You can buy Critical Illness Insurance policy from a general insurance company or from a life insurance company. But from where to buy the Critical Illness Insurance Policy – General Insurer or Life Insurer? Lets find out.
In India, you can buy a Critical Illness Policy as a standalone policy where you have to renew it every year; or for a short term 3-5 or long term 10-20-30 years; or you can attach it as a rider at the time of the inception of your insurance policy.
1- Life insurance companies provide Critical Illness Coverage with the two options: Adding rider to the life insurance or the stand alone policy.
2- General insurance companies provide Critical Illness Coverage only offer one option: as a stand alone policy.
How to pick the right cover?
1- It’s advisable to go for a standalone critical insurance policy, given its wide coverage, though a rider may cost you less. However, compare the scope and features of both options before taking a decision. It’s crucial not to base it on the premiums payable alone.
2- Check how many critical illnesses are covered under the plan. More the critical illness covered, better the plan.
3- Go for a policy with the highest age renewal limit and long term.
4- Go for one with coverage continuation option after first Critical Illness detected.