A critical illness policy, also known as critical illness insurance, is designed to protect the insured against a range of critical illnesses that are not only life-threatening but can also be fatal if not treated on time. Critical ailments such as heart attacks, strokes, kidney failure, various stages of cancer and many other conditions are covered under such a policy.
This critical illness policy offers a lump sum benefit that can cover the high costs of treating critical illnesses that are specified under the policy. You can also choose to add a critical illness rider to your life insurance policy in case you do not have a standalone critical illness plan.
Such a rider is also designed to cover a number of critical ailments, and at an extra premium, you can not only handle the cost of the medical care but also support your family during financial hardships resulting from the loss of income.