Ratnesh Verma had a medical
cover for himself and his family - his wife and 2 school going children. He was
diagnosed with a serious heart ailment and his medical policy did cover his
hospitalization expenses but he was unable to work for some time and could not
take care of his family's expenses. This scenario is quite familiar and can be
especially devastating for the family.
A health plan can take care
of unforeseen medical expenses; a critical illness cover will provide an
additional buffer to help the family tide over the period of crisis.
A critical illness policy covers six to 12 diseases diagnosed after buying the
policy, though the list may differ from insurer to insurer. Besides
hospitalization and medical bills, it also takes care of other incidental
expenses, such as postoperative care, travel and boarding. It can also
supplement income while one is recuperating.
Most people fail to understand that mediclaim or health insurance policies, and
critical illness plans are two entirely different products that are designed to
serve different purposes. Both policies are different in nature and, hence, one
cannot be a substitute for the other. However, when taken in conjunction, they
can boost one's health insurance cover.
Reference: Economic Times