Learn The Difference Between Terminal Illness, Critical Illness, And Serious Illness

It is most crucial to be prepared for any health emergency. The past year has made us realize the value of this idiom - 'Prevention is better than cure’. One of the precautionary steps to deal with any type of health emergency is to acquire a health insurance policy to beat the rising cost of health insurance and inflation. A health insurance policy is a security net for the health of you and your family. This signifies that you are required to select the right health insurance and accessory cover. To do this, you must know the difference between serious, critical, and terminal illnesses. The difference will aid you to decide on the coverage that best meets the health insurance needs of you and your loved ones.

Serious Illnesses

The term serious illness refers to a condition that may require you to be hospitalized. It may or may not involve surgery. In many cases, this is not obvious because most people face a severe illness that may or may not be dangerous. Though, this can cause discomfort and needs medical treatment. A best health insurance policy includes the costs concerned for the treatment of such ailments. This covers expenses related to hospitalization.

Benefits

• Preserves the well-being of your family and provides lump sum payment if you are incapable of managing.
• It proffers you time to converge on what matters, for getting better.
• The innovative cancer-only choice is available.
• Provides you with a tax-free, cash lump sum amount if you suffer from a specific serious illness.
• You can sometimes extend the cover if needed.
• It includes a wide variety of illnesses.
• Your policy can include more than one person.

Critical Illnesses

Consistently when you remain untreated, there is a possibility that a serious illness can convert into a critical Illness. Though, it is not always necessary that the reason for a critical illness. critical illnesses have the power to be healed, though, in few cases, they can be fatal. This signifies that the cure for these illnesses is very costly. For instance, cancer, chronic liver disease, heart attack, etc., is a critical ailment and can be preserved or end up in a serious situation. Buying critical illness insurance is a great way to protect yourself and your family. Kotak General Insurance offers Critical illness insurance to you and a range of benefits that can be given here.

Benefits

• Not only can you claim benefits during hospitalization or treatment, but you can also take benefits when you have delayed debt or have mislaid your income because of a critical illness.
• You will get a lump sum amount when you require it most.
• The sum of the amount ensured you receive a habitually tax-free.

Terminal Illnesses

Sometimes an illness can be severe enough that it could cost the patient their life. These diseases are generally incurable, and the patient's chances of survival are almost zero, also known as terminal illnesses. If you buy a health insurance plan, in that case, your insurance company will reimburse the medical expenses of your treatment according to your coverage. Though in a customized terminal illness insurance plan, the advantages are generally higher, you can opt for either a lump sum amount or in instalments depending on the cruelty of the situation, and the price will be given on the death or diagnosis of a terminal illness. The claim requires the submission of necessary reports and diagnosis details issued by a physician.

Benefits

• In the state of terminal illness, the policyholder can get at least 25% of the amount assured for his medication.
• The family members of the policyholders do not suffer a financial emergency after their death.
• The policyholder and his/her family can receive financial assistance when the policyholder stays unemployed, which usually happens after the diagnosis of a terminal illness.

Takeaway

Now that the contrast between serious, critical, and terminal illnesses is grasped, taking a good health insurance policy that covers these situations is a clever way to protect yourself and your loved ones from unforeseen financial challenges.

For more information visit the Kotak General Insurance website.

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