Article

Critical Illness Policy
June 07 , 2012

A normal medical insurance policy reimburses the expenses you incur on hospitalization. But if, God forbid, you were stuck with a chronic illness (say cancer or stroke or heart disease), it would cause immense financial stress. For one, your job and regular income would be disrupted - something that is not covered by medical insurance. Second, not all your expenses would be related to hospitalization, something that is necessary to get medical reimbursement.

A critical illness policy takes care of these issues. So it should be taken by all earning individuals, as a supplementary policy to the normal medical insurance. For a nominal annual premium, it pays you a lump-sum, should you be diagnosed with one of about 10-12 common critical illnesses. It requires only proof of diagnosis, and no proofs of expenses. Currently available policies offer cover as high as Rs.50 lakh.

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