Most of us, by now, realize that a basic health insurance
policy is a must-have. It will help us take on our medical expenses and needs
head-on. However, if you consider the rise of life-threatening and
lifestyle-disabling diseases, you will realize that only a health insurance
policy is not enough. Treating a critical illness can further add to financial
strain in your monthly expenses. This is where you need a critical illness
policy the most.
illness insurance policy acts as a financial cushion that helps you tide
over medical exigencies that incur while treating a critical illness. The
amount paid enables you to take care of hefty medical bills as well as the
daily expenses. All in all, you can say that critical illness policy makes sure
you do not have to borrow money from anyone in times of a medical emergency.
A basic health insurance policy reimburses the
hospitalization costs whereas a critical illness policy gives you a tax-free
lump-sum cash disbursal in the event when you are diagnosed with a
life-threatening disease or medical condition during the term of the plan. You
need not collect all the hospitalization bills to get the amount reimbursed.
With the finances at your disposal, you and your loved ones can focus on your
treatment better without having to worry about your monthly expenses.
One of the best features of this cost-effective and
convenient cover is that there is only a waiting of 30 days unlike 60-90 days
insurance policies. Moreover, according to new laws, a critical illness
plan is renewable for life, but once you make a claim and use the full sum
assured, the policy stands terminated. Also, you must keep in mind that
critical illness plans don’t cover pre-existing ailments.
Most of the critical illness policies cover at least 10
life-threatening and lifestyle-disabling diseases. Here is the list of ailments
that are covered under the policy.
2. Major Organ Transplant
3. Multiple Sclerosis
4. Third Degree Burns
5. Aorta Graft Surgery
6. Heart Valve Replacement or repair
7. Coma of Specified Severity
8. Coma Quadriplegia
9. Total Blindness
10. End Stage Renal Disease requiring regular dialysis
The below mentioned categories of people stand to benefit
most from critical illness insurance.
The only person earning in the family has a paramount
importance. If something happens to him/her, the family has to go to severe
financial crisis that can turn out to be very unpleasant. Primary breadwinner
are the perfect candidates who should consider buying critical illness policy,
specially if they have a history.
2.People above the age of 40 years
People who are above the age of 40 years are more exposed
towards critical illness. Due to declining immunity and stressful work
environment it is likely that older people fall prey to this untoward health
condition. All the more, it is seen that one is in a better financial condition
to buy such policy.
3.People with a history of critical illness in their family
If critical illnesses run in your family, then you are
susceptible to develop them with time. It is better to take precaution and buy
a critical illness policy to avoid facing such unlikely situation.
Now that you have read enough about critical illness, it’s
time to select the one that suits you the best.