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Critical Illness Cover 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.
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.
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.
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.