Becoming Familiar With The Various Aspects Of Critical Illness Plans

Among the various types of health insurance schemes launched by various insurance providers, the critical illness plan is perhaps one of the most misunderstood ones. The plan offers to cover a wide range of expenses incurred in the treatment of any the critical illnesses that an insurer might have been insured again. However, many people are unaware of the fact that now it is possible to combine the critical illness plan with a term or endowment policy, which serves as the main health insurance policy.

In addition, the benefits of critical insurance plan might be offered in two modes. These are the accelerated benefits mode and the additional benefits modes and they differ in the manner in which the money is disbursed to the insurer. In the accelerated benefits mode, the insurer gets a just a part of the sum insured in the main policy, leaving the remaining amount to cover the expenses of medical care, with the policy still being valid. In the additional benefits mode, the insurer is liable to get additional benefits without affecting the total amount insured in the main policy.

However, before disbursing any amount to the insurer, claiming to have become the victim of any critical ailment, the insurance provider might has the right to get the condition verified by doctor of their choice with significant experience of the said disease. The patient might be required to undergo various clinical, radiological, histological and laboratory examinations for this purpose.

Financial security in bad times is just one of the numerous benefits of being covered under a critical illness plan. However, it is always advisable to buy these plans after taking into consideration one’s lifestyle, the present and past illness records of the family as well as any other reasons that might cause one to become the victims of any critical illness so that they don’t become a burden.