Why Critical Illness Insurance is Essential in the Modern Era?

Every year, more people are diagnosed with critical illnesses. Whether it’s a stroke, organ failure, cancer, AIDS, or a brain tumour, no one is immune from these serious diseases. Although health insurance plans can act as a protective shield, it may not always cover critical ailments.

A critical illness can greatly affect your health and change the way you live. These diseases are usually very serious and require special treatments that can cost you a fortune. With critical illness insurance covered in your health insurance, you will not have to put your savings at stake.

Let’s dive deeper into this topic and learn how taking out this type of insurance is beneficial for you.

Understanding Critical Illness Policy

Critical illness insurance has become a necessity for many people since it provides an opportunity to protect yourself from unexpected expenses that you may have to incur for the treatment of your illness.

If you have critical illness cover and are diagnosed with a critical/serious illness, your insurer will take care of your treatment expenses. Having a critical illness insurance policy means receiving financial support in the event of serious illness. It will help you withstand financial blows in the fight against the disease.

Importance of Having a Critical Illness Policy in the Modern Era

Critical illness insurance coverage adds to the benefits offered by health insurance. It might be that the health insurance plan you have purchased does not provide cover for critical illnesses. For this, the best suggestion is to buy a standalone or additional critical illness insurance cover to save yourself from unforeseen health issues.

• Rising medical costs: With rising medical costs and the possibility of getting diagnosed with a life-threatening disease, having a critical illness cover works as an all-in-one solution.
• Quality care: This type of insurance includes coverage expenses incurred for high-quality treatment and hospitalisation charges. This will make you feel safe and confident during the traumatising period.
• Financial protection and peace of mind: When faced with critical illnesses, knowing that you have support provides peace of mind, which is essential for battling with the disease. Moreover, a critical illness insurance policy also gives you the financial protection necessary for you to focus on recovery without worrying about the cost of medical services.
• Hospital and surgical expenses: Critical illness insurance covers expenses such as hospitalisation fees and charges for surgical procedures and tests, depending on the policy’s terms and conditions. It can also offer additional benefits, like coverage for organ transplants.
• Tax benefits: With a critical illness insurance cover, the insured qualifies for getting a tax deduction of around ₹ 25,000, if his/her age is less than 60 years, and ₹ 50,0000, if his/her age is more than 60 years.
• Lump-sum payment: If you get diagnosed with a critical illness, you get a lump sum amount. This lump sum amount can be utilised for treatment purposes, to cover daily expenses, to substitute for income loss, to pay off debt, etc.

Summary

Spending only a few days in a hospital can result in enormous medical bills, which ultimately restricts the patient and his family from maintaining their lifestyle. This may also slow down the patient’s recovery due to continuous financial stress.

To avoid encountering these situations, a critical illness insurance policy is considered to be the best choice. Without using a major portion of your savings, you can get coverage for your chronic illness, thanks to the coverage provided under critical illness insurance.

FAQs

• Can I get critical illness insurance if I already have health insurance?

Yes, you can get critical illness insurance if your current health insurance does not cover those critical illnesses that you want.

• What Is the waiting period for a critical illness insurance policy?

The waiting period varies from insurer to insurer. Before buying critical illness insurance, you should check your insurer’s website or policy.