Millions of people around the world face life-threatening diseases every day. For those who have been diagnosed with diseases like cancer, stroke, kidney failure etc., every day is harder than the last. Living with these medical conditions is very difficult but is even more difficult without critical illness policy cover.
Keeping yourself and your family healthy and safe is of utmost importance. Having medical insurance cover helps you during unforeseen circumstances. But that is not enough. You must make sure that your medical cover includes critical illness policy cover.
Critical illness policy provides financial support to insured members if and when they are diagnosed with an acute, life-threatening disease like cancer, catastrophic burns, or coma, as mentioned in the critical illness policy documents. Care Health Insurance offers a carefully curated health insurance plan for critical illnesses which covers 32 critical conditions/diseases that are pre-defined in the policy.
Most critical illness policies cover major conditions like:
- Cancer
- Heart attack
- Stroke
- Kidney failure
- Major organ transplant
- Multiple sclerosis
But here’s the kicker: the exact illnesses covered can vary between insurers, so always read the fine print (we know it’s boring, but trust us, it’s important).
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Why Should You Consider a Critical Illness Policy?
Now, you might be thinking, “I’m young and healthy. Do I really need this?” Well, here’s the thing: illness doesn’t discriminate. It can happen to anyone, at any time. And when it does, the last thing you want to worry about is money.
A critical illness policy gives you:
- Financial security: That lump sum payment can be a real lifesaver when medical bills start piling up.
- Peace of mind: Knowing you’re covered lets you focus on what really matters – getting better.
- Flexibility: Unlike health insurance, which typically only covers medical expenses, you can use this money for anything you need.
- Protection for your family: If you’re the primary breadwinner, this ensures your family isn’t left in a financial lurch if you can’t work.
Who Should Buy Critical Illness Cover?
In simple terms, everyone should buy a critical illness policy, especially if you have a medical illness history. If you are looking for a shield against health emergencies that may arise in the near future, critical illness cover would be well suited for you. With this cover, you can be sure to provide financial security even when you are short on cash to get treatment without compromising your family’s everyday needs.
Critical illness policy is valuable for you if:
- History of illness in the family: If there is a history of critical illnesses in your family, it might make you more prone to certain health conditions.
- Sole breadwinner of the family: If you are the sole financial support of the family.
- High-risk occupation individuals: If you have a high-risk job such as a firefighter, police or military professional or you are exposed to high-pressure environments where you may be exposed to hazardous materials, you are more likely to suffer from certain health conditions.
- Women: There are increasing cases of breast cancer and ovarian cancer among women. Reports suggest that female cancer cases constitute over 55% of the country’s total cancer cases. These numbers indicate the necessity of establishing a financial security net against cancer.
- Older individuals: As you age, the probability of critical illnesses increases.
Why do You Need Critical Illness Insurance?
Critical illness insurance guarantees financial security in the event of a medical emergency. The need for health insurance is more for people who are at risk or more prone to serious illnesses. This health insurance plan is made to meet all your medical needs including, sufficient coverage for your bills to ensure your family’s financial security.
Advantages of Critical Illness Policy
Here are some advantages of purchasing a critical illness policy:
- Comprehensive Coverage: Among the 32 ailments covered under the critical illness policy is- cancer, stroke, end-stage renal failure which are some common critical illnesses.
- Affordability: This comprehensive coverage comes with an affordable premium rate so you can prepare for emergencies without straining your pocket.
- Quick Claim Settlement: It includes hassle-free claim settlements to ensure timely financial assistance.
- Income Replacement: The financial support from the insurance plan can be used to replace the lost income in case the breadwinner of the family is unable to work due to a critical illness.
- Financial Support: The policy will take care of a large percentage of the medical treatment costs so you can continue with the treatment without exceeding your budget or compromising the needs of your family.
- Cashless Facility: Cashless claim settlement is a facility extended by the insurer to the insured where the medical bills are settled between the network hospital and the insurance provider. This is helpful for the policyholder as it makes the process hassle-free and smooth. They can avail of medical treatment in any of the network hospitals associated with the insurance provider without handling the paperwork.
FAQs
How long does it take to receive the payout after making a claim?
Are critical illness payouts taxable?
Can I get critical illness coverage through my employer?
What happens if I stop paying my premiums?
Can I cancel my policy if I change my mind?
Select The Best Critical Health Insurance Policy Online
You must consider all factors and select the critical illness insurance policy that best suits your needs. It is best to understand all existing options and what they offer in detail. You must check the cover amount, i.e., the amount you will get if you are diagnosed with a life-threatening disease. You must calculate the premium rates and coverage to find the best policy. Many more factors like a waiting period, renewability policy and more must be considered while purchasing critical illness policy.
