What is Critical Illness?
Critical Illness Cover is an additional policy that helps the Insurer meet the sudden expenses that may crop up due to a critical illness that arises during the tenure of the Insurance. Insurance Companies have a list of Critical Illnesses or disorders that are taken care of under the Critical Illness Cover. These usually include illnesses like Heart Attacks, Cancer, Organ Transplants, and many more conditions. The diseases and conditions that are allowed under this kind of cover may vary from one Insurance company to another. The Premium payable would also depend upon the age and health of the Insurer.
This Cover amounts for a lot of security and assurance, especially for the elderly and generally all insurers who can come under tremendous financial stress due to sudden critical illness.
It is essential to understand here that a Life Insurance Plan will undoubtedly cover a person in the eventuality of his or her death due to illness or accident. A Critical Illness plan, however, will pay for medical expenses arising out of a critical illness that keeps a person away from active work life due to the sudden critical illness that may not necessarily result in death.
There are specific Medical Procedures and compliances, like Doctors Certificate and a record of pre-existing medical conditions, that have to be met before a person becomes eligible for the extra Critical Illness Cover.