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.
AdvertisementA 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