An Overview of Filing a Critical Insurance Claim

Critical illness policy is a type of insurance that provides a payout in case the policyholder is diagnosed with a critical illness. The illnesses generally covered include cancer, kidney failure, paralysis, multiple sclerosis, total blindness, certain heart surgeries, and coma. 

The payout received under a critical illness policy can be used to help you manage your expenses in case you need to temporarily take time off work while you receive treatment. So, with a critical illness plan, you do not need to worry about how you will afford to pay your child’s school fees or afford the rent. This does not mean that you skip out on your normal health insurance plan. Your health insurance can help pay for your hospital visits while critical insurance can take care of everything else. 

Here is an overview of filing a critical insurance claim.

The claims process

The process of filing a claim for your critical insurance cover is relatively simple. Upon diagnosis, you need to contact your insurance company and let them know that you need to make a claim. Following this, they will inform you what documents are required to verify the authenticity of the claim. These documents usually include medical tests that indicate the illness. 

Most insurance companies have a fixed period within which you need to make the claim. For instance, some insurance providers require that the claim should be filed within 30 days from the initial diagnosis. Some insurance providers allow for a longer period but it is best to check these details to avoid your claim getting rejected. 

Once all the documents are verified, the claim amount is disbursed. This usually happens within 30 days. Once you receive the amount, you can use it in any way you deem fit. 

The documents required

The general list of documents required for a critical illness claim may include: 

  • ID and address proof of policyholder
  • Completed claim form
  • Policy documents
  • Photograph
  • Copies of medical reports including doctor’s diagnosis and tests
  • Bank details or copy of passbook

This is an overview of the documents that are generally required for a critical insurance claim. It is best to call up your insurance provider to know what they require as per their process. Also do note that the insurance company may require an attestation of documents.

The waiting period

Most critical illness plans have a waiting period that can range anywhere between 1 month to 4 Years after the policy begins. If you are diagnosed with an illness during this period, you will not be able to make a claim. So, if there is a history of any critical illness in your family, it is advisable to get this insurance as soon as possible.  

A critical insurance policy is an essential plan that will help protect your savings in the event of a medical emergency. Make sure to supplement your standard health insurance with a critical illness policy today. Do research well and choose a plan best suited to your needs.

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