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Critical Illness Plans

Under the critical illness plan, the insured receives a lump sum amount within a few days of diagnosing a critical illness. Read more to find out about this health plan.

Apnainsurance.com Research Bureau

03 Dec 2007

In this health insurance plan, the insured receives a lump sum amount within a few days of diagnosing a critical illness, Once this lump sum is paid, the plan ceases to exist.
Some insurers insist on the insured surviving for a pre-defined period (typically 30 days) post-diagnosis before they honor the claim.

Some insurers offer critical illness plans with the alternative option of receiving claims payment in installments over a period of 5 years (the choice needs to be made at the time of making the claim). Such policies provide long term cover of 10 years to 30 years.

Typically, once an insurance claim has been made no more premiums have to be paid and the plan ceases. However, some insurers provide the insured with a choice of continuing the plan for the remaining critical illnesses for a lower sum assured and revised premium rates.


See also:

What is health insurance?

Do I need health insurance?

Miscellaneous Health Insurance FAQs

Health Insurance FAQs about Coverage

Health Insurance FAQs about Claims

Health Insurance FAQs about Premiums


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