What is Critical Illness Insurance?

By PolicyBazaar
  | Published: 28 June 2021

Don’t gamble with your health, get the right cover at the right price.

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Critical Illness Insurance in the UAE

In today’s world, falling sick is a costly affair. While some illnesses merely graze your pocket, other illnesses leave a hole in your pocket. This hole becomes even bigger if an illness forces you to stay in bed. Critical insurance in the UAE ensures that no illness causes you severe financial losses so that you do not have to worry about money even in sickness.

What is Critical Illness Policy?

A critical illness policy, also known as critical illness covers and dread disease policy, is an insurance policy that pays you a lump sum cash payment in case you are diagnosed with any critical illness specified in your insurance policy.

Why do you need a Critical Illness Policy?

While the good news is usually anticipated, bad news can strike out of nowhere. According to Gulf News, the average age of a critical illness patient in Dubai is 48. Another report on the health of Emiratis informed that 80% of critical illness claimants were in their prime working years. The uncertainties of health may destabilize your finances and put you behind your monthly bills and hamper your plans. Critical Illness treatment may cost you a fortune. Critical illness insurance protects you against such unfortunate circumstances ensuring that your finances remain intact.

Features of Critical illness Policy

Some of the features of critical illness insurance are:

Lump-Sum Amount

When you are diagnosed with a pre-defined critical illness such as cancer or you are undergoing a pre-defined medical procedure, the critical illness insurance pays you a lump sum amount without requiring any other specifications ensuring peace of mind.

Your money

The amount you receive from the critical illness insurance provider is completely yours. You are not obligated to use it for a particular reason. You can use it to pay for your living expenses, or child’s fee or marriage or paying for a mortgage, or moving back to your country. The insurance company will not interfere with your decision. Besides, the amount is paid to you if you survive 28 days of critical illness.

Paying daily living expenses

If you wish, you can also choose to cover daily living expenses from the insurance provider. Instead of receiving a lump sum amount, you can ask the company to pay the amount in installments so that you can meet your daily financial needs.

Transportation and Added expenses

The critical illness policy in the UAE covers diseases that may not be covered by traditional insurance. Besides, it can also pay for transportation to and from treatment facilities. You can also seek financial support from your insurance provider to install lifts in the home if you are not able to climb the stairs anymore.

Lower Premium

Critical Illness policy in the UAE safeguards your finances and provides for your expenses at a comparatively lower price. Since the cover is provided for selected diseases, critical illness insurance is usually cheaper in the UAE.

Advantages of purchasing a critical illness insurance plan

The right to fall ill!

Not that you should fall ill but you should still have the right to fall ill. When you fall ill, the major concern is the finances. If you are the only bread-earner in your family, an illness will not only force you to spend your savings in hospital but will also keep you away from the office depriving you of your monthly earnings. However, with the payoff received from your critical illness insurance provider, you can avail you do not need to worry about missing out on your job or monthly pay or medical bills.

Treatment at your preferred location

Unlike other insurances that offer you the limited option for medical treatment, critical illness insurance in the UAE opens all viable options for you. You can receive treatment at your preferred hospital without worrying whether the hospital is covered by your insurance company. You can use the lump sum amount paid by the company to receive treatment anywhere in the world!

Guaranteed Payout

Once you have purchased the critical illness cover, your protection is guaranteed. Your insurance provider will verify your documents and instantly transfer the amount to your bank account.

Hassle-free process

The process of applying for a claim, claim approval, and claim settlement is hassle-free. Once you have provided evidence of the diagnosis, the claim will be settled smoothly and quickly.

