Planning to buy a critical illness insurance? Take a look at the various key factors you need to consider while buying an insurance policy for yourself.
#Sum Insured: Medical inflation rate is a thing and it is expected to rise in near future. In some years, getting the basic health care facilities would start costing a fortune. Therefore, the first and foremost factor is the sum assured. Gauge your future need and choose medical insurance policies providing a high sum insured.
Read More- What is critical illness Insurance?
#Survival & waiting period: Not all but certain critical illness policy have a clause which requires the insured to survive for a certain number of days to make a claim. If you are choosing a policy which has such conditions, you might be doing your insurer a favor. Avoid making such mistakes and compare your insurance options comprehensively before applying.
#Ailments covered: It is a well-known fact that a majority of health insurance policies don’t cover pre-existing medical ailments, especially in the case of senior citizens. Having said that, there are medical insurance schemes providing coverage for pre-existing medical conditions. All you have to do is search for such insurance providers and you are all done.
#Claim settlement ratio: Claim settlement ratio is one of the most crucial factors a buyer should never undermine. The ratio is basically the measure of a number of claims made to the insurer to the number of claims settled. If the ratio is very low, it’s a red flag. Look for better option rather than buying the said policy.
Read Also: How Many Types of Critical Illness Insurance are Available in India?
