Why you need a Critical Illness Insurance Cover?

When a health problem strikes you or your family, it not only puts a financial burden on you in terms of medical expenses, but also affects the spending pattern even for day to day commodities. This stress and financial worry can increase two-fold if the health problem is a critical illness.

A critical illness is referred to any life-threatening disease and is mostly defined in the insurer's policy documents. A critical illness insurance, which is also known as critical insurance cover, is a kind of policy that covers several serious illnesses as per the policy.

How does Critical Illness Insurance Policy Work?

If the insurer is diagnosed with any life-threatening illness, the insurer pays him/her a lump sum to aid in the financial aspect of the crisis. As long as you keep paying your premiums for the critical illness policy regularly, you are covered for the entire term. Also, your illness should be specified in the list of critical illnesses which the critical illness insurance policy covers. Some of the common diseases in such lists are:

  • Cancer of Specified Severity
  • First Heart Attack of Specified Severity
  • Open Chest CABG
  • Open Heart Replacement or Repair of Heart Valves
  • Coma of Specified Severity
  • Kidney Failure Requiring Regular Dialysis
  • Stroke Resulting in Permanent Symptoms
  • Major Organ/Bone Marrow Transplant
  • Permanent Paralysis of Limbs
  • Motor Neuron Disease with Permanent Symptoms
  • Multiple Sclerosis Persisting Symptoms
  • Aplastic Anemia
  • Bacterial Meningitis
  • Loss of Speech
  • End Stage Liver Disease
  • Deafness
  • End-stage Lung Disease
  • Fulminant Viral Hepatitis
  • Major Burns
  • Muscular Dystrophy

Some of the benefits of availing the critical illness cover are:

  • Renewal for lifetime
  • Tax exemptions under Section 80 D
  • Easy claim settlement process along with all-day claim settling assistance
  • Receipt of a lump sum amount, irrespective of the billing amount
  • Enrolement for up to 65 years
  • In certain cases, your cover can continue even after you claim it for certain diseases.

Who needs it?
Financially insecure individuals who do not have enough savings to fall back on in case of a serious medical issue.
Individuals without employee benefits to cover a longer time of work in case of absence due to sickness.
If you or your parents fall in the above category, it is advisable to invest in a good critical illness insurance plan to help the insured in the event of a serious medical illness. Compare your options and read all the policy related documents before signing, so as to make an informed choice.

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