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Terminal Illness, Critical Illness and Serious Illness - What is The Difference?

  • Highlights

  • Serious illness may require hospitalisation

  • Critical illness may be life-threatening

  • Terminal illnesses are the most serious

  • Bajaj Finserv offers Critical Illness Insurance

You must prepare for all kinds of healthcare emergencies, and also equip yourself to beat rising healthcare costs and inflation. To do this, it is necessary to have a cash reserve for emergencies, and a health insurance policy that acts as a safety net for you and your loved ones’ health. In order to choose the right health insurance and add-on covers, it is essential for you to understand the difference between serious, critical and terminal illnesses. This helps you choose the coverage that is ideal for your needs and will keep your health insurance premiums from increasingly significantly.

Read on to understand how the three differ and which policy you should pick for each.

Understanding serious illnesses

A serious illness is one wherein you may require hospitalisation. This may or may not include undergoing a surgery. Serious illnesses aren’t ones that threaten your life. However, they may create discomfort and require medical treatment, possible only in a hospital. Serious illnesses are also curable. A good health insurance policy, such as the one available through Bajaj Finserv, covers the costs involved for treatment of such illnesses. This includes expenses such as those pertaining to hospitalisation.

Understanding critical illnesses

When a serious illness is not treated, it can turn into a critical illness. However, this is not necessarily always the cause of a critical illness. While critical illnesses have the potential to be cured, they can also be life-threatening, which means that the treatment for these illnesses is more expensive. For instance, a heart attack, cancer, coma or chronic liver disease is a critical illness and can be cured, or culminate into a more serious condition.

You can protect yourself or your loved ones from critical illnesses by buying critical illness insurance. Bajaj Finserv offers Critical Illness Insurance with coverage of up to Rs.50 lakh, lump sum payment, tax benefits of up to Rs.60,000, easy claim settlement for several critical illnesses and other benefits.

Understanding terminal illnesses

A terminal illness is one that is so life-threatening that it is likely to take the patient’s life. These illnesses are typically incurable and the chances of a patient surviving such an illness are minimal. If you take a health insurance plan, your insurance company will pay for the medical expenses of your treatment as per your coverage. However, in a tailored terminal illness insurance plan, the benefit is typically higher, you can avail the sum as a lump sum or in instalments based on the severity of the condition, and the amount is paid upon death or the diagnosis of a terminal illness. It is essential for you to submit complete reports and diagnosis details in the form of a certificate issued by a medical practitioner to make a claim.

Keeping the above health insurance policies in mind, choose the coverage that seems most comprehensive and useful to you. To expedite the process, check the pre-approved insurance offer that Bajaj Finserv is offering you, and apply online in a few simple steps.

Disclaimer - *Conditions apply. This product is offered under the Group Insurance scheme wherein Bajaj Finance Limited is the Master policyholder. The insurance coverage is provided by our partner Insurance Company. Bajaj Finance Limited does not underwrite the risk. IRDAI Corporate Agency Registration Number CA0101. The above mentioned benefits and premium amount are subject to various factors such as age of insured, lifestyle habits, health, etc (if applicable). BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. This product provides insurance coverage. Purchase of this product is purely voluntary in nature. BFL does not compel any of its customers to mandatorily purchase any third party products.”

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