Difference Between Health Insurance and Critical Illness Cover

A health insurance plan is a type of insurance policy which will provide you with financial aid in the case of an unforeseen medical emergency. Over the last few years, medical costs in India have increased by around 15%. A health insurance policy will provide you with the requisite finance to deal with the cost of medications, surgical treatments and medical bills. Insurance companies provide different types of health insurance policies. These include individual health insurance plans, family health insurance policy, top-up health insurance and group health insurance plans. Additionally, you can also avail a term insurance policy with critical illness cover. A critical illness cover will enable you to meet the staggering cost of medical treatment, in the case of being diagnosed with a life-threatening medical condition, like stroke, cancer, heart attack, organ transplant and so on. 

The term insurance policy with critical illness cover, available on Finserv MARKETS, will provide financial security to your family; both in your absence, and in the case of being diagnosed with a critical illness. Alongside, you can also avail a health insurance policy, and avail multiple benefits, like cashless treatment at more than 6,500 network hospitals and instant calculation of premium through the online health insurance calculator

Difference between health insurance policy and critical illness cover: Here is a look at the difference between both:

  1. Coverage and benefits: A health insurance policy will protect you from the medical expenses incurred during hospitalization because of an illness or accident. It can also provide coverage for pre and post-hospitalization expenses, in-patient hospitalization procedures, maternity-related expenses and costs incurred in day-care procedures. On the other hand, a critical illness cover will provide coverage, if you are diagnosed with various life-threatening conditions. On Finserv MARKETS, you can avail protection against 55 health conditions, 19 minor illnesses and 36 major illnesses. These include cancer, Alzheimer’s disease, carotid artery surgery, kidney failure, organ or bone marrow transplant, multiple sclerosis, permanent paralysis of limbs etc. 
  2. Settlement of claims/ Payouts: In case of a health insurance policy, the insurance company can either directly settle the medical bills with the network hospital, or reimburse you after a claim is filed. If you have availed a term insurance plan with critical illness benefits, then you will receive the sum assured amount, either as lump sum or in percentage – depending on the level of severity of the disease. 
  3. Premium payments: Premium payments in both health insurance policies and term insurance policies with critical illness cover depends on the terms and conditions listed in the policy document. The premium is contingent on variables, like age and health of the policyholder, extent of coverage and the amount of sum assured. It is always advisable to choose a policy with optimum coverage so that your medical expenses are taken care of with ease. On Finserv MARKETS, you can easily get a quote online by visiting the health insurance calculator page. 

Health insurance vs term insurance with critical illness cover; which is better?

There is no single winner when it comes to comparing both the plans. Both plans have their own respective benefits. Market experts suggest being prepared for any medical emergency by creating a strong health insurance portfolio. This becomes especially important if you are the sole breadwinner of your family. Along with an individual health insurance plan, you can consider availing a family health policy and a term insurance policy with critical illness cover. 

Conclusion: Thus, while a health insurance policy will provide you coverage from medical bills and expenses incurred on hospitalization, a term insurance policy with critical illness cover will provide you protection from a wide slew of life-threatening medical conditions/diseases. You must consider availing both the policies to have a robust health insurance portfolio. Here, it becomes important to choose a trusted and reliable insurer. Both policies, available on Finserv MARKETS, are equipped with several advantages, like high-value sum assured up to Rs 50 lakh, best medical treatment at network hospitals, calculation of premium within minutes through the heath insurance calculator, extensive coverage and so on.

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