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Health Insurance Primers
Monday 03 December 2007
Critical Illness Plans
Monday 03 December 2007
| In this health insurance plan, the insured receives a lump sum
amount within
a few days of diagnosing a critical illness, Once this lump sum is paid, the plan ceases to exist. Some insurers insist on the insured surviving for a pre-defined period (typically 30 days) post-diagnosis before they honor the claim. Some
insurers offer critical illness plans with the alternative option of receiving claims payment in installments over a period of 5 years (the choice needs to be
made at the time of making the claim). Such policies provide long term cover of
10 years to 30 years. Typically,
once an insurance claim has been made no more premiums have to be paid and the plan
ceases. However, some insurers provide the insured with a choice of continuing
the plan for the remaining critical illnesses for a lower sum assured and
revised premium rates. See
also: Miscellaneous Health Insurance FAQs Health Insurance FAQs about Coverage Health Insurance FAQs about Claims Health Insurance FAQs about Premiums |
