Health insurance is an important necessity today. Considering the rising medical inflation and the increasing number of illnesses, availing of adequate health insurance coverage has become extremely important. Stress, sedentary lifestyle, food habits, climate change, etc are causing many life-threatening illnesses. Though the medical world is more advanced, it is necessary to have the financial security to cope with any life-threatening illnesses such as cancer, heart attack, kidney ailments, etc. There are many critical illness health insurance plans available in India that can provide financial support.
What are critical illness health insurance plans?
Critical illness health insurance plans are the benefit insurance plans that offer the lump sum benefit on diagnosis of the critical or life-threatening illnesses covered under that plan. Treatment for deadly diseases like cancer, kidney ailments, heart attack, stroke, etc. involves an exorbitant cost that can put anybody’s financial situation in jeopardy. The lumpsum pay-out from the critical illness plans in India can be utilized for treatment expenses or as a replacement for income lost during the treatment period.
Many insurance providers offer critical illness plans in India. You can buy them as standalone policies or can avail of them as a rider attached to your life insurance or regular indemnity health insurance plan. It is quite simple and convenient to buy critical illness policies online.
Who should buy critical illness plans in India?
Critical illness health insurance plans can be availed by anyone. However, individuals with a family history of any critical illnesses and existing health conditions that could lead to critical illnesses later should consider availing of critical illness coverage. Especially, the breadwinner of the family should consider having a cover as critical illnesses cannot just emotionally drain the family but also can put them under financial stress.
How to buy a critical illness policy online?
Buying a critical illness policy online is super convenient. All you need to do is fill up the proposal form online, choose the desired coverage, go for medicals if necessary and make the premium payment. That’s it! You can easily compare critical illness policies online based on various parameters.
Let’s take a look at the things to consider while buying critical illness plans in India:
- Coverage :- Maximum amount of coverage that the policy offers
- The number of critical illnesses covered :- some critical illness plans in India cover a lesser number of illnesses ranging from 8 to 14. Some of the policies provide coverage for many illnesses of up to 64 critical illnesses.
- Waiting period :- generally, the waiting period in most the policies is 30 days from the start date of the policy
- Renewability :- Always ensure to go with health insurance and critical illness insurance plans with lifelong renewability.
- Survival period :- This may vary from 30 days to 90 days in a policy.
Consider all the above parameters and choose the policy that is suitable for your requirement.
Features of critical illness insurance policy
Let’s take a look at the important features offered by the critical illness plans in India.
- Comprehensive coverage :- Most of the standalone critical illness insurance policies available offer comprehensive coverage that provides cover for the maximum number of critical illnesses. Some of the major illnesses covered are Heart ailments and cancer. Kidney failure, stroke, paralysis, liver failure, multiple sclerosis, chronic lung diseases, etc.
- Lump-sum benefits :- In the case of critical illness plans, the sum insured (lumpsum amount) is paid as soon as the covered critical illness is first diagnosed irrespective of the actual expenses incurred.
- Cost-efficient: Critical illness plans in India provide a higher amount of coverage at a relatively lower cost. The amount of coverage provided is generally high enough to cover the treatment expenses.
- Hassle-free claim settlement :- Claim settlement process for critical illnesses plans in India are extremely easy. Claim requests can even be placed online.
- Tax benefits :- Premium paid for critical illness insurance coverage gets qualified for tax exemption under Section 80D of the Income Tax Act, 1961. The amount of exemption available depends on the applicable tax rules for the particular year.
Critical illness insurance can be a great saviour in the time of medical emergencies caused by life-threatening illnesses. It is crucial to understand its importance.