- 1 Health plans and serious sickness are different
- 2 Which Insurance Is Better: Health Insurance Or Critical Illness Coverage?
- 3 Included in a Critical Illness Plan
- 4 Exclusions from critical illness plans
- 5 Kotak Critical Illness Policy-Key Features
- 6 Benefits of a Critical illness Policy
- 7 Waiting Period
- 8 What do you get and how much it costs for Sum Assured and Premium Variety?
- 9 FAQs
- 9.1 Q1. Do you have coverage for severe illnesses through Kotak health insurance?
- 9.2 Q2. Is a medical exam required before I receive my critical illness insurance?
- 9.3 Q3. What does “entry and exit age” mean in terms of health insurance?
- 9.4 Q4. What alternatives are available for the Kotak Secure Shield Critical Illness Plan’s sum covered by insurance?
- 9.5 Q5. What exactly is the Children’s Education Bonus covering cap?
- 9.6 Q6. Does health insurance for severe illnesses covers job loss?
Kotak Mahindra Critical Illness Policy including cancer, heart attacks, and others were formerly a rarity. The expenditures of hospitalization and medical care for certain conditions can significantly reduce savings. How therefore can one protect against such unplanned costs while ensuring that the standard of treatment is not compromised? This is why Kotak Secure Shield, a benefits package, was created: to protect yourself and your family from such hardships and offer a financial safety net. You have the option of choosing a serious sickness, a catastrophic injury or losing your employment benefits.
Knowing what critical illness is can help you better comprehend critical illness plans. It is a serious medical issue that has crippling effects on both your wellness and your way of life. In general, addressing such serious diseases requires significant financial outlays. Your serious medical problem can also prevent you from working.
There is an uptick in the population of persons suffering from such severe diseases as contemporary living gets more stressed and poor eating habits are adopted. Due to a loss of earnings and excessive medical expenses, you could also have financial woes.
Health plans and serious sickness are different
Health insurance coverage provides financial assistance in the event of a health-related emergency. A healthcare policy is a contract that details the benefits, exclusions, and restrictions of the insurance carrier and the contract. A health insurance plan is only good for a certain period of time; often, this period is only one year. The agreement between the customer and the insurance provider expires once this period is over and must be renewed.
Any sickness or medical problem that poses a danger to one’s life is considered to be a critical illness. A person and their loved ones may experience severe economic difficulties as a result of the significant medical costs incurred when treating such a disease. A basic health insurance policy might not be adequate to cover the costs of frequent hospital stays, numerous doctor visits, or ongoing monitoring for life-threatening disorders. Having a lump sum of cash on hand can be useful in these circumstances. Upon the identification of one of the aforementioned illnesses, the Critical Illness health insurance policy may, according to its terms and restrictions, offer this lump amount.
You could frequently mix up health insurance with critical sickness insurance. The former, however, is a detailed plan that pays inpatient costs for any illness. On the contrary, hand, if you are diagnosed with a significant condition, such as a tumor or lifelong paralysis, for example, you may be eligible for coverage under a disability insurance plan. Another distinction is that you must be hospitalized for treatment in order to receive coverage under a health care plan. You can either get treatment in a partner healthcare center or submit your receipts to recover your costs. A disability insurance plan does not need hospitalization. When you’re told you have the illness, the insurance will pay you a lump payment that you can use as you choose.
Which Insurance Is Better: Health Insurance Or Critical Illness Coverage?
Whether a policyholder purchases healthcare coverage or critical illness coverage depends on their current medical condition. Because medical emergencies can happen at any time, it’s important to think about having a diverse portfolio of health insurance. This will enable a complete fiscal backup in the event of a health-related emergency.
When medical coverage and disability insurance coverage are taken into account, there is no ideal option. Both offer enough protection given the circumstances. A family’s primary provider of income should constantly think about purchasing a personal health insurance policy, disability insurance, and a group health insurance plan.
Included in a Critical Illness Plan
The majority of critical illness insurance plans include coverage for the following medical problems.
1) Specific kind and severity of cancer
It is a specific kind of cancer that is characterized by unchecked cell proliferation and spread, invasion, and tissue obliteration. A specialist must determine the diagnosis based on histology indications of malignancy.
2) The first heart arrest
Critical sickness insurance covers the first instance of a myocardial injury, which is the loss of a section of the cardiac muscle as a result of inadequate blood flow to the afflicted area.
3) Grafting a coronary artery (CABG)
The actual process of having open chest surgery is to use a coronary artery bypass graft to open up one or more clogged or restricted coronary arteries (CABG). A trained healthcare professional must execute the procedure, and computed tomography must establish the diagnosis.
4) Stroke that results in long-term harm
any cerebral vascular incident with long-term neurological effects. This includes hemorrhage, extracranial embolization, thromboembolism in a cerebral artery, and necrosis of brain tissue. The diagnostic must be confirmed by a qualified medical professional, and it must be backed by both conventional clinical symptoms and results from a CT or MRI of the brain.
5) Permanent paralysis of a limb
Total and permanent loss of one or more limbs’ ability to move as a consequence of an illness or damage to the spinal cord or the brain The paralysis must be irreversible and there must be no chance of recovery, according to a specialized doctor who has been treating the patient for longer than 3 months.
Different insurance providers may provide coverage for a number of other ailments. In order to prevent any unwanted shocks in the hereafter, it is crucial that you thoroughly read the policy paper.
