Why should health insurance and serious illness policy be purchased separately? Understand before the decision
It is very important to have a health insurance policy in today’s era. Along with the increasing number of lifestyle diseases, medical expenses are also increasing rapidly. Health insurance is a strong means of your financial security. But it is not necessary that your health insurance policy cover all serious and deadly diseases. Many times it is unable to cover long -lasting expenses in the treatment of critical diseases. Therefore, along with health insurance, it is also very important to take critical illness insurance.
Why are health insurance and critical illness insurance different
Coverage of deadly diseases: Health Insurance Policy covers the expenses of OPD and covers the expenses of OPD, while the Critical Illness Insurance gives a lump sum amount (lampsam), which has nothing to do with the hospital expenses. According to SBI General Insurance, a Critical Illness Policy is necessary for serious diseases like cancer, end-stage kidney failure, multiple sclerosis and stroke. When sick, the policyholder gets a lump sum amount.
Scope of coverage: Health insurance policy includes many diseases and accidents, while Critical Illness Insurance only covers certain serious diseases.
Difference of premium: The premium of health insurance is higher than the Critical Illness Policy. Health insurance allows to claim many times and for many diseases, while the Critical Illness Policy can only be claimed once a lifetime.
Coverage of non-medical expenses: Health insurance only covers hospital expenses, but Critical Illness Insurance gives a lump sum amount that you can use for home expenses, loans or other non-medical needs. A serious disease can also affect your earnings, so this amount proves to be very helpful.
It is very important to have both
There are significant differences between both health insurance and critical illness insurance. While health insurance hospitals provide protection for expenses, Critical Illness Insurance helps in reducing the heavy financial burden caused by serious diseases. Both policies meet different needs and both are necessary to secure your financial future.
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