Critical Illness Insurance Plans: Myths Vs Facts

Recently in India, there has been an increase in the cases of people being diagnosed with critical illnesses. Severe illnesses like cancer, stroke, kidney failure and heart attack have become the talk of the town nowadays. But, do you know that the cost of treatment of these diseases can put you under a major financial burden? Thus, it is very important that you invest in an adequate health insurance plan, which covers you in case you or your family member gets diagnosed with any critical illness. As important as it is to invest in a critical illness insurance plan, it is equally important to know the coverages of your policy. Many of you choose to avoid reading the inclusions and exclusions of your insurance policy, which makes you suffer at the time of claims. Also, overlooking the features of your policy leaves you in a state of confusion and it becomes difficult for you to differentiate between the myths and facts associated with your critical illness health insurance policy. Have a look at this table below that will bust some of the common myths about critical illness health insurance plan.

Myth	Fact
Critical illness policy is same as a normal health insurance policy, so I need not buy two different insurance plans.	A normal health insurance policy covers you for any medical emergency resulting due to sickness or accident, whereas, a critical illness insurance plan covers you only for specific illnesses.
A critical illness plan provides coverage for all the known critical/severe diseases.	The critical illness plan of every insurance company enlists the diseases that will be covered under the same. At Bajaj Allianz, our critical illness insurance plan covers you for the following 10 major critical illnesses: Cancer Coronary Artery Bypass Surgery First Heart Attack (Myocardial Infarction) Kidney Failure Major Organ Transplant Stroke Aorta Graft Surgery Primary Pulmonary Arterial Hypertension Multiple Sclerosis with Persisting Symptoms Permanent Paralysis of Limbs
A critical illness plan provides coverage right from the commencement of the policy.	A general waiting period of 90 days is applicable before you start getting coverage for any of the critical illness listed above.
A critical illness plan usually has a higher premium amount.	The premium amount offered by all insurance companies for a critical illness plan is different. You should compare health insurance plans before you invest in one.
Investing in a critical illness plan does not provide the benefit of tax exemption.	You get the benefit of tax exemption under section 80D of the Income Tax Act, if you purchase a critical illness health insurance policy.

  We hope that now all your misconceptions regarding the critical illness plan are cleared and that you will soon invest in an appropriate critical illness insurance plan to cover yourself and your family against major critical illnesses. If you still have any doubts regarding any of the coverages, exclusions or claims process of a critical illness policy, please leave a comment below and we will surely resolve your query.