Comprehensive Health Insurance Vs Critical Illness Plan
Nowadays, everyone is in need of a health insurance plan. This is because a relevant health insurance plan can save you from financial burden by paying for your medical bills at the time of emergency. Not only financially, but health insurance plans also keep you strong mentally by offering peace of mind.
But different health insurance plans fulfil different purposes. Some may cover only a specific group of people, whereas some may cover a specific disease. And hence, understanding all of them becomes important so that you invest in the most suitable one.
Today, we are going to discuss comprehensive health insurance plans and critical illness plans - how they are different from each other and what purpose do they serve?
Starting with comprehensive health insurance plans.
What is Comprehensive Health Insurance?
A comprehensive health insurance plan is an indemnity based plan. This means that the insurer either provides cashless treatment to the insured or reimburses the hospital expenses incurred during treatment. It protects you and your family members against the rising cost of treatment, medical aid, and even diagnosis.
You may also like to read: 5 Best Health Insurance Plans in India You Can Buy in 2020
What is Critical Illness Insurance Policy?
A critical illness plan is a fixed benefit plan. It offers the insured lump sum benefit after a critical illness is diagnosed. It is not necessary for the insured to use this amount for treatment only. He/she can also use it for recuperation expenses or use it to pay off debt as well.
A critical illness plan only covers some specific critical illnesses listed in the policy document.
Read here: Critical Insurance Policies - How to Choose the Right One?
Here is a comparison between comprehensive health insurance and critical illness insurance plans to help you decide which works better for you:
1. Ailments and expenses covered:
Comprehensive health insurance plans cover expenses around hospitalisation. For instance, daycare procedures, out-patient treatment, ambulance cover, etc. Whereas critical illness plans provide a lump sum to the insured on the diagnosis of a critical illness.
2. Benefits:
Comprehensive plans are indemnity plans that cover only the actual expenses incurred. Whereas critical illness plans pay the amount in a lump sum after diagnosis which can also be used elsewhere and not jut for treatment.
3. Policy period:
Comprehensive health insurance plans are generally availed for a year at a time and then renewed every year. Whereas critical illness plans are purchased for a longer period of time, than comprehensive health insurance plans.
4. Waiting period:
Comprehensive health insurance plans come with an initial waiting period of 30-90 days (not in case of an accident). Also, critical illness policies come with a waiting period only after which a claim can be made on the diagnosis.
5. Survival period:
There is no survival period clause in comprehensive health insurance plans. Whereas in critical illness plans, the insured needs to survive for at least 30 days after diagnosis of ailment to avail policy benefits.
6. Policy expiry:
Under comprehensive health insurance plans, claims can be made during the policy period only. The plan has to be renewed again and again. Whereas critical illness plans remain active until the insured is diagnosed with any critical illness.
Is It Better To Take Critical Illness Cover Or Health Insurance?
Comprehensive health insurance plans are a must-buy for everyone. With the skyrocketing cost of health care treatment, these plans should be on the top priority for customers. However, for critical illnesses like Cancer, coverage offered under these plans may be inadequate. And hence arises the need to buy a critical illness health insurance cover.
Critical illness policies are ideal for those who are more prone to developing a critical illness.
Hence, it is advised that one should start with a basic or a comprehensive health insurance policy and then upgrade to avail of a critical illness policy for additional coverage.
If buying any of these health insurance plans is on your mind, then contact the customer care executives at InsuranceDekho. Even if not, you can talk to them for various other options for health insurance plans from popular insurers in the market.
Also Read
Coronavirus in India: Rain's Impact on Novel Coronavirus (COVID-19)
How Does Coronavirus Affect Your Body?
Not only the best advice but you can also get the most suitable health insurance product at an affordable premium from InsuranceDekho.
Stay healthy, stay insured!
