Understanding critical illness insurance

In the present world of uncertainties, the entitlements to insurances and other policies have proved to be bliss. With the rise of everyday risks and infections opting for mediclaim and other such offers have been a boon in today’s world. The unhealthy lifestyle and environment have made us prone to serious infections and so the critical illness insurance policy has emerged out as a turning point in the field of dealings with serious health troubles.

This is a specialized plan which covers some of the serious diseases, their treatment costs and other expenditures. In case of any serious issues regarding the health of the insured this plan ensures the payment of the expenses incurred during treatment.

The reason why critical illness insurance is a must

Today’s reality shows the drastically worst data about the mortality rate and deaths due to major health problems. The lives are threatened at young ages as even the youth is facing severe health issues. If the statistics are looked upon, approximately 40 per cent of the severely ill people are from the age group 25-35 years.

Such illnesses include cancers, lung problems, brain strokes etc. the list is never-ending. So, during such medical emergencies, the critical illness plan covers the major expenditures as per one’s sum insured. The costs of treatments are so high that there do not seem any option except opting for such policies. A few things are even and frightening after the knowledge of such problems. One of them may be the availability of funds. All these things when taken into consideration makes it necessary and mandatory to opt for the policy.

Diseases covered under the policy

Critical illness insurance has the provisions for most of the deadly diseases like heart and brain strokes, cardiac arrests, renal (lung and kidney) failures, organ transplant, paralysis attacks, arterial and ventricular malfunction, tumours and many more. The critical illness insurance policy covers and ensures to pay an appropriate amount incurred on the diagnosis of any such problem. A lump sum amount is paid irrespective of the sum insured.

There is no basic rule to assure the sum to be insured and so the same is decided on the basis of age, income, lifestyle, and other criteria of an individual. The policy is the one time benefit offered to the insured on the basis of the prior diagnosis and a specific period of survival of the insured.

Approximate Sums to be opted for

As the policy covers large diseases so it sounds wise to opt for large sums which may at least be minimal of ten lakhs coverage. If you can afford higher sums or you belong to higher income groups then surely it will be wise to opt for large sums or coverage.

Key features to be considered

  • Check out whether the disease concerned is covered or not.
  • An appropriate assessment of medical costs.
  • Awareness about delay tenure of payment.
  • Opting for the plan that provides additional covers.
  • The survival for specified term post details of the disease assessment should be considered.

Benefits of the critical illness insurance policy

The insurance cover for critical diseases assists you with additional benefits at the time of need.  As such problems come with greater expenses and higher medical costs where the medical policies may fail to help. The policy reduces the burden of treatment costs on the insured as well as the family. Such insurance covers you and your family in tough times. A few benefits of the critical illness insurance policy are:

  • The coverage is provided not only to the insured but also covers the family.
  • The policy provides coverage against life-threatening diseases.
  • The basic amount of the illness policy depends on the risk presented to the insurer.
  • The cover adds an additional cover to the already existing life and health insurance plan.
  • The premium is absolutely tax-free and the tax benefits according to the income tax act are availed.
  • The critical illness insurance policy is available for individuals as well as from a family floater perspective.
  • Provide peace of mind in case of funds (during sudden health and wellness emergencies).
  • E-comparisons are possible and you can go through the various plans online before finalising the purchase of the policy.
  • The main attractions of the policy are coverage of out-of-pocket expenditure, deductions, tests and experimental treatment, etc
  • The plan gives you a fixed benefit by making a lump sum payment as in case of big illnesses one may be bedridden or paralyzed etc. So by making a one-time payment one is at an ease of mind.

The same is advisable for all-around protection.

When today billions of people are suffering from such acute chronic conditions the option of critical illness insurance policy becomes a must-do and to lessen the burden from your shoulders care life insurance comes with the best plans. Care insurance is the provider of the best possible service at very low comprehensive rates. The 24*7 customer service is really appreciable on their part. Some significant features of the company include coverage of high rate medical procedures, cash benefits for expenses even after hospitalization and discharge, cashless admission, tax savings provisions etc.

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