Insurance Plan

Here’s why buying a critical illness cover is essential

When you take a look at some of the estimates generated by local and global institutions, the numbers point at least 25% of the Indian population coming under the risk of dying from cancer, cardiovascular ailments, and other non-communicable diseases before the age of 70. The risk of suffering from lifestyle diseases is also not a small value. This means that buying life and critical illness insurance in addition to health and term covers is essential.

A lot of people aren’t aware of the special provisions that come with a critical insurance policy. A term insurance pays only in the case of death. A health insurance also offers a health cover of Rs. 10 lakh, which may sound decent, but when the situation arises, might actually seem less. For example, some incidental costs like the cost of medicines, travelling for medical equipment, getting multiple tests done, can deplete your financial reserves rather quickly. Also, heart ailments and heart surgeries might last for long durations; because a person in these conditions will also have to stay away from working awhile, it can get mighty difficult to meet all expenses.

Let’s take a look at how a critical insurance plan differs from a health and term insurance plan:

  1. Lump sum amount which is payable

In a critical illness insurance, the whole sum assured is payable to the receiver on the detection of a critical disease.

  1. Coverage for travelling cost

If the patient’s treatment needs to be done at a different clinic or hospital situated in another state or country, the transportation cost can be covered by the insurance policy. This will reduce out-of-pocket expenses, which wouldn’t have been the case if you only had a health cover.

  1. Less hassle around information provision

With the best critical illness insurance the cover can be availed in a lump sum once an illness is detected. There is no need to continually keep the insurer updated about the exact details about the insured amount being used. On the other hand, in a health insurance policy, the insurer needs to be informed about whether the insured amount is being used for check-ups or hospitalisation, etc. Only then is the claim processed.

  1. Variety of critical ailments

The best critical insurance policy can cover up to twenty ailments, which can include paralysis, major organ transplant, heart valve replacement, aorta surgery, kidney failure, stroke, heart attack, bypass surgery, and cancer.

  1. Convenience for senior citizens

For senior citizens, many insurers offer a customised policy where specific critical illnesses are covered. For example, for cardiovascular treatments, a separate policy can be availed without any waiting period.

  1. Rider plan option

Based on the requirement, an individual can purchase a critical illness insurance policy as a rider plan instead of a separate policy. If an individual avails a health cover of Rs 10 lakhs and a critical illness insurance plan of Rs 5 lakhs, he can stay protected against critical illnesses and avoid paying huge hospital bills.

Looking at these reasons, it is safe to say that the best way to secure your future is to get on a critical illness insurance premium calculator and buy a term insurance with critical illness.

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