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Critical illness or Health Insurance Cover Which One is Better?

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Although the masses in India are slowly realizing the importance and benefits of having an insurance policy, the common people still have little or no knowledge about the technical aspects of insurance policies. One regular issue faced by most people is about the critical illness. There are numerous cases in which people have bought insurance policy only to realize later that it doesn’t cover their illness as their illness comes under the critical illness category.

Critical illness or Health Insurance Cover

A general health insurance may offer an extensive coverage for general illness but on most occasions, it won’t cover critical illness such as cancer, blindness, coronary artery bypass surgeries, and multiple sclerosis.  For these illnesses, you will have to buy a critical illness policy.

This leads us to an important question- Which insurance policy is better? Critical illness or general health insurance policy. Here we discuss the pros and cons of both these insurance policies and help you in buying the best cancer insurance policy in India.

Health Insurance-

Health insurance is a comprehensive coverage that offers monetary support during hospitalization and other health care issues.

Health insurances come in various categories and generally differ according to the insurance provider. Generally, they cover a wide range of illnesses and provide effective coverage for people of various age group. The policy duration, maturity period and other facets vary according to insurance companies as well.

Critical Illness Policy-

As the name suggests, critical illness policy offers coverage against specific critical illnesses. This policy is specifically designed to offer coverage for illnesses that general health insurance does not offer.

The critical illness policy is designed for specific people and its premium and other aspects depend on the illness it covers. For example, for a critical illness such as cancer, generally, the critical illness policy in India offers claim at various stages of the treatment and not the whole amount at one specific time.

Which Insurance Policy Should You Buy?

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It needs to be understood that general health insurance policy and critical illness policy serves different purposes. Health insurance policy takes care of your general health care expenditures and provides financial support when you are inflicted by common illnesses. On the other hand, critical illness policy provides coverage against specific illnesses.

So, the choice of the insurance policy should be an individual decision. You should choose the health insurance policy based on your requirements and situation. For example, for young adults or people in the age group of 25 to 35 years, there are little chances of having a critical illness. Hence, a general health insurance policy is sufficient.

But as we go up in the age group, the need for critical illness policy increases. Especially for senior citizens, it is always effective to have a critical illness policy as chances of getting affected by such illnesses is more during this age. You should also check whether there is a history of critical illness in your family.

Recommended Reading: avail tax benefit in health insurance by investing in one

The reason for investing in a health insurance policy is to have a shield against the growing health care costs and to save hassles during emergencies. So, the insurance policy you buy should provide adequate coverage against your illness and you need to critically evaluate your health condition and take a decision.

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