I have a health insurance policy which I took two years ago. Now, I am getting married and my fiancé is suggesting that I go in for a critical illness policy. Should I take one now?
Gurmeet Kaur, Delhi
Unlike a health insurance policy, which pays you for the expenses that you incur in case of hospitalisation, in case of critical illness cover, you are paid a lump sum amount as per the terms of the policy at the time of diagnosis of disease. The payment happens if the critical illness that you are detected with is listed under the list of critical illnesses mentioned and listed under the policy.
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Taking such a policy is recommended with a higher degree of people contracting critical illnesses like cancer, stroke or heart ailment, which are all typically listed under the critical illness insurance cover. If you have any history of critical illness in your home—you should consider this policy definitely. Relooking at your existing insurance at important life stages is a good move; as you are going to get married soon, the time is apt consider taking a critical illness cover for now.