Illnesses Covered in Critical Illness Insurance

The critical illness insurance plan covers:

  • Major Cancers
  • Heart Attack of Specified Severity
  • Stroke
  • Coronary Artery By-pass Surgery
  • Kidney Failure
  • Aplastic Anemia
  • End-Stage Lung Disease
  • End-Stage Liver Failure
  • Coma
  • Deafness (Loss of Hearing)
  • Heart Valve Surgery
  • Loss of Speech
  • Major Burns
  • Major Organ / Bone Marrow Transplantation
  • Multiple Sclerosis
  • Muscular Dystrophy
  • Parkinson’s Disease
  • Surgery to Aorta
  • Alzheimer’s Disease / Severe Dementia
  • Fulminant Hepatitis
  • Motor Neuron Disease
  • Primary Pulmonary Hypertension
  • HIV Due to Blood Transfusion and Occupationally Acquired HIV
  • Benign Brain Tumor
  • Viral Encephalitis
  • Bacterial Meningitis
  • Angioplasty & Other Invasive Treatment for Coronary Artery
  • Blindness (Loss of Sight)
  • Major Head Trauma
  • Paralysis (Loss of Use of Limbs)
  • Terminal Illness
  • Progressive Scleroderma
  • Apallic Syndrome
  • Systemic Lupus Erythematosus with Lupus Nephritis
  • Poliomyelitis
  • Loss of Independent Existence

Critical Illness Insurance Plan vs. Health Insurance Plan

Coverage

Health Insurance plan covers a wider range of diseases and pays for even 24 hours’ hospitalization. It covers numerous health conditions and maternity bills as well.

Critical illness policy covers only the selected illnesses for the policyholder.

Claim Settlement

Health Insurance Plan provides for your medical bills, pre-admission, and post-admission expenses for hospitalization, surgery, or any illness during or after hospitalization.

Critical Illness Insurance Plan pays you a lump sum amount at the onset of the earliest diagnosis of the disease.

Health care restrictions

When you purchase health insurance in the UAE, your insurance provider informs you about the network of hospitals your provider has partnered with. These are the hospitals where you can receive cashless treatment. However, different health insurances provide the facility for different hospitals. There is always a possibility that your hospital is not included in the list. Thus, you have limited options to receive health care.

On the other hand, critical illness insurance in the UAE pays you a lump sum amount or payment in installment which you can use to get treated anywhere in the world.

Process of claim settlement

In case you receive treatment from a hospital outside the network of your insurance provider, you will have to opt for reimbursement for medical bills. For this reimbursement, you will require depositing all the hospital bills to get the reimbursement. Besides, the exclusions in your health insurance may cost you some money for the treatment from your pocket.

To receive a claim under critical illness insurance, all you need is to provide the report of diagnosis.

Control over money

Health insurance pays only for your hospital bills.

Critical Illness Insurance in the UAE allows you to use the money for any purpose.

Waiting Period

When you purchase health insurance, you cannot receive the health insurance benefit for pre-existing disease for 2 years.

The waiting period for critical illness insurance is only 90 days.

Factors to Keep in Mind While Opting for a Critical Illness Insurance Policy

There are certain factors you need to remember while buying critical illness insurance:

Cover

When you are buying a critical insurance policy, the cover is the first thing you should consider while searching for the most suitable plan. Purchasing an adequate cover ensures that all your needs are met. Critical Insurance policy without enough cover is futile. Evaluate your monthly expenses and consider your family’s needs before deciding how much financial cover you require.

Illness covered

There are over 35 critical illnesses. However, every insurance company does not cover all critical illnesses. Therefore, you need to check what illnesses are covered by your insurance. Carefully weigh the benefits before investing in a critical illness insurance policy.

Premium

Benefits, cover, and premium go hand in hand. Before purchasing critical illness insurance, you should check and compare the prices online before selecting the policy. However, remember that the quotations on critical illness insurance mostly vary because of the cover and benefits. Do not fall for the cheapest prices but evaluate the benefits as well. To avoid the hassle of checking each plan online separately, you can visit policybazaar.ae and find the most suitable critical illness insurance in the UAE at a reasonable price.

Waiting period

A waiting period is a period during which you can not avail of some or all of the facilities provided by your insurance. Different insurance plans have different waiting periods. Check the waiting period with your insurance provider to gain maximum benefit.

Who Should Buy Critical Illness Insurance Policy?

Unless you are a fortune-teller or know one, there is no sure way to tell if you will ever suffer from a critical illness. Under such circumstances, it may be difficult for you to decide whether you need critical illness insurance or not. However, there are several ways of determining whether you will require a critical illness insurance policy in the UAE.

