Medical expenses can be staggering in old age due to age-related complications; hence, senior citizens must prepare themselves for any eventualities. A critical illness insurance plan can aid you if you have the coverage before a medical emergency hits you.

With a critical illness policy, senior citizens can easily meet their necessary medical expenses for diseases like cancer, heart attack, etc. The policy pays a lump sum amount to the policyholder on the diagnosis of a severe illness.

A critical illness insurance policy becomes vital for everyone, mainly for seniors who may be more prone to diseases due to old age. The policy covers all major illnesses, although the covered conditions may vary from one insurer to another. The customers must check all the details regarding the policy before buying one.

A critical illness policy is generally called a benefit-only policy because, unlike a comprehensive health insurance policy that covers all hospitalisation expenses, it provides a lump sum amount to the insured as per the sum insured. For example, suppose the sum assured is Rs 10 lakh for the diseases listed under the policy. In that case, the policyholder will receive the entire amount in a lump sum on detection of the disease regardless of the actual hospitalisation costs, even if it is less than that.

Key Features Of A Critical Illness Policy 

Critical illness policy premiums can vary based on the age, sum insured, diseases covered, waiting and the survival period. It is an individual policy where premiums are paid in instalments, and the plan comes with added benefits built into the policy, like cancer reconstructive surgery, cardiac nursing, physiotherapy, etc. Besides the lump sum, it may also offer health check-up costs, premium waivers, etc. For adults, the entry age is 18-65 years, and for children, it’s three months to 30 years. The policy can be renewed for a lifetime, meaning there is no exit age. Further, the plan can include the spouse, dependent children, grandchildren, parents and parents-in-law, sister, brother, aunt, and uncle besides self.

What Are The Exclusions? 

Like any other health insurance policy, a critical illness insurance plan may come with exclusions, which can vary from one insurer to another. Some standard exclusions include self-inflicted injury leading to an acute illness, conditions caused by the abuse of intoxicating substances, HIV (human immune-deficiency virus) infection, diseases caused by cosmetic, aesthetic, and obesity-related treatments, serious congenital ailments, etc.

Things To Consider Before Buying A Plan

As in other insurance policies, the subscriber must check all the policy details, like the diseases covered, terms and conditions, pre-policy medical history, whether an examination is required, the survival period before the policy kicks in, etc. These conditions, however, may vary from one insurer to another. Generally, the claim process is easy for these policies. The policyholder will simply need to produce the diagnosis report for the ailment.