Mediclaim And Critical Illness Policy Article

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Mediclaim and Critical Illness Policy

Mediclaim and critical illness rider is important as they would cover you for any disease or ailment. If one of the policies does not cover the disease then you have the option of the other policy where you will get covered. So by taking both your ensured of a full life cover.

Author: Ritika Arora

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Mediclaim and Critical Illness Policy

It is essential to have a health policy so that it takes care of the expenses incurred due to any hospitalization.

Nowadays with prices rising, even a medical treatment or medication has become expensive. And with the various diseases and ailments increasing and present in every other individual, it better that one is covered under a health policy. Let us see the need for a mediclaim policy and critical illness rider which are both important.

Mediclaim policy

A mediclaim policy takes care of the expenses done for a disease or an ailment. It takes care of your pre and post hospitalization expenses as well as the treatment. This would be room rent, operation theatre charges, doctors' fees, tests, and medicines. Besides this also the expense of a home nurse or physio etc, if needed and as per the terms of the policy.

Critical illness rider

A critical illness rider takes care of the expenses incurred due to a disease or an ailment diagnosed which is specified before taking the policy. The policyholder gets the entire sum assured amount and he does not have to submit and proof of the expenditure done or to be incurred. Also in a critical illness cover in case you do not get your salary due to hospitalization for a disease or ailment, the critical illness would take care of this lack of income at this point in time.

Both these polices are needed as they have different benefits. Since in a critical illness policy most of the disease may not be included then a mediclaim policy would cover those diseases. One can add a critical illness rider to your existing policy or even avail it separately. Though there are limitations if you buy the critical illness rider with the policy.

A mediclaim policy also has an offer where the insurer gives you a policy cover and an investment benefit. But there are some limitations as only certain benefits are provided and no full reimbursement is given, hospitalization days could be reduced and increase in costs. Hence it is advisable to take only the policy excluding the investment part. A mediclaim policy also has a floater option where your family members are covered under the same policy. There are certain exclusions in a mediclaim policy like pre-existing illnesses, dental expenses, cosmetic surgeries and HIV related conditions etc.

Hence before applying for the policy one should always read the terms and conditions carefully. Its better to be aware of what disease or ailment you may not be covered so that you can take necessary precautions for them.

Disclaimer: Please note that the information provided is collected from sources publicly available & we believe to be reliable. The website doesn’t warrant the accuracy, reliability & absolute information available on the website. Participation by site visitors or registered customers is on a voluntary basis. The policies are offered by various life Insurance & non-life insurance offering companies and Bimadeals does not seek to, either directly or indirectly, advise, offer, solicit or recommend that any person who is or proposes to become its member should purchase the Policy.

From: www.bimadeals.com

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