Know the Difference Between a Terminal, Critical & Serious Illness

The cognizance of health has gained higher traction over the past few years. This is due to the increasing marketing via television, radio, billboards, and even internet advertisements. For doing their bit, insurance companies aim to spread financial literacy by helping you equip yourself with the right information to make the right financial choices. However, insurance isn't a one-size-fits-all product. Every individual’s needs differ, and hence, there are myriad insurance plans to help tackle them effectively. Buying the right form of insurance not only helps manage the expensive treatment costs but also tackle rising inflation. In addition, timely treatment can also be sought without having to worry about the financial aspect of it. Considering the financial shield a health insurance policy offers, it is important to know the differences between a terminal, critical, and serious illness. This article simplifies these terms for you to select suitable insurance coverage.

What is a Serious Illness?

Serious illness is a medical condition where hospitalisation may be required. However, this does not mean surgery will be required in all situations. In some cases, the treatment may even be possible without surgery. Such an illness is not life-threatening but must be addressed with an appropriate medical treatment. Most serious illnesses are curable, and the right health insurance policy will cover the treatment for them. Using a health insurance plan, you need not worry about any hospitalisation expenses incurred in its treatment. *

What is a Critical Illness?

Serious illnesses, which remain undiagnosed and untreated, may turn into critical illnesses. But that is not always the reason for its cause. A critical illness can be cured if the right treatment is sought at the right time. However, they can be life-threatening too. A heart attack, cancer of different types, renal failure, etc. are some types of fatality-causing critical ailments that can be cured with the right treatment. With a critical illness insurance plan, you can secure yourself and your family’s health and seek the right treatment. A little-known advantage of buying a dedicated critical illness plan is the lumpsum payout that makes it easy to not only seek treatment but also cover pre- and post-treatment expenses. *

What is a Terminal Illness?

Unlike a critical illness and serious illness, a terminal illness is the one that is more certain of being fatal, with the probability of survival being -slim in most cases. Generally, an illness where the life expectancy is assumed to be less than 12 months is termed as a terminal illness. Health insurance purchased to cover a terminal illness will pay for the cost of medical treatment. But a customised terminal illness plan provides a higher compensation. You can opt for a lumpsum payout or instalment based on the severity of the illness. Further, a medical report for diagnosis is required to raise a claim for insurance. * * Standard T&C Apply

The Bottom Line

Based on the different degrees of illnesses, you can opt for varying types of health insurance plans. Selecting the right insurance coverage is essential to ensure adequate financial coverage is available. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.