Risk Mitigation for Major Ailments: Comparative Models of Critical Illness Insurance Coverage in South Korea and India
Critical Illness (CI) insurance is a financial safety net designed to provide a lump sum benefit upon the diagnosis of specific, life-threatening conditions, supplementing standard medical coverage.
Coverage Model (Commonality): In both South Korea and India, the core benefit is a tax-free, single lump-sum payout upon the first diagnosis of a covered illness, provided the insured survives a brief period (survival period). This money can be used for treatment, income replacement, or lifestyle modifications.
Common Covered Conditions: Standard policies typically cover a range of high-cost diseases, including cancer, heart attack, stroke, and kidney failure requiring dialysis. The number of covered ailments (ranging from a few to over 100) varies by plan.
India Specifics: CI policies are crucial for covering the high, out-of-pocket costs of treating serious non-communicable diseases (NCDs), offering a much-needed financial shield where traditional indemnity health plans may reach their limits.
South Korea Specifics: While not detailed in the available summary, CI coverage in South…