Critical illness insurance cover is designed to provide a financial safety net for individuals and their families facing the financial consequences of a critical illness. The lump sum payment can be used to cover medical expenses, ongoing treatment costs, lifestyle adjustments, mortgage or rent payments, and other financial obligations.

The policy specifies a list of critical illnesses that are covered, such as cancer, heart attack, stroke, organ transplant, paralysis, and major surgeries, among others. The covered illnesses may vary depending on the insurance provider and the specific policy terms. Always make sure you check your policy documentation.

To receive the critical illness benefit, the insured person must meet the specific diagnosis criteria outlined in the policy. This typically involves a medical diagnosis by a qualified medical professional and satisfying the policy's definition of the covered critical illness.

Critical illness insurance can be purchased as a standalone policy or as an add-on rider to a life insurance policy. As a rider, it provides additional coverage alongside the life insurance benefit, whereas standalone policies focus solely on critical illness coverage.

The premiums for critical illness insurance cover are based on various factors, including the insured person's age, health condition, lifestyle habits, and the desired coverage amount. The coverage amount is the lump sum payment the policy will provide upon the diagnosis of a covered critical illness.