What is Critical Illness Insurance? Should I Buy It?
A critical illness Woodstock insurance offers coverage against life-threatening diseases such as renal failure, cancer, liver transplant, etc. The compensation is provided in a lump sum upon diagnosis of a critical illness that is covered under the health plan. This lump sum amount can be used to pay for expenses incurred on the medical treatment. In most cases, there is a survival period of 30 days and the claim is settled on completion of the survival period. Advantages of buying Critical Illness Insurance in Woodstock Payment in a Lump sum– The insurer pays the full sum insured in lump sum regardless of your hospitalization cost. You can use this to pay off the cost treatment cost, pay off any debt and recuperation expenses Easy Claim Process– Hospitalization is not essential and the claim can be processed based on the diagnosis reports ( in most cases) Lesser Waiting Period– The waiting period is usually up to 3 months ( in most cases) Avail Tax Benefits– Criti...