Critical Care Insurance - One Must Have

One can’t predict that what is going to occur next in life as it is full of unexpected twist and turns. Due to sedentary lifestyle of 21st-century, people are more prone to risks such as hospitalization, life threatening diseases, critical illness, and death as compared to the earlier generations. But, sometimes due to hereditary reasons and mostly with age, the chance of developing a critical lifestyle disease increases. The Critical care insurance could be the only thing protecting you from financial ruin in case you are diagnosed with a critical ailment or undergone a surgery covered under the plan.

Why do you need a critical care coverage?

The cost of the medical treatment for a critical illness can wipe out your entire savings in a single go. The Critical care insurance plan provides coverage for critical illnesses that require treatment over a long period of time.

The Indian Council of Medical Research (ICMR) has projected the occurrence of 17.3 lakh new cases of cancer and over 8.8 lakh deaths due to the disease by 2020.

According to the World Health Organization (WHO), cardiovascular diseases, cancer, stroke, chronic obstructive pulmonary disease are some of the significant health ailments in India.

According to the Indian Heart Association, almost 50% of all heart attacks in Indian men occur below 50 years of age while men under the age of 40 report 25% of all cases of heart attacks. Also, the male population in the country, between the age group of 30 to 74 is at a higher risk of cardiovascular diseases than the female population. While Indian women had a 12.7% risk of developing cardiovascular issues, approximately 21.4% of the males were at risk.

Overall, the working population in India, between the ages of 30 to 74 are more prone to developing cardiovascular diseases and cancer. The other ailments such as kidney failure, sclerosis, stroke or paralysis, too present a palpable risk to the population in India.

Buying critical illness insuranse is important even if you have a health insurance cover. The occurrence of critical illnesses is on the rise. The critical care cover along with regular health insurance policies could offer a good balance between coverage and pricing.

Critical care insurance plan v/s health inusrance plan

Let us now understand that how a regular health insurance policy is different from a critical illness policy.

Features	Critical Care Insurance	Health Insurance
Meaning	Covers life threatning diseases such as cancer, heart attack, stroke, tumour, paralysis, etc.	Covers hospitalization expenses.
Advantage	Basis on first diagnosis, an insured person can claim for the entire sum insured. Hospitalization is not mandatory.	Cashless and reimbursement option available. Hospitalization at network hospitals is mandatory.
Coverage	Restricted coverage as it covers specified list of diseases (upto 36 critical illnesses).	Extensive coverage, including pre & post hospitalization expenses.
Waiting period	90 Days	30 Days
Tenure	Generally, 10-20 years policy.	1 year policy and policy holder can renew every year.

Illness covered in critical care insurance

Paralysis

Motor neurone disease

Multiple sclerosis

Aplastic anaemia

Bacterial meningitis

Loss of speech

End stage liver disease

Deafness

End-stage lung disease

Fulminant viral hepatitis

Major burns

Muscular dystrophy

Cancer upto specified stage

First heart attack

Open chest coronary artery bypass surgery

Open heart valve replacement or repair

Coma of specified severity

Kidney failure

Stroke

Major organ transplant

Bone marrow transplant

Exclusions in critical care insurance policy

HIV/AIDS

Critical illness diagnosed within the waiting period

Infertility treatment

Pregnancy or childbirth related critical condition

Illness caused/developed due to smoking, tobacco, alcohol or drug intake

Illness caused/developed due to internal or external congenital disorder

Taking part in any naval, military or air force operation during peace time

Illness caused/developed due to war (whether war be declared or not), invasion, act of foreign enemy, hostilities, armed or unarmed truce, civil war, mutiny, rebellion, revolution, insurrection, military or usurped power, riot or civil commotion, strikes.

Harmone replacement treatment

Treatment underwent outside India

Any pre-existing disease or a condition would be covered post completion of 4 policy years

Critical illnesses generally develop slowly and last for longer periods, usually over months to years. Treating a critical illness takes time and money, and may result in financial difficulties. Therefore, a critical care insurance will help you keep financially protect yourself and your loved ones.