Critical Illness Cover: Due to changes in lifestyle, stress and many other reasons, people are falling prey to many serious diseases at a young age. In such a situation, it is very important for you to have a good health insurance. In such a situation, critical illness insurance is a tool that can act as a protective shield for you.
Critical Illness Cover: Health insurance is very important in today’s era. It is not known when and which disease will strike. If you have taken a health insurance policy, then the treatment of common diseases will be covered in it. But, it will not be useful in case of serious diseases like cancer and heart attack. In such a situation, you will need illness cover (critical illness insurance). Many serious diseases can be treated with this.
Know what is critical illness insurance?
A lot of money is spent in the treatment of cancer or heart related diseases. Critical illness insurance covers these diseases. These include treatments like heart attack, cancer, kidney failure, paralysis, tumor, coma and organ transplant. The treatment of all these diseases is very expensive. Also, it lasts for a very long time. In such a situation, critical illness insurance cover can provide a lot of relief. Coverage of serious diseases is not available in general health insurance policy.
Benefits of Critical Illness Cover
Critical illness insurance provides coverage for those serious illnesses whose treatment can drain people’s entire savings. Critical illness cover does not require any medical check-up till the age of 45 years. In case of a serious illness, the company can also make lump sum payment to the policyholder. In this, one can also avail tax exemption under section 80D.
Critical insurance requires a high premium
1 – The premium for critical insurance coverage is quite high. Especially, if the patient is already suffering from a serious illness.
2 – There is often a long waiting period for critical insurance coverage, during which you cannot claim for treatment.
3 – Its terms and conditions can be complex, making it difficult to understand what coverage you will get.
4 – The premiums for critical insurance coverage can increase over time, making your expenses higher.