5 things you should know about critical illness insurance policies
Posted by: Labdhi Mehta on Jul 16, 2018, 06.30 AM IST
A critical illness policy covers life threatening diseases like cancer, paralysis, heart attack etc.
It can be a standalone critical illness policy or a critical illness insurance rider on another policy. There is no upper limit for the cover under a standalone policy whereas in a rider it is restricted to the cover of the base policy.
The insured receives the sum assured when diagnosed with any of the critical illness included in the policy.
No hospitalisation is required nor are any bills or receipts required to be submitted to claim benefit.
Some policies have waiting period restrictions and critical Illness diagnosed within the waiting period are typically not covered.
(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)