This Is When You Should Buy Critical Illness Health Insurance Plan in India

Health insurance zaroori hai. If you already have an individual or a family floater health insurance policy, then you must consider adding critical illness insurance into your health portfolio. You may add either a critical illness rider or separately buy a critical illness plan.

Critical illness

Critical illness is a discipline in medicine dealing with critically ill patients who need comprehensive care. The area of medicine helps people combat life-threatening diseases and injuries.

Indians are at increased risk of lifestyle-related diseases. There has been noted a substantial rise in the number of patients who have cancer, heart attack, organ failures, and other such illnesses in India. Many already suffer from conditions such as cancer and cardiovascular illness at a young age. How can I protect myself financially against critical ailments?—is a question you must ponder upon.

The importance of critical illness insurance is rising among the Indian populace. Critical illness insurance is required all the more because of, the longer treatment tenure of critical diseases and increasing non-medical and medical expenses.

The sum for which you are insured under critical illness insurance is immediately paid to you as a lump-sum. You or your family member can get advanced treatment in any of the hospital facility with critical illness insurance.

When you should buy critical illness insurance

Scenario #1: When you have a family history of critical illnesses

The reason for critical illnesses is mostly genetic. Hence, it is advised that as a proactive measure, you get a critical illness insurance policy under your name. With that, you can avail the best possible treatment and are sure of a secured future.

Scenario #2: When you are the sole earner of your family

When you are the sole bread earner in your family, it is more vital for you to secure your family with a critical illness insurance policy. You save yourself and your loved ones from emotional turmoil and financial distress post-diagnosis of a critical disease. Also, a critical illness policy recompenses for loss in income along with the cost for treatment, so there is no change in your lifestyle.

What does a critical illness insurance cover

Each company has its list of critical illnesses. Common illnesses like cancer, stroke, kidney failure, heart attack, paralysis, etc. are covered under any critical illness plan. It is advised to read the list of diseases covered by a company before buying a policy with that company.

How does critical illness insurance work

A critical illness insurance rider or policy is different from a regular health insurance plan. The health insurance company pays a lump sum if you suffer from any critical illness like cancer or a heart attack. The lump-sum money is given to pay for your medical expenses. You can even pay off loans if they are taken for a medical emergency.

In a regular health insurance plan, you get the claim concerning your hospital bill following the conditions of your policy. While in a critical illness insurance plan, the health insurance company pays you the complete lump sum irrespective of your medical expenses as per your policy.

Critical illness insurance policy vs critical illness insurance rider

As you make a decision to protect yourself against critical illnesses, you have a choice between a new critical illness plan and a critical illness rider. You can buy a rider with regular health insurance plans in India. A rider can be purchased at a reduced cost and carries benefits similar to a standalone critical illness policy. You have to be though aware of restrictions and flexibility of a rider for increasing your sum assured.

If you are capable of, then you should buy a standalone critical illness insurance policy.

From where you should buy critical illness insurance

A critical illness insurance plan can be bought from a general insurance company, health insurance company or even a life insurance company. Also, bear in mind that being a defined-benefit plan, a critical illness insurance plan would not reimburse hospital bills. A separate health insurance policy can meet that requirement.

Conclusion

Thus, critical illness health insurance plans in India can provide you with the much-needed financial cover against many critical illnesses. With this information, we hope you select the best critical illness insurance plan for yourself or your family member.

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