Comparing single-disease covers and critical illness policies: The right one for you

Owing to the ever-changing lifestyles and deteriorating environmental conditions, people are increasingly on the risk of life-threatening diseases such as kidney issues, heart diseases and many more. Such ailments can result in huge hospitalization expenses, devouring our savings. Hence, it is always recommended that people should invest in critical illness health plans, which is one of the important life insurance policies currently on offer in the market. Critical illness plans offer covers and pays a lump sum if the person insured is diagnosed with any of the specific disease from the determined list of the policy. Such a policy meets all medical costs and hospitalization expenses.

However, life insurance policy providing companies out there in the market also offer single disease cover plans, which offers comprehensive cover for a specific disease in the unlikely situation of facing being diagnosed with it. Now you might surely be thinking whether you should buy a single disease cover or critical illness policy. While buying a single disease cover, the policy seeker need not  undergo medical tests. All that they have to do is  fill up the application form as well as self-declaration form, which states that you do not have any pre-existing disease. To know in detail as to which of these two types of life insurance policies will suit you better, consider reading the differentiators mentioned hereunder.

Scope of coverage

Single disease plan, as the name indicates, covers a single disease comprehensively. The diseases may include, but surely not confined to, kidney failure, cancer and heart diseases. As compared to single disease plan, critical illness plan has greater scope and offer wider coverage. Meaning, it covers multiple diseases under a single plan.

Risk factor

Those who want to buy a health insurance plan from any of the life insurance companies in India should know about the risk factors involved in buying a single disease cover. Whereas a single disease policy provides cover and relief from the worries of getting diagnosed with one disease at a time, critical illness insurance has a wider scope. The latter covers many diseases under one single umbrella. Therefore, the risk factor of getting diagnosed with any other disease than the one insured remains higher on the person who has bought a single disease plan as compared to those who have bought critical illness insurance.

The Cost factor

As it is clear now that buying a critical illness plan makes more sense than just a single disease one owing to a wider coverage the latter provides, another differentiator is a cost factor. The cost that a policy buyer needs to pay for buying a critical illness plan is far higher than that of a single disease plan. However, it’s also worth mentioning here that the benefits that a crucial illness plan offers are also far higher than the single disease plan. Keep these factors in mind when choosing from either of the life insurance plans and buying it from a company.

Summary

When it comes to choosing from a single or critical illness cover, a customer should go for the latter as it scores over the former in many ways. A critical illness plan covers wider diseases, reduces risk facto and helps the insured have a sigh of relief in case s/he gets infected with any disease. However, it costs, understandably, higher than a single disease plan.