During to the rising pollution level, ecological imbalance, stressful lifestyle etc. more and more people are facing critical illnesses like heart stroke, cardiac arrest etc. This has developed a state of fear in the minds of people. Consensus says the number of people dying from these problems is increasing regularly. Secondly, the use of updated technologies has made treatment of these diseases so costly that these are not easily affordable by most. A person finds it too difficult to pay off these expenses from their pocket or from savings.
Cardiovascular diseases are the leading cause of deaths in India. Treatment for all of these critical illnesses is very expensive. While basic health insurance policies do cover these illnesses, the sum assured in the policy are almost inadequate to deal with the crisis situation. For example, most health insurance policies offer a sum assured of 2 to 5 lakhs (family floater), while the treatment for ischemic stroke itself amounts to 6 lakhs. Here, traditional life insurance policies are also of little help because they grant the sum assured upon the demise of the insured. In such scenarios critical illness rider is one such optional add-on feature that can be bought to compliment your medical insurance plan. It ensures that a lump sum (Sum Assured) is paid to the policyholder if he or she is diagnosed with any of the critical illnesses mentioned in the policy. Once the payout is done for the treatment, the rider terminates while the life cover under the base plan and other riders (if any) continue.
Many people are becoming victims of these rising medical costs, as at the time of medical emergency, a person is left with alternatives such as borrowing money from someone or selling of assets. These decisions not only bring financial stress over the family in the long run but also break them emotional thereby making it almost irreparable damage to the health. Thus, before a person becomes a victim of these circumstances, its better the get insured. Not only you need to get insured but also incorporate some suitable riders on their medical insurance plan which will act like the additional weapons in this disaster management.
It is advisable along with mediclaim, one should also buy critical illness cover that offers extra protection to the insured and his or her dependents. In case of any serious covered illness, the insured is entitled to a lump-sum payment, as per the terms and conditions of the plan. There are many critical illness riders available in Indian insurance market. A person can either purchase these products or can buy mediclaim plans, which offer it as an additional benefit.
Each insurance company covers different array of illnesses under this rider. However, the critical illness rider usually covers: Cancer, Open Chest CABG, First Heart Attack and Strokes etc. Besides some companies also offer special women health related critical illness riders.
Although the critical illness rider covers the specified illnesses completely, there are few scenarios where the claims might be rejected. Therefore ensure that you meet the requirement before incorporating the rider in your medical insurance plan. The rider does not cover pre-existing or hereditary conditions. Claims can be made only if the person is diagnosed after the waiting period. Claim is paid only if the insured survives a specified time frame after diagnosis of illness.
There are two types of critical illness riders available in the market: Core or Non-Accelerated Critical Illness Benefit where the sum assured under the critical illness cover is independent of the death benefit and does not affect the death benefit of the life insurance policy and Accelerated Critical Illness Benefit: Under this kind of critical illness rider, the benefits paid can reduce the death benefit of the base policy.
When a person buys an additional coverage with a medical insurance plan he or she gets the coverage amount, over and above the treatment amount (maximum up to sum insured). Thus, it’s like an extra guard for a person combating the crisis time of life.
Source: (http://indiahealthinsurance.tumblr.com/post/132141426897/a-rider-that-will-enhance-your-medical-insurance)
Cardiovascular diseases are the leading cause of deaths in India. Treatment for all of these critical illnesses is very expensive. While basic health insurance policies do cover these illnesses, the sum assured in the policy are almost inadequate to deal with the crisis situation. For example, most health insurance policies offer a sum assured of 2 to 5 lakhs (family floater), while the treatment for ischemic stroke itself amounts to 6 lakhs. Here, traditional life insurance policies are also of little help because they grant the sum assured upon the demise of the insured. In such scenarios critical illness rider is one such optional add-on feature that can be bought to compliment your medical insurance plan. It ensures that a lump sum (Sum Assured) is paid to the policyholder if he or she is diagnosed with any of the critical illnesses mentioned in the policy. Once the payout is done for the treatment, the rider terminates while the life cover under the base plan and other riders (if any) continue.
Many people are becoming victims of these rising medical costs, as at the time of medical emergency, a person is left with alternatives such as borrowing money from someone or selling of assets. These decisions not only bring financial stress over the family in the long run but also break them emotional thereby making it almost irreparable damage to the health. Thus, before a person becomes a victim of these circumstances, its better the get insured. Not only you need to get insured but also incorporate some suitable riders on their medical insurance plan which will act like the additional weapons in this disaster management.
It is advisable along with mediclaim, one should also buy critical illness cover that offers extra protection to the insured and his or her dependents. In case of any serious covered illness, the insured is entitled to a lump-sum payment, as per the terms and conditions of the plan. There are many critical illness riders available in Indian insurance market. A person can either purchase these products or can buy mediclaim plans, which offer it as an additional benefit.
Each insurance company covers different array of illnesses under this rider. However, the critical illness rider usually covers: Cancer, Open Chest CABG, First Heart Attack and Strokes etc. Besides some companies also offer special women health related critical illness riders.
Although the critical illness rider covers the specified illnesses completely, there are few scenarios where the claims might be rejected. Therefore ensure that you meet the requirement before incorporating the rider in your medical insurance plan. The rider does not cover pre-existing or hereditary conditions. Claims can be made only if the person is diagnosed after the waiting period. Claim is paid only if the insured survives a specified time frame after diagnosis of illness.
There are two types of critical illness riders available in the market: Core or Non-Accelerated Critical Illness Benefit where the sum assured under the critical illness cover is independent of the death benefit and does not affect the death benefit of the life insurance policy and Accelerated Critical Illness Benefit: Under this kind of critical illness rider, the benefits paid can reduce the death benefit of the base policy.
When a person buys an additional coverage with a medical insurance plan he or she gets the coverage amount, over and above the treatment amount (maximum up to sum insured). Thus, it’s like an extra guard for a person combating the crisis time of life.
Source: (http://indiahealthinsurance.tumblr.com/post/132141426897/a-rider-that-will-enhance-your-medical-insurance)