FAQ : What is Critical Illness Cover?

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Critical Illness Cover (http://www.policywala.com/content.php/265-Things-you-should-know-before-buying-Critical-Illness-Insurance-Plan!) is a type of health insurance that cover specific illnesses. Critical illness, unlike other health products, does not require insurance companies to reimburse on the event of hospitalisation. On the contrary, a one-time, tax-free lump sum is offered in the event of the diagnosis of a critical illness. This is a payout product.

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Survival period is the minimum time period that a person has to survive in after a diagnosis in order for him/her to be eligible to claim the sum assured for particular critical condition. The typical survival period is 30 days.

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Waiting period is the minimum time period that has to be crossed to face a critical illness condition after purchasing a policy. e.g.: A person purchases a policy that has 90 days waiting period. If the person faces a critical illness condition on 89th day after the policy is purchased then the condition cannot come under claims.

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Every Health/Life/Gerneral Insurance Company has a different set of diseases included under Critical Illnesses. Apollo Munich offers optional coverage for following eight major diseases - Cancer, First Heart Attack, Sclerosis, Paralysis, Coronary Artsy Surgery, Stroke, Kidney Failure and Major Organ Transplantation. The definition of each of these diseases is mentioned in the policy wording.