I don’t want to buy health insurance but want a critical illness plan where I can get the full sum insured irrespective of the actual cost for several diseases.
I got this information from an insurance agent. Please let me know how does critical illness insurance work. Also, why should one have regular health insurance if there is a critical health policy? —Name withheld on request A critical illness plan is a fixed benefit plan.
Under this plan, you are eligible for the prefixed sum assured once the diagnosis of the specified illness is confirmed. Since it is not an indemnity plan, the actual expenses incurred by the policyholder are irrelevant.
However, a critical illness plan is not a substitute for a regular health plan. It is only a supplementary plan. There are three principal reasons for this.