Critical Illness Insurance: The emergence of new diseases and rising treatment costs have highlighted the need for critical illness insurance coverage. The number of people who take out critical illness insurance coverage remains low. Let’s explore the special features of insurance policies covering critical illnesses.
Critical Illness Insurance: Health insurance is no longer an option, but a necessity. This is because lifestyle-related illnesses are rapidly increasing, and hospital costs are skyrocketing. According to a study by the Indian Council of Medical Research (ICMR), approximately 35% of Indians suffer from high blood pressure, 10% from diabetes, and 28% from high cholesterol. Furthermore, the emergence of new viruses and diseases can further increase costs. Having critical illness insurance will provide financial security.
In today’s fast-paced lives, there’s no telling who will fall ill. Treatment for a serious illness like cancer, heart attack, or stroke can be very expensive. In such a situation, if you already have a critical illness insurance plan, it will be easier to get treatment. This plan provides a lump sum payment. This amount can be used for treatment, recovery, or household expenses.
Learn what critical illness insurance cover means.
Critical illness insurance provides a lump sum payment upon diagnosis of a specific illness. This amount can be used for hospital bills, medications, or recovery needs. There are no restrictions, so it can also cover daily expenses like rent or groceries. Such plans provide a significant financial support.
These illnesses are covered.
Critical illness plans cover serious illnesses such as heart attack, cancer, and stroke. These also include major surgeries and organ transplants. Before purchasing this type of insurance, carefully read the policy terms and conditions.
Critical Illness Insurance vs. Regular Health Insurance
Health Insurance – Critical illness insurance covers hospital bills, surgeries, and other medical procedures necessary for treatment, and the associated costs. It helps pay for expenses such as doctor’s fees, hospital stays, and specialized care, reducing financial pressure on the patient and their family.
Critical Illness Insurance
Critical illness insurance pays a lump sum amount, allowing you to use it for treatment, recovery, or even daily expenses as needed.
How Critical Illness Insurance Works
When you purchase a critical illness policy, a list of covered illnesses is provided. If you are diagnosed with any of these illnesses, the insurer pays you a lump sum. This amount can be used for hospital treatment or other expenses. You can also use a portion of it for your personal needs.
What diseases are covered?
Critical illness insurance typically covers life-threatening conditions like cancer and serious heart conditions, including bypass surgery. Some policies also cover kidney or liver failure. Illnesses like paralysis are also included in this scope. Some policies also cover serious burns and serious injuries.
Deciding on the Cover Amount is Important
It’s important to decide on the cover amount. There’s no set rule for this. One can link it to annual income. In the event of job loss due to a critical illness, it can help you stay financially afloat for a few years. It’s always better to purchase a higher cover, but this can be quite expensive. The insurance company may also prohibit you from purchasing too much critical illness cover depending on its underwriting criteria and your medical status.
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