Everything you need to know about Critical Illness Policies

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In the event of a major medical emergency like heart attack or cancer, a critical illness insurance policy might be the only thing standing between you and a financial disaster. Now, you must be thinking: “but I already have medical insurance!” That’s excellent but not enough, and here’s outlining all the reasons why:

Understanding the Basics of Critical Illness Policies

Even if you have great medical insurance, simply one major illness can translate into a huge financial burden. In such a scenario, having a critical illness insurance policy can be immensely beneficial to you. It offers coverage in case of one or more of the medical emergencies like coronary bypass, cancer, organ transplant, stroke, and cardiac arrest.

As these illnesses involve extensive medical treatment and care, the associated costs can end up outstripping your health insurance plans before you know it. If you don’t have a critical illness policy to fall back on in such scenarios, you’ll find it even more difficult to pay the bills out of your own pocket.

Opting for high-deductible insurance plans is also not a viable solution. Consumers might benefit from the comparatively affordable premiums, but that wouldn’t save them from all the trouble when serious illnesses strike.

Critical illness policies can pay up for the costs that aren’t covered by conventional insurance. As such, the money you receive can also be utilized for your non-medical bills associated with the illness, such as childcare, transportation costs, and so on. Usually, the insured gets a lump sum for covering all such costs. Limits set on the coverage vary based on the policy. Policy premium gets influenced by a range of factors, such as the age, health, and gender of the insured, the extent and amount of coverage, and family medical history.

Exceptions to Critical Illness Policy Coverage

Critical illness policy coverage is not without exceptions, just as all medical insurance policies. Certain types of cancer might not come under the policy, and even a few chronic illnesses might not be covered. There might be no payouts offered if there is a second cardiac arrest or stroke or when certain diseases make a comeback.

For some critical illness policies, the coverage simply ends when the insured hits a particular age. So, it’s imperative that you read the offer document carefully in case of all kinds of insurance policies. You wouldn’t want to worry later about such exceptions in your plan.

Importance of Critical Illness Policies in India

A number of diseases have been plaguing the country in the last couple of decades. Things like paralysis, strokes, kidney failures, and heart diseases have turned more commonplace than ever in the nation. The statistics bring out a rather disturbing picture of the health situation in the country.

As per studies, more than two million people die of heart diseases every year in this country, and the risk factors like obesity, hypertension, and diabetes contribute to this rising number. Diabetes also happens to be the number one reason behind kidney diseases.

Rising pollution, hectic lifestyle, sedentary nature of work, and wrong food habits are things that are compounding the health problems for Indians. When you couple this with the rising cost of health treatments in the country, you have your answer as to why the Indians need to consider critical illness policies.

Advantages of Going for Critical Illness Policies

Now that you have a general idea about why you need a critical illness policy as an Indian, let’s outline a few advantages of it to make the decision easier for you. Here are the three advantages of going for critical illness policies:

1. Financial Advantages for the Family

The worst thing that can happen as a result of a critical illness is the loss of the victim’s life. Along with facing the emotional distress of the loss of a dear one, the family shouldn’t have to worry about financial hardships. A critical illness policy can be a major help in this regard.

2. Permanent and Total Disability Cover

When the long-term impact of a critical illness is disability, it leaves an individual financially and emotionally shaken. It might even result in a job loss. Even though the emotional hardship can’t be remedied, at least the insurance can take care of the financial aspect.

3. Achieving Complete Peace of Mind

Health emergencies strike unannounced, regardless of how careful one is about their health. So, having a critical insurance policy is like having the peace of mind that your medical bills are handled.

Signing Off

You can’t predict or prevent medical emergencies, but you can at least stay financially prepared for them beforehand. So, if you still haven’t applied for a critical illness policy, it’s high time for you to do it. Start looking at the options today and make your choice after careful consideration.

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