insurance has become more important as the prevalence of critical illnesses has
become common. Critical illness insurance helps not just the patient but also
his/her family members to survive the financial burden caused by having a major
illness such as cancer, a heart attack, Chronic Kidney Failure, etc. Here are
few reasons why you should consider critical illness insurance.
High- Cost: Medication
and hospital services are expensive. Especially while dealing with a
life-threatening critical illness. This intensive level of care also comes with
a high price, it is important that you are prepared to handle the financial
burden after or while you are undergoing a treatment for critical illnesses.
Savings can be hampered: Your savings may not
be enough. You may have accumulated significant savings over the years but
these savings may not be sufficient. Also do you really want to spend your hard
earned money on critical illnesses? You must have saved it for a goal you
always wanted to achieve. A critical illness is one of the leading causes of
health insurance may not be sufficient: It can complement insurance coverage
you already have. Your current health insurance may not cover specific types of
critical illness or it may cover only a limited amount, which may be
insufficient. Getting the right critical illness coverage can supplement the health
insurance/ mediclaim you already have.
is also secured: If you have dependents to take care of, getting a critical
illness insurance will help them be financially independent. They will not have
to take loans or depend on your friends and relatives. The lumpsum money you receive
can be used by you for medical expenses, paying EMIs, etc. Critical illness
insurance provides that extra layer of financial security for you and your
family when you are critically ill.
Now that you know how useful and important a
critical illness insurance plan is, let’s understand it’s features:
It provides a lump sum amount on diagnosis of
a critical illness/illnesses which a prelisted in the policy document. Some
insurance companies only cover one critical illness whereas some cover multiple
like 17 critical illnesses. It also provides tax benefits, the premium amount
is not very expensive. Critical illness plan like Edelweiss Tokio Life –
CritiCare+ provide a multi claim option also, where the policy holder can claim
thrice and his/her premium amount will be waived off after the first claim. So God
Forbid if the policy holder is detected with a critical illness the second
time, he can still claim for it. This is how, a small annual premium amount can
secure you financially against a critical illness so that you can solely
concentrate on how to bounceback from
a critical illness.