July 15, 2024

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Why is it critically important to have a critical illness insurance?

Major illnesses and health complications can take a heavy toll from a patient and his/her family. The increasing cost of medical treatments leaves families in poor financial situations where meeting the daily expenses and needs become a big battle. Normal health insurance is not enough in those cases and it requires an approach that assures best financial support and security. This is where critical illness insurance comes out as a saviour. 

What Is A Critical Illness Plan?

Critical illness insurance is a product or a service where an insured person is paid a lump sum when he or she is diagnosed for the severe medical conditions/injuries as covered in the policy. The insurance coverage lies between Rs 1 lakh to Rs 10 lakhs. 

Who Can Benefit From Critical Illness Policy?

People who have a medical history and cannot afford higher expenses of critical illness health conditions usually require this insurance policy. Indian citizens with no company’s group plan or poor financial savings can take this policy. People age between 18 and 65 years are eligible for an illness insurance plan. However, people who age more than 45 years have to go through compulsory pre-policy medical check-ups. All family members can benefit from this policy under a single plan. 

What Is Included In The Plan?

Medical conditions considered as severe illnesses under insurance’s safety nets are included in the policy. It includes heart attack, kidney failure, organ transplant, stroke, coronary artery bypass surgery, paralysis, cancer, and coma. 

Look For The Following Things When You Buy A Critical Illness Policy

Critical illness insurance plans include several things alongside common serious illnesses. Hence, if you find a policy that suits your needs, then lookout for the following features –

  • Pre-medical check-ups for people age more than 45 years.
  • Ability to change the sum assured during renewal after approval of an insurance provider.
  • A 30-day grace period after diagnosis.
  • Paid compensation for survival during the grace period.
  • Pre-existing diseases coverage post 4 or more years of uninterrupted premium payment
  • Day care procedures 
  • Link of the insurer with cashless network hospitals, where free treatment can be provided

Note that features of critical illness plans can vary based on the insurer you’re choosing. So, thoroughly read the fine prints. 

How It Can Benefit You?

Since critical illness plan pays you back your total sum assured after you have any critical illness as mentioned in your policy, it will benefit you in many ways. Some of its advantages are as follows –

  • Easier documentation
  • Chance to purchase extra riders
  • Tax benefits under the Income Tax Act’s Section 80(D)
  • Easier claim settlement
  • Pre-hospitalisation expenses coverage up to 30 days
  • Options for premium, sum assured, and policy tenure

Customized Plans

Some insurance providers customize their critical illness plans for some special people such as women and senior citizens based on their needs. But, these are comparatively expensive. 

Meet your basic and severe illness financial needs by getting health insurance and critical illness cover.