Buying the appropriate health insurance policy can be a difficult task for most. Incorrect decisions about health insurance can cost you a lot. Now many insurance companies offer critical illness and disease-specific insurance plans. Both types of plans will help you get financial protection against medical emergencies. But which is better? Here are a few important points about critical illness and disease-specific insurance plans you should know before buying a policy.
A disease specific insurance plan covers the full treatment cost related to a specific disease. From diagnosis to advanced treatment for all stages are included in this plan.
Coverage
A disease-specific insurance plan covers one specific disease. But one can buy this plan for a wide range of diseases like cancer, Covid-19, dengue, diabetes, cardiac ailments, stroke, diabetes, kidney ailments, etc.
Waiting period
There is no waiting period for disease-specific insurance plans .
Premium
Since a disease-specific policy covers only one disease, the premium for such policies is comparatively cheaper.
Ideal for
This type of insurance can also be the right choice if anyone has a family history of a particular disease.
On the other hand, critical illness insurance policies provide cover against a number of life-threatening diseases. Under this plan, the insurance company pays a lump sum amount after the diagnosis of the illnesses covered under the plan.
Coverage
Generally, a good critical illness insurance plan covers about 8 to 30 illnesses including cancer, stroke, heart attack, organ transplant, etc.
Premium
Since the plan offers more comprehensive protection than disease-specific insurance, it has a higher premium.
Waiting period
Generally, the policyholder needs to survive for 30 days after the diagnosis of the critical illness to make a claim. However, some companies even provide policies with zero or 28 days surviving periods.
Do consult your financial advisor before choosing one.
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