What is a Critical Illness Cover?
A critical illness cover helps you tide over medical emergencies. It is a lump sum paid to the insured in case he/she contracts any of the specific illnesses specified in the policy document. It can be bought as a standalone policy or as a rider in your existing health cover.
Why you should opt for one?
Critical illness insurance provides coverage for the diseases indicated in the adjacent table.
You can opt for a suitable cover by taking into consideration your medical history, genetics, and lifestyle habits. It is important to remember that critical illness cover does not cover pre-existing diseases.
It also covers the expenditure of care and recuperation, thus minimising the financial load and ensuring a stress-free recovery.
Insurer offers lump sum amount after the diagnosis of critical illness or injury. It ensures that the treatment starts without any delays.
c) Options for Standalone or Rider policy
Based on your requirement, you can buy a standalone critical illness insurance policy or a rider clubbed with medical or life insurance. The advantage of standalone policy is that a flexible sum can be insured. Whereas, the limit on sum insured is same for rider and base policy.
d) Donor Expenses
In case of organ transplant, which is covered under critical illness policy, the reimbursement for organ donor can be claimed up to certain limit.
Based on your age group, family and medical history, opt for a suitable critical illness cover and add-ons that will cushion your finances in case of illness. The ICICI Lombard policy does not cover a survival period clause – a clause that states that the policyholder should survive for a defined period after the diagnosis to make a claim.