy are two different things

A critical illness plan complements your health insurance policy. Many health plans come with a critical illness add-on. So, check if your health insurance policy has a similar add-on. If not, opt for a critical illness plan.

Look for comprehensive coverage

Review all the illnesses covered in the plan. Ensure you read all the terms and conditions, and exclusions if any. Also, go through the list of hospitals that accept that particular plan.

It is also essential to find out the settlement history of the company. That way you will know if the company is a reliable one or not.

Check the
settlement process

Check the settlement process of your critical illness plan. What are the steps? Will it be easy to make a claim in an emergency?