The Importance of Critical Illness Insurance Explained

Every year people die of critical illnesses. Life-threatening diseases such as Cancer, Heart Attack, Kidney Failure, Stroke and others, when left untreated end up taking lives. Numerous people diagnosed with any of the critical illnesses mentioned either fail to avail proper treatment because of their negligence or due to lack of money. However, when backed by a critical illness cover, medical emergencies become easy to manage. 

What is a Critical Illness Health Insurance Plan?

Here are some of the key features and benefits of critical illness insurance that make it a worthwhile purchase:

• Under critical illness insurance plan, you get a lump sum amount on diagnosis of any of the critical illnesses such as Stroke, Kidney Failure, End Stage Lung Failure, Heart Attack, Cancer and others. 
• Critical illness insurance policy will be your income replacement. You will be able to use the lump sum amount received as per your requirements, like loans, children’s fees, and more. 
• Critical illness insurance like any other health insurance policy will grant you with tax benefits under the Section 80D of the Income Tax Act. 
• Critical illness plans come with a waiting period of 90 days so you won’t have to wait for a year or more like in case of many other pre-existing diseases. 
• Since hospitalization is not necessary, it is easy to file a claim for critical illness on the basis of diagnosis reports. 

Who Should Buy A Critical Illness Health Insurance Plan?

Take a quick look at these points to find out whether or not critical illness insurance is a better option for you:

• If you are the only earning member of your family, you can consider buying a critical illness insurance plan. Possessing a critical illness plan will help you and your family avail proper treatment without worrying about the money aspect. Also, it will eliminate any sort of mental pressure at that already critical time. 
• If you have a family history of critical illnesses, go for a critical illness insurance policy without giving it a second thought. Following the proactive approach will definitely benefit you as you would already know how to avail the best possible treatment. 

Also read: Critical Illness Insurance - Errors to Avoid

How Much Cover Do I Need For Critical Illness Health Insurance?

Before buying a critical illness insurance, it would be best for you to keep your age, geographical location, annual income and lifestyle pattern in mind. Furthermore, it would be helpful to check 11 Things to Consider When Comparing Critical Illness Insurance Plans. 

Can I Purchase A Critical Illness Health Insurance After Being Diagnosed With One?

Usually health insurance companies provide critical illness insurance to those who have insurance prior the diagnosis. However, there are health insurance companies that provide plans covering medical expenses even after the diagnosis. 

Conclusion 

Critical illness policies are extremely significant in saving oneself from financial and health issues during an already trying time. While it is important to check inclusions under critical illness insurance cover, emphasising the exclusions is also a must. Why? So that you don’t end up buying a plan that does not meet your specific critical illness needs. 

So, keep all your requirements noted and make a wise critical illness purchase decision today!

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.