Critical Illness Insurance provides
for payment of amount equal to sum assured, if illness strikes,
irrespective of expenses incurred on treatment. Most insurance companies
are providing this insurance as an addition to the life insurance;
additional premium payable for critical illness. It is introduced as a
value addition to meet the demands and also as marketing strategy. The
insurance covers surgery cost, critical illness cover and
post-hospitalisation. The insurance is different in paying only for
prolonged hospitalisations. One of the unique features of this insurance
is that a lump sum allowance is paid irrespective of the actual medical
expenses.
Calculation of Critical Illness Insurance Amount/Premium:
The
amount of premium depends on the insurance of the insurance company.
Sometimes life insurance companies charge extra premium for the
insurance, which is an add on to the LIP. Premium is generally paid on a
yearly basis.
Critical Illness Insurance Claim Procedure:
Insurance holders
can make multiple claims till their lifetime cover is exhausted. The
company pays a lumpsum amount as claims irrespective of the actual
expenses, as against a medical insurance, which is only a reimbursement
insurance. The claim should be reported to the insurers, who in turn
will appoint a surveyor. Surveyor will check the necessary documents and
analyse the extent of damage. The claim process takes anywhere from 7-21
days.
Documents Required for Critical Illness Insurance Claim:
- Copy of FIR (If any)
- Medical Certificate & details of medical expenses &
disability certificate
- Leave certificate from employer
- Duly filled Claim Form
- Salary Certificate from employer
List of Some of Insurance Companies Offering Critical Illness
Insurance:
