Critical Illness

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Critical Illness Insurance

Critical Illness Insurance is a type of insurance policy that provides a lump sum benefit payment to the insured upon diagnosis of a covered serious illness.
This type of insurance is designed to help cover the high costs associated with treating life-threatening conditions, providing financial relief when it is needed most.
It helps the insured manage medical expenses, lost income, or any other financial obligations while focusing on recovery.

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What is Critical Illness Insurance?

Critical Illness Insurance offers financial support if you are diagnosed with a severe illness listed in the policy, such as cancer, heart attack, stroke, or organ failure. The policyholder receives a one-time, tax-free lump sum payment that can be used at their discretion, including for medical treatment, household expenses, debt repayment, or even lifestyle adjustments.

Features of Critical Illness Insurance :

1. Lump Sum Payment

Upon diagnosis of a covered critical illness, the policyholder receives a lump sum payout, which can be used for any purpose, such as:

1. Covering out-of-pocket medical expenses not covered by health insurance.
2. Paying for experimental treatments or seeking medical care abroad.
3. Replacing lost income during recovery.
4. Covering day-to-day living expenses (mortgage, rent, utilities, groceries).
5. Funding home modifications or hiring home care services.

2. Coverage for a Range of Illnesses

Critical illness insurance typically covers a wide range of illnesses, including but not limited to:

1. Cancer: Most types of cancer, except some less severe forms.
2. Heart Attack: Includes myocardial infarction with specific diagnostic criteria.
3. Stroke: Neurological damage resulting from cerebrovascular events.
4. Organ Transplants: Major organ transplants such as heart, lung, liver, or kidney.
5. Kidney Failure: End-stage renal disease requiring dialysis.

3. Policy Terms and Waiting Periods

1. Survival Period: The insured must survive a minimum number of days (usually 14-30 days) after diagnosis to be eligible for the payout.
2. Waiting Period: A specified period (often 30-90 days) after purchasing the policy during which no claims can be made.
3. Policy Term: The duration of the policy, which can range from 5 years to lifelong coverage, depending on the plan.

4. Single Payout or Multi-Payout Options

1. Single Payout: Provides a one-time payment for the first diagnosis of a covered critical illness. The policy terminates after the payment.
2. Multi-Payout: Allows multiple payouts for different critical illnesses diagnosed over time, often with reduced benefits for subsequent claims.

Critical Illness Insurance

Types of Critical Illness Insurance

Standalone Critical Illness Insurance

Description:
A separate policy dedicated exclusively to covering critical illnesses.

Features:
Offers a lump sum payment upon diagnosis of a covered illness.
Flexible sum insured options.
Can be purchased independently of other insurance products.

Benefits:
Provides focused coverage specifically for critical illnesses, allowing customization based on individual health risks.

Rider or Add-On to Life Insurance

Description:
An add-on to a life insurance policy, offering additional coverage for critical illnesses.

Features:
Available as a rider attached to a term or whole life insurance policy.
The lump sum payout can be a percentage of the death benefit or a fixed amount.
Typically less expensive than a standalone policy but may reduce the life insurance payout upon a claim.

Benefits:
Combines critical illness coverage with life insurance, providing comprehensive protection at a lower cost.

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