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Health Insurance

What is the difference between Critical Illness Insurance Policy and Cancer Health Insurance Policy?

In the times that we live in, it is almost imperative to invest in our health and be ready for any financial emergency that can come in our way. Health should not be compromised for the lack of money, and it is because of this reason that various kinds of health insurance policies are available for people to choose from. However, since there are so many options available, it also leads to many confusions.

What is the difference between Critical Illness Insurance Policy and Cancer Health Insurance Policy?

The most common confusion that people get themselves involved in is the difference between a critical illness insurance policy and cancer health insurance policy. Hence, to understand both, it is essential to read it with an in-depth analysis. Let us first try to understand them one by one.

Critical illness often appears unannounced, and they can make our life’s flow go upside down. It can be read as a blow in someone’s life, both emotionally and physically. Apart from the emotional and physical torture, it can inflict on people and becomes a significant concern financially as all expenses cannot be met all of a sudden. Critical illnesses demand hefty, unplanned expenses. Here, the critical illness insurance plan becomes very beneficial as it provides for the expenses that are required for the treatment.

Cancer Health Insurance policy is different from Critical Illness Insurance policy. In simple terms and as the name itself suggests, cancer health insurance policy is designed to meet cancer treatment expenses. Since cancer treatment requires a lot of care and is a lengthy procedure involving various therapies like surgery, chemotherapy, and radiation, it is time-consuming, and a lot of medical assistance and care is required to treat it, and also the soaring costs that are incurred while treating it are also taken into consideration by the cancer health insurance policy. It also provides a lump sum of money from the insurer in case you are diagnosed with cancer.

Critical Illness Insurance policy and Cancer Health Insurance Policy’s difference is that critical illness insurance policy covers various illnesses like kidney failure, tuberculosis, and cancer, among others. In contrast, cancer health insurance policy is specific to one disease as mentioned in its name, i.e. cancer. The former covers a range of critical illnesses; the list is appended in its terms and conditions. Latter covers all stages of cancer expenses.

Critical illness insurance policy can be bought for anyone over the age of five. It comprises the self, spouse, children, and dependent parents. The survival period for this plan is 15 days which starts from the date of diagnosis. The minimum age to buy cancer health insurance is 18 years. The survival period from the date of diagnosis is seven days. There are also some exclusions in the Cancer Health Insurance policy like skin cancer, cancer caused by sexually transmitted diseases is not covered in this policy. In contrast, a critical illness insurance policy will not include any health issues caused due to the use of drugs and alcohol. As far as cancer is concerned, the expenses for only the advanced stages are covered.

There is a specific criterion that is followed while buying these plans, and one has to qualify to buy them. You need to be 18 years old, and there is no maximum limit for purchasing the policy, and it has a survival period of seven days from the day of diagnosis. To qualify for Critical Illness Insurance Policy, the children need to be at least five years of age and buy the policy you need to be 18 years of age. The most important thing that you need to take care of in Cancer health insurance policy and a critical illness insurance policy is to make sure that you are getting a comprehensive financial cover in all stages of cancer and maximum critical illnesses are covered. Since healthcare is on the rise in India, it is essential to stay protected in all aspects of increasing costs.

With so much uncertainty surrounding us all, we need to be sure of at least the expenses that can be claimed for our health. The important age-old adage, health is wealth is true in all ways possible. It costs a lot to get proper treatment, especially in fatal illnesses like cancer. Since cancer is so much on the rise lately, it is imperative to have a separate health insurance policy. Similar is the case with critical illnesses when we can be diagnosed with essential illnesses unexpectedly, and it might cost a considerable sum for the treatment. Awareness and proper knowledge beforehand of all the policies will help us stay protected against these fatal and deadly illnesses.

Moreover, to understand them better, it is also advisable to seek help from people who have bought these policies earlier. A word of mouth and personal experience always helps in forming a well-rounded opinion. You can also seek assistance from the insurance experts of who will give a clear and unbiased view about both the concepts.

These policies are tax-friendly too, and some policies provide some kind of discounts as well. It is essential to read all the terms and conditions before buying any form of policy, whether it is cancer health insurance policy or critical illness insurance policy. Most of these policies have gone cashless as their transactions are mostly dealt with online and offline too by visiting the insurance companies. All the pre-existing conditions of the policies need to be taken care of as sometimes the pre-existing illnesses are charged more by the insurance companies. It is always advisable that if there has been a history of cancer patients in your family, you should get the possible amount of information beforehand how the terms and conditions of cancer treatment in the policies are met.

A similar criterion applies to critical illnesses too. It is not possible sometimes for one policy to cover all the costs for all the illnesses. Hence, an additional policy needs to be bought, which can act as a supplement and can be used to cover extra expenses incurred in treatment.

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