Critical illness insurance is a type of insurance coverage that provides a lump-sum payment to policyholders upon diagnosis of certain serious illnesses or medical conditions specified in the policy. These conditions typically include major illnesses such as cancer, heart attack, stroke, and organ transplant, among others. The purpose of critical illness insurance is to provide financial support to policyholders during a period of significant health crisis, helping them cover medical expenses, loss of income, or other related costs that may arise due to their illness.
Critical illness insurance policies vary in terms of the illnesses covered, policy conditions, and payout amounts. Some policies may also offer additional benefits such as coverage for partial disability or certain medical procedures. Premiums for critical illness insurance typically depend on factors such as age, health status, coverage amount, and the specific terms of the policy.
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