Now-a-Days health insurance policies have advanced with science down the decades and a number of policies have emerged to safeguard against financial ruin due to these fatal illnesses. An insurance policy where the insurer has to make a lump sum payment to the insured when they are diagnosed as having a critical illness is known as critical illness insurance.
Dr. Marius Barnard in South Africa first created these insurance policies, in 1983. Since then these policies have been generally accepted by most nations and financial institutions as part of their mediclaim policies. They are also known as serious illness insurance, living assurance and trauma insurance.
The kinds of diseases and illnesses that the policy will cover, varies from institution to institution and policy to policy. The four initial conditions that were covered by these policies were heart attack, stroke, cancer and coronary artery by-pass. Since then other illnesses have also been added to those that the policy will cover.
These illnesses include terminal illnesses such as AlzheimerâEUR(TM)s disease, which would result in the inevitable passing away of the patient. Blindness, deafness, multiple sclerosis and ParkinsonâEUR(TM)s disease can also be covered by these policies, as they would cause a major determent in the patient finding steady labour. Kidney failure and organ transplant operations are also considered under the critical illness health insurance. And HIV/AIDS will also be covered but only if it is contracted through a blood transfusion or while on the operating table.
These policies have become even more values in India, because, with the rise in prices and the strain of stress of our daily lives, people have begun to suffer hear attacks and strokes as early as their mid to late 30âEUR(TM)s. And these occur despite the fact that most people try their level best to lead fit and healthy lives. Why then should we not prepare financially for even the worst eventuality? These health policies, will ensure that either we make it back to good health without straining our financial resources, or even if we donâEUR(TM)t, our families can be provided for, and our treatments taken care of without the fear of leaving our near ones bankrupt.
Critical illness policies are fixed benefit plans. This means that you are entitled to the full sum whether or not you are hospitalised or irrespective of how expensive the treatments are. Details vary from plan to plan and this is why it is important, as with any policy to read the policy carefully so that when the time comes to make your health insurance claim you are aware of all the conditions and cannot be taken advantage of.
Dr. Marius Barnard in South Africa first created these insurance policies, in 1983. Since then these policies have been generally accepted by most nations and financial institutions as part of their mediclaim policies. They are also known as serious illness insurance, living assurance and trauma insurance.
The kinds of diseases and illnesses that the policy will cover, varies from institution to institution and policy to policy. The four initial conditions that were covered by these policies were heart attack, stroke, cancer and coronary artery by-pass. Since then other illnesses have also been added to those that the policy will cover.
These illnesses include terminal illnesses such as AlzheimerâEUR(TM)s disease, which would result in the inevitable passing away of the patient. Blindness, deafness, multiple sclerosis and ParkinsonâEUR(TM)s disease can also be covered by these policies, as they would cause a major determent in the patient finding steady labour. Kidney failure and organ transplant operations are also considered under the critical illness health insurance. And HIV/AIDS will also be covered but only if it is contracted through a blood transfusion or while on the operating table.
These policies have become even more values in India, because, with the rise in prices and the strain of stress of our daily lives, people have begun to suffer hear attacks and strokes as early as their mid to late 30âEUR(TM)s. And these occur despite the fact that most people try their level best to lead fit and healthy lives. Why then should we not prepare financially for even the worst eventuality? These health policies, will ensure that either we make it back to good health without straining our financial resources, or even if we donâEUR(TM)t, our families can be provided for, and our treatments taken care of without the fear of leaving our near ones bankrupt.
Critical illness policies are fixed benefit plans. This means that you are entitled to the full sum whether or not you are hospitalised or irrespective of how expensive the treatments are. Details vary from plan to plan and this is why it is important, as with any policy to read the policy carefully so that when the time comes to make your health insurance claim you are aware of all the conditions and cannot be taken advantage of.
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