Exclusions from critical illness plans
The following is a list of several conditions that aren’t covered by a critical illness insurance policy:
- Benefits will not be provided for any which was before or related disorders, or any moment of crisis from them, for which the required to have insurance was previously treated medically, had illnesses, or was given a diagnosis before the start of the homeowner’s first policy, except if such a situation is finding showed in the Offer document and endorsed thereon by the insurance company.
- The Employer shall not be required to make any payments underneath this Policy in association with or in consideration of any Insured Events during the Time Frame.
- Any illnesses that cause the insured person’s death during the defined Survival Period, calculated from the disease’s commencement.
- Any medical procedure or therapy that is not clinically required or that is neither provided by a healthcare practitioner
- Any congenital illnesses or disorders.
- Any Specified Critical disease brought on by hormone treatments medication, birth control, or both, in addition to any side effects.
- Any procedure or therapy for gender reassignment or plastic procedures, as well as any side effects or illnesses brought on by such procedures or therapies.
- Another Covered Critical Illness caused by Self-Medication, Therapy by a Member Of the family, or Any Medication NOT Approved by Science.
- Any Covered Critical Illness brought on by Complementary Medicines such as Ayurveda, Homeopathic, Unani, acupuncturist, massage, homeopathy, naturopathy, chiropractor, massage, aroma, and similar treatments, in addition to any side effects that come from them.
- Suicide attempt, whether sane or insane or purposeful harm to oneself.
- Mental health issues, neurological system illnesses, AIDS, and HIV infection are all transmitted through sexual contact.
Kotak Critical Illness Policy-Key Features
- The insurer will give you a single payment amount of coverage for the treatments after you are identified with a listed serious illness for the very first occasion or are having any listed surgical techniques. Critical sickness insurance can also be used to cover other liabilities, commitments, and unplanned costs.
- Child education benefit: Critical sickness insurance makes certain that your child continues to get unbroken instruction in the event of permanent complete disability or death.
- Coverage for job loss due to sickness or disaster: Kotak’s critical illness plan offers monetary assistance in the event that you lose your work as a result of an illness or accident so that you may pay off debts like a loan. The insurance protects a maximum of three EMIs that are payable on the mortgage. Non-loan-linked plans cannot choose the loss of employment advantage; it is not an option.
- Accident insurance benefit: Kotak’s medical insurance policy also provides coverage for total disability and accidental death, ensuring your children’s financial security.
Benefits of a Critical illness Policy
Have you thought about what would happen to your family if you developed a significant health condition that prevented you from working? How will you pay for the costs of medical care, too? To handle this circumstance, it is beneficial to get critical sickness insurance coverage. Here are some other advantages of such private insurance, aside from receiving a lump sum payout underneath the policy:
- You regularly get medical exams
- The plan pays for recovery and care expenses.
- Article 80D of the Income Tax Act allows tax advantages for the plan insurance premium.
Both critical sickness insurance and mediclaim adhere to the waiting time idea. Policies for health insurance have a wait time of the initial 30 days, and illnesses developed during this time from the start of the policy are covered (except from emergency loss). Pre-existing conditions often require a wait time of one to four years.
While there is a three-month standard waiting time for disability insurance policies and any illnesses discovered during this time are not covered by the policy.
What do you get and how much it costs for Sum Assured and Premium Variety?
The Kotak Critical Illness Protection Rider’s total assured must be less or equal to the base tax policies sum assured. The sum insured for the rider is thus determined by the basic policy sum promised.
The sum assured and the chosen duration would determine the amount of the premium to be paid. The total of all rider payments, if the insured has chosen and over one, cannot be greater than 30% of the basic policy’s premium. The total of all rider payments, however, cannot be greater than 100% of the base term plan cost if the foundation policy is term insurance. The monthly can be paid in the same manner as the base policy’s chosen premium payment method.
Q1. Do you have coverage for severe illnesses through Kotak health insurance?
The Kotak Secure Shield Catastrophic Care Plan is a catastrophic illness coverage offered by Kotak Health Insurance.
Q2. Is a medical exam required before I receive my critical illness insurance?
Your age and state of health are factors in this. You might not need to get a screening examination if you are younger than 45 and have no significant medical history. If not, the insurance provider could require a complete physical examination before granting Critical Illness coverage.
Q3. What does “entry and exit age” mean in terms of health insurance?
The entrance age and departure age of a nomination underneath a plan of health insurance are their respective minimal and maximum ages. A new infant can be protected under a household plan’s entry age of 90 days, and according to the insurance provider, the departure age can be approximately 65 years.
Q4. What alternatives are available for the Kotak Secure Shield Critical Illness Plan’s sum covered by insurance?
The Kotak Secure Shield Critical Illness Plan offers two different options for insurance cover: Rs. 5 lakh and Rs. 10 lakh.
Q5. What exactly is the Children’s Education Bonus covering cap?
The maximum amount for the child’s college bonus is Rs. 50,000 for an insured value of Rs. 5 lakh and Rs. 1 lakh for an insurance sum of Rs. 10 lakh.
Q6. Does health insurance for severe illnesses covers job loss?
Yes, in accordance with the terms and requirements of the policy, Kotak’s Critical Sickness Secure Shield Health Care plan covers loss of employment in the event of an injury or illness.