We can never predict how the next moment is going to be. Being diagnosed with a critical illness is one event that shows the unpredictable nature of life, bringing tense moments for a family as a whole. While even a serious ailment may not be able to deter our fighting spirit, it can certainly put our financial health at risk, if we do not have a health insurance cover in place. Nowadays, it is possible to get critical illness insurance in India, like the one offered by Care Health Insurance (CHI). These plans provide comprehensive coverage for expensive treatments that are involved, due to illnesses, such as, cancer, paralysis, end-stage liver disease, and stroke, to name a few.
Your regular health insurance plans may not be adequate to cover the high treatment costs of these ailments. So, getting a critical illness plan is advisable, that too, early in life. Here are some important reasons.
1. It is Easy and Affordable to Opt When You are Younger
In India, most critical illness insurance plans are designed to give adequate financial protection when the insured person is diagnosed with a critical ailment during the policy term. If one is looking to buy a critical illness cover after being diagnosed with the condition, there are not many plans available. So, one has to plan for the future, by analysing the risk factors, and invest in a critical illness policy before it is too late.
Further, health insurance premium increases as a person ages. It is one of the vital factors to consider when picking any health cover. The same applies to critical illness policies. These policies will be much affordable when you are young, say in your 20s or 30s. After a person crosses a particular age, there is a likelihood of having pre-existing ailments, that also lead to increased premium costs.
2. You Get Additional Financial Cushion through No Claim Bonus
By opting for the best critical illness insurance in India, you will be eligible for the ‘no claim bonus’ which is a feature that makes the policyholder eligible for an increased sum insured for every claim-free year. The NCB accrued in the first, second, and third year, in the order of 50%, 25%, and 25% of the base sum insured. For instance, if you have a plan with a sum insured of Rs 5 lakh, then the sum insured after the first claim-free year is Rs 7.5 lakh, and after the second claim-free year, it will be Rs 8.75 lakh.
This way, the insured person will have an additional financial cushion. When the need arises to claim the benefits, the policy will give adequate coverage for any expensive treatment one may need. Thus, the earlier one opts for this policy, the more advantageous it will be.
3. It Offers Protection as Medical Treatment Will Get Expensive
Healthcare has advanced over the years, and now successful treatment is a possibility even for critical patients. The one roadblock, however, that one could encounter is the exorbitant treatment costs, especially at private hospitals in India. The best critical illness policy offers crucial financial support to a person in accessing quality medical care without burning a hole in the pocket.
Some of the key benefits a critical illness policy offers are:
- In-patient care including room rent, doctor’s fee, surgeon’s fee, and ICU charges
- Cover for medical expenses during pre and post hospitalisation stage, for specified days
- Modern various day care treatment procedures
- Cover for ambulance charges
- Cover for chemotherapy and radiotherapy
- Dialysis cover
- Alternative treatment
- Second opinion
- Annual health check-up
Apart from these benefits, there is the cashless hospitalisation facility that one can avail of at any network hospital.
Medical inflation can make any family without a health cover suffer financial hardships. In the future, the advanced medical treatments for critical illnesses are going to be expensive than what they are now. Thus, for leading a financially secure life in the coming years, it is always a sensible approach to invest in a critical illness cover much early.
4. There are Ageing and Other Risk Factors
Leading a healthy lifestyle when we are young goes a long way in ensuring that we halt or at least delay the ageing-related health effects. However, one has to accept the fact that ageing involves some biological changes and makes us prone to health risks. Some things may be beyond our control. Keeping these factors in mind; we should have a plan to safeguard our finances by choosing critical illness insurance as it will also ensure we have easy access to medical treatment if any emergency strikes.
Further, some people may question whether they actually need a critical illness plan or not. The answer to this can be linked to the fact that many illnesses, including cancer, are now occurring due to the kind of lifestyle we lead – poor diet, sedentary routine, lack of physical exercise, etc. These lifestyle-related factors, combined with family history and other risk factors, have made more and more people prone to developing such illnesses, that too, at a young age. There have been studies that show that young adults in India below the age of 50 years have coronary artery disease and suffer heart attacks. Without timely medical care, it can become life-threatening, leading to serious health complications. For getting the best treatment anywhere in India, a critical illness insurance plan is of utmost importance.
>>Read: Things to Consider Before Buying a Critical Illness Policy
The Bottom Line – Your Family’s Financial Security
The success of treating critical illnesses, like cancer, depends more on the early detection and prompt medical care. The more time lapses, the higher the risk one faces. So, there is much focus on early treatment. Similarly, when it is about getting the required financial back-up to manage the medical expenses, it is necessary to get a plan without any delay.
Dealing with critical disease is indeed a testing time for the entire family. With a health cover for critical illness, the burden on your family members will reduce and your savings protected, thus, helping bring back the smile as they see their loved one recover and become hale and hearty once again.
It’s time to think about your family’s financial safety, now, so that you can be worry-free in the future!
Visit the official website of Care Health Insurance to choose a critical illness insurance plan that covers 32 critical diseases. It offers various sum insured options so that you can customise the policy as per your individual needs. Moreover, you can avail of medical treatment at any of the 22900+ cashless healthcare providers empanelled with us.
Disclaimer: Underwriting of claims for Critical Illness is subject to policy terms and conditions.
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