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why would it not be enough to have just Critical illness policy
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08 Jun, 2022
by Akshay Shetty
Hi,
If i have a critical illness policy , when the event occurs i would be paid a lumpsum. i can then use this to pay for the expenses of treatment. shouldnt this be enough ? why would one need a health insurance policy ?
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Dear Akshay,
A critical illness policy is primarily to make good the loss of income that would arise if one is unable to earn or attend to office due to critical illness. Most of the critical illness plans will pay only after X number of days after the defined condition is diagnosed subject to person surviving the X no of days- this is called Survival Period. Under most circumstances the defined condition is not the stage 1 of the disease. It would be a later stage when the policy holder is unable to go to work. Incase of Critical illness considerable amount of time will be spent at home to recover as well.
A health insurance on the other hand will pay incase of hospitalization which could be for fever, gastric issues, accident, cataract, kidney stone etc all of this is not covered under critical illness plans. The health insurance does not survival period i.e. incase of dengue the policy will not say I will only pay after 30 days of dengue diagnosis, health insurance will pay immediately once one is hospitalized because of dengue.
I hope you have been able to understand the difference. Incase you need further clarity you may schedule a call.
Regards
Rohit Dhingra