Wondering what is critical illness insurance? A critical illness policy is a special health insurance plan where a lump sum amount is paid out which is equal to the sum insured, to the customer, in case there is any serious ailment like a stroke or cancer. Critical illness insurance is thus a plan where you get a defined lump sum benefit which can pay for the cost of the critical ailment, treatment, recuperation and other expenses. The full sum insured will be paid out by the insurer irrespective of the expenses at the hospital. There are serious illnesses covered under these plans including coronary artery bypass surgery, cancer, stroke, heart attack, paralysis, and kidney failure and heart valve replacement along with organ transplants. Another feature of these plans is that the person insured will have to live for 30 days in succession post diagnosis of the critical illness for the claim to be made. There is a 90 day waiting period when the policy begins.
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