January 12, 2011 5:01 pm
What is a better option. Taking health policy (mediclaim) with critical illness rider or both as seperate policies.
Critical Ilness policies generally cover you from emergencies arising from some specified list of illnesse.Life insurance companies offer them through riders and health insurance companies have them as riders or stand alone policies.
The problem with life inurance companies is you cannot add rider again once claim arises in crticall illness.Thus, its one in lifetime kind of option which can be deterrant to your earnings.
In health insurance, when you take CI as a rider, you can renew even if any claim arises.But during renewal they exclude the illness for which you have taken the claim.
Stand alone CI policies have various option with companies.some have once in life time option policies and in some its a combination of CI and a Normal Mediclaim policy which means after CI claim the policy runs like a normal mediclaim.
Thus check out with different insurers what they offer and then make a decision.
If critical illness happens in general insurance companies, the policy is not renewed and if policy is renewed (as in case of apollo munich),then this particular critical illness will not be covered again ….because critical illness in not an indemnity insurance.
These policies benefit the companies instead of customers.
this is really interesting to think over! recently i come to think while applying the term insurance from kotak life on conclusion based on recent article by manish in this blog, and the interesting discussion. thus the third option is with life insurance also. i think, the decision could be based: the critical illness covered, the cost (better for both-self and spouse at least), the period of the coverage without any increase of premium unlike mediclaim . though the agent advise me better to have more mediclaim or with mediclaim, i preferrd to go with critical illness as rider with the term insurance, of course for limited a/m. of 5 lacs with term insurance of 50 lacs. i also have idea of taking some bare minimum term insurance with ci as rider for spouse. for my limited searching , i think, the premium is reasonable for such ci with term insurance from kotak.
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