9 ways to use credit card properly!
How to use credit cards smartly? What are the correct ways to use plastic cards? Watch this video to know
Buying the appropriate health insurance policy can be a difficult task for most. Incorrect decisions about health insurance can cost you a lot. Now many insurance companies offer critical illness and disease-specific insurance plans. Both types of plans will help you get financial protection against medical emergencies. But which is better? Here are a few important points about critical illness and disease-specific insurance plans you should know before buying a policy.
Disease specific insurance plan
A disease specific insurance plan covers the full treatment cost related to a specific disease. From diagnosis to advanced treatment for all stages are included in this plan.
Coverage
A disease-specific insurance plan covers one specific disease. But one can buy this plan for a wide range of diseases like cancer, Covid-19, dengue, diabetes, cardiac ailments, stroke, diabetes, kidney ailments, etc.
Waiting period
There is no waiting period for disease-specific insurance plans .
Premium
Since a disease-specific policy covers only one disease, the premium for such policies is comparatively cheaper.
Ideal for
This type of insurance can also be the right choice if anyone has a family history of a particular disease.
Critical illness insurance plan
On the other hand, critical illness insurance policies provide cover against a number of life-threatening diseases. Under this plan, the insurance company pays a lump sum amount after the diagnosis of the illnesses covered under the plan.
Coverage
Generally, a good critical illness insurance plan covers about 8 to 30 illnesses including cancer, stroke, heart attack, organ transplant, etc.
Premium
Since the plan offers more comprehensive protection than disease-specific insurance, it has a higher premium.
Waiting period
Generally, the policyholder needs to survive for 30 days after the diagnosis of the critical illness to make a claim. However, some companies even provide policies with zero or 28 days surviving periods.
Do consult your financial advisor before choosing one.