General inflation and healthcare costs are ever-increasing. To add to it, lifestyle-related diseases are growing with the fast-paced metropolitan lives that one desires to live. To protect one’s financial stability along with general well-being, getting an insurance policy is the preliminary stage to financial planning. It makes health insurance plans a good backup in dire times along with an additional backup in the form of a fixed benefit plan is equally essential to provide for uncalled critical contingencies.
Fixed benefit health insurance plans do not follow the principle of indemnity. They offer a fixed amount equivalent to the sum assured on the occurrence of an event as per the terms and conditions of the policy. The policyholder can decide how to utilize the amount so received. Cancer / Heart Insurance plans, Critical Illness Insurance Plans fall under such fixed benefit health insurance plans.
The insured get certain illnesses covered under the mediclaim so obtained. On the occurrence of the specified ailment, the fixed benefit health insurance plans kick in and render a fixed amount, i.e. sum assured for such predetermined illness or medical condition.
Fixed benefit health insurance plans help to cover those critical illness that are otherwise not covered by your regular health insurance plans. Such a mediclaim can be chosen over and above as a filler for the expenses that one might need to incur that are not covered by regular health insurance plans.
Let us understand with an example,
Critical illness insurance provides for a sum assured of Rs 15 Lakhs. On diagnosis, the insured is suffering from an ailment listed under such critical illness insurance plan. The insurance company will pay a lump sum amount of Rs 15 Lakhs irrespective of the cost of medical expenses. You may additionally refer to your mediclaim policy for more details on the same.
There are certain advantages on selecting on such fixed benefit health insurance plans; they are as follows-
- Upfront receipt of the entire amount (sum assured).
- Diagnosis reports for such critical ailments are sufficient evidence to claim the benefit under such mediclaim. Fixed benefit health insurance plans let the insured have the freedom to avail treatment from the medical facility of their choice. They need not stick to the network hospital for treatments.
- Critical Illness have longer recovery periods, for instance, in the case of cancer or heart-related conditions. Such bullet amount of sum insured serves as a bridge to compensate for the financial needs for the insured right from the beginning.
With the changing lifestyle in the last three decades, the health protection facilities too need a change. Availing fixed benefit health insurance plans along with your group insurance scheme or regular mediclaim can help you stay covered from sudden illnesses that can set you back emotionally and monetarily. Compare health insurance plans that suit your needs and get yourself a fixed benefit plan to compliment your insurance needs!
