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Life comes to standstill if a person is diagnosed with a life threatening ailment. Treatment for such critical illness is very expensive and time consuming. Families have to face financial burden as it becomes very difficult to meet day to day expenses plus the cost of hospitalisation while the patient recovers. Critical Illness Insurance is different from health insurance as health insurance covers expenses related to hospitalisation only but Critical Illness Insurance provides a sum insured amount on diagnoses of any of the critical illness. Critical illness insurance also provides tax benefit under section 80 D and can be clubbed with health insurance policy. Critical Illness Insurance not only covers cost of treatment but also gives lump sum cash benefit if taken as a benefit policy that helps to meet day to day expenses such as loans, child’s fees etc. The lump sum cash benefit can be availed only if the insured survives for 30 days after being diagnosed with an ailment. Insurances company offer different policies for women and senior citizen as their requirement may be specific from others with an additional premium. Critical Illness Insurance for women covers illness such as breast cancer, ovarian cancer and cervical cancer. Older people should opt for comprehensive plan as they are more prone to illness. What does a Critical Illness Insurance cover? Insurance policy provides a list of critical illness covered such first heart attack, cancer, stroke, kidney failure, heart valve surgery, bone marrow transplantation, terminal illness, coma, major burn injury etc. The cost of these treatments are very expensive and critical illness policy not only helps the insured get a lump sum amount towards treatment but also that sum of money could be used to manage other family needs. Permanent exclusions of a Critical Illness Insurance Cataract, laser surgery, ear and eye examinations, dental treatments, joint replacement, all types of skin treatment, dialysis as result of renal failure, fertility treatment, AIDS, illness due to consumptions of alcohol etc. How is Critical Illness Insurance claim processed? The insurance company has to be informed about the hospitalisation. The policy holder has to provide all necessary documents for the claim to be processed. In case the policy holder does not provide accurate and required documents, Insurance Claim process will be delayed or even rejected. Critical ailments require special treatment even as a health insurance does have limited coverage. Comprehensive critical illness insurance provides complete protection against cost of expensive treatment and also fixed sum is paid to the family to meet the expenses. For more information visit: Critical Illness Insurance and Insurance Claim Process.
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