This Covid-19 gave a lesson to all of us that how our health is important otherwise most of the people were not serious before that. This pandemic also tells us the importance of medical insurance. Nowadays medical insurance is must and I would suggest that in India, medical insurance should be compulsory as just like vehicle insurance. There are many insurance providers in India who are providing medical insurance as per your choice and as per your requirement. Here we will discuss about Critical Illness Insurance.
What is Critical Illness Insurance?
As its name suggest, Critical Illness Insurance is designed only for critical illness or we can say life-threatening diseases like cancer, paralysis, heart attack, etc. where treatment for such diseases requires prolonged medical care, whether in the hospital or at home. Such treatments are quite expensive as compared to the treatment for other diseases. Critical Illness Insurance helps in meeting the high costs treatment. It is often suggested to buy one Critical Illness Insurance plan if you are around 40 although you already hold health insurance because our future is uncertain. Early starting will also help you in premium.
Importance of Critical Illness Insurance:
Rising Common Critical Illnesses: – Nowadays, many critical illnesses are very common like cancer, heart problems, tumor, kidney failure, etc. and all these treatments need high cost from diagnosis to treatment. A critical illness insurance plan can help in all these rising common critical illnesses.
Expensive Treatments: – All the critical health conditions need expensive treatment which poses a burden on every common man’s finances. The critical illness insurance plan is specially designed for high-cost treatments where normal health insurance might prove to be insufficient.
Flexible Usage of Benefits: – The insurance provider provides the lump sum payment for the treatment of covered illnesses. You can use this amount for your advance treatment or you can use for any other financial liabilities which you have.
Easy Claim Processing: – Claim procedure of critical illness insurance is much easier than a normal medical insurance because insurance providers understand your condition and they do not want to create any problem when you are suffering from a critical illness.
Waiting Period: – Critical illness insurance coverage is provided after the end of the waiting period. Usually, this period could be 60 to 90 days depends on the insurance provider’s policy.
Tax Benefits: – You can avail tax benefits against critical illness insurance premium as premium is exempted under Section 80D.
Exclusion under critical illness plans:
- HIV/AIDS infections
- Maternity related illnesses
- Illnesses due to war or war-like situations
- Diseases occurring due to alcohol or drug abuse
- Congenital defects, ailments or diseases
- Pre-existing illnesses during the waiting period
- Illnesses or treatments occurring within 60 to 90 days of buying the policy
- Death due to critical illness during the survival period