Imagine that you or a loved one suddenly falls critically ill and requires expensive treatment. When a situation like this catches you off-guard, it can become tough for you to bear the financial drain on top of the emotional stress caused by such disturbances. This is where critical illness insurance comes into play and saves the day. However, only some are eligible for critical illness healthcare insurance.
This article will discuss the eligibility criteria required for standalone critical illness healthcare insurance and the factors that influence its premiums while giving a brief overview of its features.
What is a Standalone Critical Illness Insurance?
Critical illness insurance is a type of insurance policy that can provide a lump sum payment and get you financially covered upon the diagnosis of a severe illness covered under the policy. Unlike critical illness coverage available as a rider with a life insurance policy, standalone critical illness medical insurance is a separate policy that can be purchased independently.
Heart attacks, cancer, and strokes may wreak havoc on those who skip critical healthcare insurance, putting themselves and their families at risk of debt. Treatment for these illnesses might be prohibitively expensive. In such cases, standalone critical health policies can offer a lifeline by providing a lump sum payment to help cover the incurred expenses.
Features of Standalone Critical Illness Health Insurance Plan
When it comes to the standalone critical illness health plan, it comes with the following features:
- Coverage for critical illnesses such as stroke, cancer, kidney failure, heart attack, etc.
- Lump-sum payment upon diagnosis of the illness covered under the policy
- There is no requirement for hospitalization or medical bills to claim the benefit.
- There is no restriction on how the benefit amount can be used.
Eligibility Criteria for Standalone Critical Illness Health Insurance Plan
For you to be eligible for the standalone critical illness health plan, you need to fulfill the following criteria:
- You should be between 18 and 65 years old.
- You should not have any pre-existing critical illnesses or medical conditions.
- You should not have any adverse medical history, such as smoking, drinking, or drug abuse.
- You should not have any family history of critical illnesses.
- You should not be pregnant at the time of the application.
Five Factors That Affect the Cost of Standalone Critical Illness Health Plan
The premium amount for a critical illness health plan is based on various factors. Here are the five primary factors that affect the cost of a standalone critical illness health plan:
Age is crucial in determining the premium amount for standalone critical illness healthcare insurance. The older you are, the higher the premium amount, as the risk of developing critical illnesses increases with age.
2. Medical History
Your medical history is crucial in determining the premium amount for the standalone critical illness health plan. You may have to pay a higher premium if you already have a history of critical illnesses or complex medical conditions.
3. Lifestyle Habits
Your lifestyle habits, such as smoking, drinking, or drug abuse, can also affect the premium amount for a critical illness health plan. You may have to pay a higher premium if you have any such habits.
4. Coverage Amount
The sum assured amount you choose also affects the cost of the insurance policy. For a higher policy amount, you will have to pay a higher premium.
5. Policy Term
The policy term is the duration for which you are covered under the policy. The longer you choose the policy, the higher your premium will be.
You can ensure lower premiums by fulfilling the eligibility criteria and making lifestyle changes. So, choose the right policy that suits your needs and offers adequate coverage. Niva Bupa, the best health insurance company in India provides an excellent critical illness health plan, so make sure to get yourself and your family insured. Check them out today.