Being diagnosed with cancer is not less than a nightmare. Hence, buying critical illness insurance acts as a financial cushion as it secures your savings. And, Rahul realized the importance of the health insurance policy when his wife was diagnosed with cancer, both of them are stressed. They only had a regular health insurance plan that includes hospitalization expenses except for critical illnesses. For this reason, they had bear the financial burden along with the trauma as they did not have critical illness insurance that can offer them added advantage. There are a lot of people like Rahul who are not aware of the benefits of critical illness insurance. Even if they know the benefits of this health insurance plan, they cannot decide whether they should buy it or not.
Through this article, we want to focus your attention on the benefits of having critical illness insurance.
Understanding Critical Illness Insurance Policy
In critical illness insurance, the insured gets financial assistance in case the individual is diagnosed with any of the critical illnesses that are included in this policy. Unlike other plans, critical illness insurance covers 32 critical illnesses. In this case, the compensation is provided in the lump sum upon diagnosis of a critical illness that is included in the health insurance plan. The payments can be made in a predefined structure for various medical procedures.
Benefits of Critical Illness Insurance
To help you understand critical illness insurance in a better way, let’s take a look at the benefits offered by this plan:
- The benefit of lifetime renewability helps in reducing the risk of financial burden in case of an emergency.
- The insurer pays the whole amount insured in lump sum irrespective of the hospitalization expenses.
- The initial waiting period is up to 90 days.
- This insurance plan offers tax benefits under Section 80D along with a health insurance plan.
With increasing medical costs, it is necessary to buy a critical illness insurance policy. Today, the treatment costs of cancer can costs up to 20 lakh. And a liver transplant can cost between 25 lakh or above. Considering these huge costs, opting for critical illness insurance has become the need of the hour.
Who must buy Critical Illness Insurance?
There are no specific criteria to opt for a critical illness insurance policy. But, certain situations make it obligatory for you to opt for this policy.
- Individuals who have a strong family history of critical illnesses.
- If you are the sole earning member of your family.
The fast-paced lifestyle is the leading cause of these critical illnesses. Therefore, it is getting important to have the best critical illness insurance policy and stay protected against various critical illnesses. This does not mean that you avoid buying a regular health insurance plan. Firstly, you must opt for a standard health insurance policy and then opt for a critical illness policy for additional benefit.
Care Health Insurance (Formerly Religare Health Insurance) offers critical mediclaim that costs INR 74 per month. It covers 32 critical illnesses such as cancer, renal failure, stroke, etc. This health insurance policy provides various benefits such as in-patient hospitalization, no-claim bonus, annual health check-up and more.
Staying financially prepared, is half the battle won. So, what are you waiting for?