Every year, the number of critical illness cases in India seems to be on the rise. These illnesses not only affect a person’s health but also create a significant financial burden. However, there is a silver lining in the form of critical Illness insurance, also known as critical illness policy. This insurance policy can provide much-needed financial assistance during such tough times and can help save lives by covering the high costs of treatment. To learn more about the advantages and functionality of a critical illness insurance policy, continue reading.
When you have critical illness insurance coverage, you can get financial aid if diagnosed with any of the critical illnesses specified in the policy. In this context, critical illness is defined as a life-threatening disease that is covered by the policy and occurs during the policy term. The term “policy-covered” refers to the ailments that are included in the policy, such as Cancer, Multiple Sclerosis, and Stroke, among others.
Why is Critical Illness Insurance Important?
Dealing with a critical illness can be very challenging, both physically and financially. That’s why it’s crucial to consider purchasing this insurance beforehand for preparation. Here are some reasons why having critical illness insurance is essential:
Provides Financial Coverage
If you are diagnosed with an illness covered under your policy, your insurance provider will provide you with a predetermined sum of money. This money can be utilised to cover your medical expenses and other related costs while you are recovering from the illness.
Covers Many Illnesses
Typically, a critical illness policy covers most of the common critical illnesses. Therefore, if you are diagnosed with one of these illnesses, there is no need to panic. To find out the exact medical conditions covered by your health insurance policy, you should refer to the policy document and review the details.
Ensures a Backup for Your Income
When facing a critical illness, you may not be able to work, which can impact your ability to support yourself and your dependents financially. In such situations, receiving a lump sum payment from your insurer can help you manage your expenses and cope with the financial strain of the illness.
Aligns with Health Insurance
When it comes to safeguarding against high medical expenses, health insurance is often the most recommended financial protection option. However, adding a critical illness plan on top of your regular health insurance can provide you with even more comprehensive coverage. This will not only help you manage your medical expenses but also enable you to handle your non-medical expenses more effectively.
Ensures Quality Healthcare
Treatment for critical illnesses can often be quite costly. By having a critical illness cover, you can ensure that you have access to the best possible treatments for any illness that you may suffer from without having to worry about affording the expenses.
Has Affordable Premiums
Critical illness covers are generally quite affordable. Despite the substantial financial benefits that you can receive through a critical illness policy, the premiums that you need to pay are typically quite low.
Offers Tax Benefits
The money that you spend on purchasing a critical illness cover is usually eligible for tax benefits in accordance with prevailing tax regulations. Therefore, if you decide to buy a critical illness health insurance policy cover, you can take advantage of any applicable tax benefits.
How to Buy Insurance?
Here are the steps that you can follow to purchase a critical illness health insurance plan online, although it’s worth noting that different insurers may have different processes:
Select a Plan:
Choose a plan from the insurer’s website or mobile app that offers a reasonably high sum assured amount. Remember that the higher the sum assured, the higher the premium payable. So, it’s essential to select a plan that fits your budget.
Make the Payment:
After selecting your preferred plan and rider (if applicable), you will need to provide your personal details and make an online payment for the policy premium.
Fill Proposal Form:
Next, you will need to fill out a proposal form, which is a detailed form that requires information about your life, lifestyle, and medical history.
Get a Medical Check-up:
Based on your medical history and lifestyle, your insurer may schedule medical tests. Your critical illness cover will only come into effect after these tests are completed.
Due to the sedentary lifestyle habits of people in India, critical illnesses have become more common. Therefore, it’s wise to financially protect yourself against these ailments in advance by purchasing a critical illness insurance policy. If you are diagnosed with a policy-covered critical illness, you will receive the full sum assured, which can be used for medical expenses or any other purpose. Learn more about critical illness health insurance with Niva Bupa.