Importance of Critical Illness Insurance

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Life can be very uncertain at times; and in these uncertain times, it is always best to be prepared. Critical illness insurance plans provide you with coverage against specific life-threatening diseases. Critical illnesses typically require a lengthy treatment which can also be extremely financially exhausting. These include hospital charges, medical expenses, doctors’ visits, etc. With the help of a well-designed critical illness insurance policy, a lump sum amount is provided which can be used for covering these high expenses.

If you already have a medical insurance plan, you might wonder why it is important to opt for critical illness insurance. As the name suggests, a critical illness is one that can be life-threatening. Treatment of these illnesses is not only financially exhausting but also mentally as well as physically. The individual who suffers from these illnesses typically is unable to lead a normal lifestyle. This also means that they might suffer from financial instability. The treatment of such critical illnesses can be exorbitant. Those who do not have a proper cover can end up exhausting their savings. To avoid these, it is advisable for an individual to opt for critical illness insurance.

Who should opt for critical illness insurance?

While it is generally advisable for individuals to opt for critical illness insurance, here are some important points to consider for those who should opt for this insurance cover:

  • Those who have a history of critical illness in their family should opt for a critical illness insurance
  • If an individual has been diagnosed with a critical illness, it is best to opt for this insurance.
  • Those individuals who have crossed the age of 40 should opt for a critical illness insurance
  • The critical illness insurance offers an individual with additional financial support in the form of a lump sum amount, in case one is diagnosed with any type of critical illness.

What are the different types of critical illness which are covered in the policy?

  1. Heart attack
  2. Stroke
  3. Cancer
  4. Multiple sclerosis
  5. Kidney failure
  6. Paralysis
  7. Coronary artery bypass surgery
  8. Major organ transplantation

If you opt for the Platinum critical insurance policy, these are the additional critical illnesses which are covered:

  1. Benign brain tumour
  2. Alzheimer’s disease
  3. End-stage liver disease
  4. Parkinson’s disease
  5. Heart valve replacement
  6. Aorta graft surgery
  7. Primary pulmonary arterial hypertension

What are the benefits of opting for a critical illness insurance policy?

While the obvious benefits of opting for critical illness insurance policy have already been mentioned, there are a ton of other advantages that you can get. Here are some of them:

  1. A critical illness insurance policy is a protection for both and your family. In case an unfortunate situation occurs where you have been diagnosed with a critical illness, the critical illness insurance plan covers you so that your family does not have to suffer through any financial instability or insecurity.
  2. Those who opt for critical illness insurance plan also enjoy a tax benefit. You can also enjoy a life cover as well as a health cover in one single plan.
  3. You can get a guaranteed benefit payout of up to Rs.1 Crore.
  4. You can also have benefit against disability. This means that in case one suffers from permanent disability due to an accident, your policy will continue without you having to pay any premiums.
  5. The accidental death benefit means that in case of death due to an accident, the nominee will actually be paid double the amount that has been assured.
  6. In case one gets diagnosed with a critical illness, you will get a guaranteed payout of the entire lump sum amount assured.

How to opt for a good critical illness insurance policy?

As you already know, there are several dozen insurance companies which offer critical illness plans. However, when it comes to picking the best one, the choices can be quite overwhelming. Here are a few tips that will help you choose the best critical illness insurance plan:

  1. Invest time in research

It is important to research well before you can choose a good critical illness insurance policy. You should look into the different insurance companies and their plans before you pick one which will work the best for you.

  1. Look into online forums

The world of internet has opened up a lot of avenues to gain information. When looking for the best critical illness insurance plan, look at online forums to find out which insurance plans are the best ones. Once you have narrowed down on a few choices, you can go through them in detail to choose the best one.

The importance of choosing a good critical illness insurance plan is immense. Look into the most popular companies and their plans before you opt for one which will work best for you and your needs, and protect yourself and your family for the future.

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