  • Most of the critical illnesses are genetically passed through DNA. If any of your immediate family members had any history of critical illness, you may be at risk of getting it. You are advised to purchase critical illness insurance if you think you may acquire a genetic illness.
  • You should get yourself regularly to be aware of any such risks. Of course, there is a possibility that this solution may not work in every case. However, in many cases, doctors can determine future health risks that may help you to make the decision.

 Documents required for critical illness insurance

  • Emirates ID
  • Valid Passport and Visa
  • Address Proof
  • Proof of employment or salary certificate
  • Application form

Eligibility Requirement

You are eligible to purchase critical illness insurance in the UAE if:

  • You are a UAE resident or Nation
  • And age between 21 and 65

Please note that the upper age limit may vary from one bank to the other, please confirm with your bank before purchasing the insurance.

How to File a Claim for Critical Illness Policy?

You can file the claim of critical illness policy offline or online

Offline method

  • Visit the nearest branch of your insurance provider
  • Inform them about the claim
  • Fill in the claim filing document
  • Submit relevant documents

The bank will verify and approve your claim within a few working days to pay you the amount. You can choose to receive this amount lump sum at once, or you can receive it in instalments.

Online method

  • You can send an email to the customer care mail address of your insurance provider in the UAE
  • Attach relevant documents in the mail
  • Download the form from the concerned insurance provider’s webpage, and fill in the form

Do not forget to mention your policy number and other policy related details

  • You can also apply for the claim on the webpage directly
  • Log in to your provider’s webpage or mobile app
  • Follow the mentioned steps and submit the documents.

How PolicyBazaara.ae can help you?

PolicyBazaar.ae is your trustworthy companion that helps you in finding the most suitable critical illness insurance policy to meet your needs. You can visit policybazaar.ae to check and compare the critical illness insurance price offered by various insurance providers. Bringing the best quotations at one platform, policybazaar.ae simplifies the process of finding the best cover for your needs. To avail of the services offered by policybazaar.ae:

  • Fill in the personal details in the preliminary form such as your name, contact number, nationality, and salary
  • Click on “View Quotes”
  • All quotations will be displayed on the next page
  • Click on the price mentioned against the policy on the right side of your screen
  • Enter the details on the next page with the selected insurance provider
  • Click on “Proceed”
  • Enter your physical details like weight, height, and medical history
  • Complete all the formalities
  • Pay the premium

You can also seek guidance from experts at policybazaar.ae at 04 247 2904

FAQs for Critical Illness Insurance in the UAE

Q1. What are the exclusions in the Critical Illness Insurance Policy?

Ans: Pre-existing conditions and ailments are not covered by a critical illness insurance policy.

Q2. Who can benefit from the Critical Illness Insurance Plan?

Ans: Heart-related diseases and Cancer are the most prevalent health risks in the UAE. Most of the people suffering from these two illnesses are aged between 38 and 50. Therefore, people falling in this age group should purchase a critical illness insurance plan in the UAE to secure their finances.

Q3. What health insurance covers critical illness?

Ans: Several companies provide critical illness cover in the UAE such as:

  • Orient Insurance
  • Sehteq
  • DNIRC
  • Watania
  • Takaful Emarat

Q4. Is it worth getting critical illness insurance?

Ans: Critical illness is not covered in health insurance plans. In case you are diagnosed with a critical illness, you may require paying for the treatment on your own. Moreover, the cost of treatment for critical illness is higher since it is a long-term treatment. To protect your finances and meet your daily financial needs along with paying for your treatment, you should consider buying a critical illness insurance policy.

Q5. What qualifies as a critical illness?

Ans: Generally, critical illness is defined as an illness, sickness, or disease which may turn to a terminal disease or affect your bodily functions, or hampers your capability to work.

Q6. Is life insurance better than critical illness insurance?

Ans: Life insurance is a financial cover that pays the insured sum to the nominee of the policyholder in case of the untimely death of the policyholder during the tenure of the policy or pays out the sum of money after a set time with interest. However, life insurance will not pay you for any critical illness. In case you need money for treatment or daily expenses during your sickness, critical illness insurance provides you monetary benefits over life insurance.