Unlike traditional health insurance policies that reimburse medical expenses, a Critical Illness Policy provides a lump-sum payment upon the diagnosis of a covered critical illness. This payment can be used at the policyholder's discretion, whether for medical treatment, living expenses, or other financial needs.

Yes, most Critical Illness Mediclaim Policies have a waiting period, typically ranging from 30 to 90 days from the policy's start date. Claims for covered illnesses diagnosed within this waiting period are generally not eligible for the payout.

Yes, you can purchase a Critical Illness Policy as an additional layer of financial protection. It complements regular health insurance by providing a lump-sum benefit specifically for critical illnesses, which can help cover costs beyond hospitalization, such as loss of income or home modifications.

Pre-existing conditions are usually not covered under a Critical Illness Policy, or they may be subject to a specific waiting period. It's important to disclose any pre-existing health conditions at the time of application and review the policy terms to understand the coverage and exclusions.