Healthcare is vital for all, and so is a health insurance policy. With medical expenses rising at an exponential rate, you require insurance coverage that reimburses your hospital and treatment costs. Many of them reimburse ambulance charges too and offer a wide range of benefits in tax rebates, free medical checkups, accident insurance, compensation for treatment of pre-existing conditions, etc.
On the surface, a standard health insurance policy looks comprehensive and makes you feel well-insured for life. While it would be wrong to say a regular health insurance plan is not beneficial, it does not cover the high treatment costs of critical illnesses like kidney failure, organ transplantation, paralysis, etc. Hence, you may take standalone critical illness policy covers too.
Let us further explore the differences between regular health and critical illness insurance covers to understand why you should take both.
Regular health insurance Vs. Critical illness policy
- Wide coverage
A critical illness policy covers many acute medical conditions like cancer, aorta graft surgery, bypass surgery, heart attacks, multiple sclerosis, stroke, pulmonary arterial hypertension, and much more.
A regular health plan, on the other hand, primarily covers pre and post-hospitalization charges at network hospitals, transportation charges for taking the insured to the hospital in case of a medical emergency or accident, OT charges, doctor fees, medicines, etc.
Regular health insurance plans do not reimburse many expenses like donor charges in case of organ transplantation surgeries. Moreover, the total sum assured under standard insurance policies is much lower than that in critical illness policies. Hence, the former is insufficient to manage the high treatment costs of life-threatening diseases or medical conditions, unlike the latter.
A Bajaj Allianz critical illness policy covers all of those mentioned above critical medical conditions and much more.
- Claim settlement process
Most regular health insurance plan are indemnity-based. In simple words, you have to file a claim for every hospitalization. On the other hand, critical illness policies pay you a lump sum amount after you or your family member is diagnosed with a critical illness as per policy terms. Since you receive a single bullet payment, you can use the money for all medical expenditures related to critical illness and not just hospitalization or surgery.
Bajaj Allianz’s health insurance plan for critical illnesses enables a trouble-free claim settlement process. Within 48 hours of receiving a critical illness diagnosis, you can file a claim. Within 30 days of filing a claim, you need to furnish copies of simple documents like consultation letters, hospital bills, discharge certificate, investigation reports, a medical certificate from a specialist, and government-authorized identity proof.
- Premium
As a regular health plan covers all generic medical expenses, the premium is usually higher than that on a critical illness policy. A regular health policy enables you to make multiple claims. Still, under a critical illness policy, you can make only a single claim during the policy term and receive a lump sum benefit. Moreover, critical illness policies cover only a single health condition. Hence, the premiums charged on them are lower.
Bajaj Allianz Health Insurance plans
Bajaj Alliance offers a wide range of online health insurance policies, including critical illness policies with extensive coverage. With Bajaj Allianz health insurance plans, you can ensure that you and your loved ones get timely and quality medical care in case of accidents or medical emergencies at 6500+ network hospitals. Moreover, you can avail cashless treatment at network hospitals.
Wellness benefits up to 12.5% p.a., lifetime policy renewability, policy discounts, affordable premiums, portability benefit, tax rebates, etc., are some of the top advantages of Bajaj Allianz health insurance plans.
The Bottom Line
Buying regular health and a critical illness protection cover for yourself and your loved ones may benefit the long run. However, the waiting period to file claims from the date of policy commencement varies as per the insurance plan you opt for. Bajaj Allianz health insurance plan is one of the best health insurance policies in India. You may check their website for more details.
