Why Disease-specific Health Insurance Plans Are Gaining Traction? - Greyfont

Why Disease-specific health insurance plans are gaining traction?

It is very common for health insurance companies to launch new products day in and day out. Many a times even existing health insurance products are modified. This is how policyholders can benefit out of a health insurance plan because more and more policies are made as per their specific health conditions to meet the expenses for getting the medical treatment done.

A brief about disease specific health insurance plan?

A disease-specific plan is a health insurance plan that provides compensation in case you get diagnosed with one particular ailment. Say for instance, you opt for a Cancer care plan, you will get compensation in case you have been diagnosed with cancer, at any stage. Your insurance company will provide you the health cover that you can use to get the best possible treatment.

Benefits of the disease-specific plans

Mentioned below are the benefits of the disease-specific health insurance plans:

  • Offers health insurance cover at all stages: It doesn’t matter at what stage you get diagnosed with the specific disease, this plan offers coverage at all stages.  Your health insurer will pay you the sum assured at any stage of you getting diagnosed. This will help you to deal with the medical expenses as well as compensate the loss of income.
  • Pocket-friendly: The disease-specific plans are pocket-friendly. A critical illness plan offering protection against almost 20 illnesses is priced as low as Rs. 5,000. This makes the plans affordable for a large number of people.
  • No waiting period: Usually comprehensive health insurance plans or any critical illnesses plan provides protection against the life-threatening illnesses or any pre-existing conditions post completion of a waiting period. But, most of the disease-specific plans have a lower waiting period say 180 days. Thus, it makes the plan very well suited for the needs policyholder’s need.
  • Target oriented: The disease-specific policies are more target oriented.  Say for example, in case you have a history of cancer or diabetes in your family and are apprehensive about getting the disease too, a disease-specific plan will be beneficial for you. In short there is absolutely no need for you to buy a cover for additional illnesses and therefore can deal with that one particular ailment.


Disadvantages of the disease-specific health insurance plans

Just like the advantages, there are certain disadvantages too associated with these plans. Firstly, the coverage is limited. In a critical illness plan usually about 20 illnesses are covered. But, disease-specific plans can cover only one disease at a time. In short, if you get diagnosed with any other type of critical illness, unfortunately you won't get any coverage and compensation. There are also chances of incorrect selling and purchasing of these plans. You cannot just blindly buy a plan. It is necessary to be alert, understand the plan and then make a purchase. A disease-specific health insurance plan is purchased for a specific health risk you may feel you are exposed to. So weigh the situation, the plan and your needs first. People usually buy one without planning and understanding which stands as the biggest drawback.


    Need Help in choosing right product

ORplease reach out to us at (022) 4891 3051


Contact Us

We want to hear from you