5 things you should know about critical illness insurance policies
The insured receives the sum assured when diagnosed with any of the critical illness included in the policy.
By ET CONTRIBUTORS |
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- A critical illness policy covers life threatening diseases like cancer, paralysis, heart attack etc.
- It can be a standalone critical illness policy or a critical illness insurance rider on another policy. There is no upper limit for the cover under a standalone policy whereas in a rider it is restricted to the cover of the base policy.
- The insured receives the sum assured when diagnosed with any of the critical illness included in the policy.
- No hospitalisation is required nor are any bills or receipts required to be submitted to claim benefit.
- Some policies have waiting period restrictions and critical Illness diagnosed within the waiting period are typically not covered.
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
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