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Is Critical Illness lumpsum Cover mandatory on top of Health Insurance cover???

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12 Aug, 2022 by  Mrudhul


This is a general question:

Many insurance companies are offering critical illness cover as a addon or separate policy which basically provides lumpsum payment on diagnosis.

But the documentation is a bit poor on whether this is a must (in the sense, this is being offered because regular insurance doesn't cover any critical illness treatment by default???)

If I have a 1 crore plan, should I still worry about taking critical illness cover separately?

For example if I take HDFC Ergo Optima Restore or Manipa Cigna Lifetime Health plans.

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No a critical illness cover isn't necessary if you've a comprehensive health insurance as it'll tc of both your critical and non critical ailments.

All a CI cover does is to offer you a single time payout on diagnosis while subsequent hospitalizations related to that critical illness remains to be your own responsibility.

So your like of thinking is pretty right.

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13 Aug, 2022
CEO, Insurance Samadhan

Dear Mrudhul

This is interesting and all readers must understand purpose of critical illness plan .

So when some one falls sick , there are two type of financial loss

1. Cost of treatment like hospitalisation

2. Loss of income generation because of disease. This period can be even greater than one year in case of critical illness.

So health insurance is taken for treatment cost .

Crotical illness plan compensates you for loss of income generation.

Health Insurance is an indemnity product amd you can not take compensation from two health insurance . But you can take compensation from health insurance and critical illness cover.

Hope this clarifies

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