Insurance as we all know is a way by which the insurance company bears the financial losses be it health, life, theft or any other financial loss.
With changing times the lifestyles of individuals have changed to a larger extent and this most of the times contributes to the various illnesses that we come across today. In such a scenario planning and investing in a health insurance plan is the wisest move.
Critical illness refers to the diseases which are mostly non-curable or require high funds to be cured. Regular health insurance is ofcourse related to petty health problems which are moreover not critical.
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To differentiate we can say that Critical illness insurance insures diseases like cancer, kidney failure, paralysis, stroke, first heart attack, major organ transplant etc. while regular health insurance over the cost from the time the person is hospitalized till he is discharged.
It includes the charges incurred for various tests done and medication as well. For critical illness the amount is paid immediately after the disease is diagnosed while in regular health insurance it’s only on the hospitalization of the insured.
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Critical illness will cover the whole loss of the disease but regular health insurance may not bear the whole losses incurred. In Critical illness the insured gets the amount in lump sum but the same is not applicable for a regular health insurance.
Thus, as stated above a critical and a regular insurance varies a lot though they seem to be very similar. There are also other things like the premium rates which also differ when the two are considered.
It’s always better to consult your Insurance Advisor and get the best policy made so as to get the right amount at the time of need.