Thursday, Oct 06, 2022

Why should you consider buying critical illness policy with your group medical insurance?

In this time & era, keeping fit is a must-do, but there's something else that also needs to be done too... which is to having a relevant medical insurance plan in place.

Image Credits: Bajaj Allianz General Insurance

For many of us, following a health and wellness regime has almost become a norm. By keeping a tab on the calorie count and even the number of steps taken in a day is how people want to keep their body and mind healthy. After all, lifestyle changes are having an impact primarily on heart-related concerns. According to a Lancet study[1], in 2016, the estimated prevalence of Cardiovascular diseases (CVDs) in India was estimated to be 54.5 million. Nearly 25% of all mortalities in India can now be traced back to CVDs with ischemic heart diseases as well as strokes responsible for more than 80% of this burden overall.

Prevention as well as Cure
In view of all this, keeping fit is certainly the right step forward, but there’s something else that also needs to be done, which is to have a relevant medical insurance plan in place. Thankfully, people are getting a helping hand from the insurance regulator as well. For instance, to promote wellness programmes, insurers have been allowed to reward policyholders for maintaining good health.

However, even while we strive for a healthy life, there are health emergencies which may strike anytime and anyone. If you are unprepared to guard against any untimely event of medical exigencies, it could be financially damaging.

You need to understand that whether it’s a planned or unplanned visit to a hospital, you need to be prepared on all fronts to meet the hospitalization cost. But then, how is the preparedness? Many employees, for instance, find solace in the fact they are covered by their employer under a group medical insurance plan and hence are covered against all risks. The fact is – Relying solely on a group medical insurance plan may back-fire.

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Here’s why. Customizing a group medical policy is not feasible for employees or any member of a group. Being a group cover, the overall coverage under the Master policy is a fixed amount and in most cases works till there is an employee-employer relationship. In case, there are more number of claims, the renewal premium may increase or even the contract terms and conditions may change in future.

So, even if you have a group medical insurance policy, you need an independent medical insurance plan that will work no matter you are employed or not, and in which you have full control on the amount till the extent of coverage. A medical insurance plan is the solution as it is designed to help you walk out from the hospital after getting discharged, without worrying about the bills. Once you buy a medical insurance plan, the insurance company bears the cost of hospital expenses, subject to the terms and conditions of the policy.

But wait! Life can take an ugly turn and there could be a life-threatening ailment to be dealt with. While a medical insurance plan has its role in the re-imbursement of hospital bills, on the other hand, if you are hospitalized for a critical illness, the hospital stay could be short, but the follow-up treatment could be an expensive affair. To meet the cost of treatment and recuperation, there are critical illness insurance plans.


What is a Critical Illness Plan?
In a critical illness insurance plan, certain specific ailments, which could be life threatening, such as heart attack, organ transplant, cancer, paralysis etc, get covered and it works differently from a regular health insurance plan. While the latter reimburses the actual hospital expenses, in the former, the total sum insured i.e. the coverage amount, is paid on the occurrence of the specific ailment, subject to the terms and conditions of the policy.

With lifestyle ailments on the rise and the work-life balance going for a toss in the new age world, having a critical illness insurance plan is extremely critical for all. There can be a huge financial impact on your life because of the mounting cost of treatment and exorbitant medical expenses even while surviving through any critical illness.

A medical insurance plan and a critical illness insurance plan taken together makes the defense complete against medical expenses. You can customize both of these insurance plans as per your need and continue with the coverage till lifetime. While the medical insurance plan covers you against hospitalisation bills due to accident or illness etc, the critical illness insurance plan is a safety-net for a bigger financial impact against any dreaded disease and also the resultant loss of income, if any.


It is imperative for you to keep adequate coverage not only for self but also for each and every member of the family. You may use the health insurance premium calculator to estimate the premium for different coverage amount (sum insured) while exploring the features of Bajaj Allianz General Insurance plans.

Are you adequately insured?
A medical insurance plan is a must-have even before you start to save for long-term goals. Having a health insurance plan ensures that you don’t have to dip into your savings or borrow from friends or relatives to meet the hospitalisation cost. Some illnesses may lead to the unemployment of a family’s sole earning member. A Critical Illness Insurance policy of Bajaj Allianz General Insurance is designed to protect you and your family against the financial burden of life-threatening illnesses. Importantly, not all group medical insurance policies may provide coverage for critical illness. So, always consider buying an independent critical illness policy even if you have a group medical insurance policy.

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First published on: 30-12-2020 at 11:13:29 am
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