Critical illness insurance is a popular insurance plan that offers coverage against life-threatening illnesses including kidney issues, cancer, cardiac issues, etc. At a time when the cost of medical treatment and the cases of critical illnesses are rising rapidly, it is important to have a financial cushion to rely on in the event of diagnosis. Typically, the sum promised helps individuals to meet the cost of treatment and support ongoing consultations without worrying about the expenses. The money disbursed by the insurance company also helps cover the gap of income arising due to the insured’s inability to work during the treatment and recovery phase. This assistance helps individuals to focus on their recovery without worrying about how their family would meet the cost. It also helps protect their savings and emergency corpus. In order to benefit from these features during medical emergencies, it is important to select a suitable critical illness cover.
Features of critical illness cover
These are the key features of critical illness cover policy –
Extensive coverage against Illnesses
A critical illness cover tends to cover all major health conditions extending financial protection against crucial health and lifestyle-related diseases. Some of the critical illnesses covered under the plan include brain, paralysis, cardiac conditions, tumors, kidney issues, and stroke. These illnesses tend to leave a massive financial gap in diagnosis. However, having a critical illness cover can help meet the cost easily and without denting their savings or pushing them to seek external assistance.
Tax benefits
Besides providing financial cover against critical illnesses, critical illness insurance cover provides the policyholder with tax benefits. Under the Indian Income Tax Act, individuals can claim tax benefits on their premiums as per the provision of Section 80D.
Affordable premiums
Critical illness insurance covers are designed to make financial protection against medical emergencies accessible to individuals. This is why the coverage accompanies affordable premiums which allows individuals to build financial protection against several critical illnesses with ease.
Simple claim process
To ensure that individuals and their families can seek and avail the required help on time, insurance companies follow a simple claim process. By extending a hassle-free claim process, individuals can easily seek help and avail of medical treatment. These features and major benefits make critical illness plans so beneficial for individuals seeking financial cover for their medical needs.
Top Benefits of Critical Illness Cover
Individuals with critical insurance coverage can benefit in these ways –
- Financial security: An extensive coverage of critical illness insurance cover protects individuals’ finances by offering them the required financial assistance to meet the medical bills and cost of treatment. This ensures little to zero impact on the insured and their family members’ hard-earned money.
- Timely medical treatment: The timely claim settlement and high cover value allow individuals to seek quality medical treatment without worrying about the cost. However, to be sure of this individuals are encouraged to check the insurer’s claim settlement ratio to understand its record settling claims. In addition, the financial support allows them to continue seeking treatment and getting regular consultations to promote recovery.
- Free policy look period: A critical illness insurance plan also offers a free look period to individuals from the start date of their policy. This allows them to analyze the policy scope and determine whether the plan suits their needs and requirements or not.
- Tax Saving: Under Section 80D critical illness insurance policyholders can claim tax benefits of up to Rs. 50000. This facilitates tax savings.
What to Consider Before Purchasing a Critical Illness Plan?
Individuals should consider these factors before purchasing a critical illness insurance cover to ensure wide protection and timely support –
Current Personal Standing
Individuals must develop a practical approach when looking for comprehensive critical illness insurance coverage. In this regard, factoring their age, their number of dependents, and coverage requirements would help them plan insurance better. For instance, in case an individual has retired parents and other dependents such as spouse and children, they would need extensive coverage to protect the future their future and ensure their family can tide them over medical emergencies without adding to their existing financial burden or mental trauma.
Present Health Condition
Individuals must factor in their current health status and their medical history when looking for critical illness insurance coverage. Individuals with a medical history and involved with high-stress jobs must consider getting critical insurance illness coverage at an early age to avail of the coverage at affordable premiums. They must also weigh their lifestyle and habits such as smoking and drinking alcohol when getting a cover. While purchasing a cover, they must be transparent about the information and disclose their medical status clearly to the insurer to minimize the risk of getting their claim rejected.
Financial Position
Individuals should think of their present financial standing to ensure that they can pay the insurance premium. However, they must also factor in the cost of medical treatment and medical inflation to plan suitable coverage of critical illness insurance cover. Having a substantial cover will help ensure that they can account for the medical inflation. Now when it comes to premiums, individuals can access an online insurance premium calculator and determine a suitable coverage and premium combination that will suit both their needs and budget.
Who Should Purchase Critical Illness Insurance Policy?
Individuals belonging to these categories should consider getting a critical illness insurance cover –
- Individuals with high-risk jobs
Today, the root cause of most critical illnesses is working in a high-pressure job. A stressful work environment and high-pressure jobs trigger critical illness, making it important for those with such job titles to purchase critical insurance coverage.
- Those over 40
Older individuals are more susceptible to critical illnesses and lifestyle-related disorders. This is why it is recommended to purchase an insurance policy in the late 30s to have a viable cover by the time they turn 40. However, individuals who are in their 40s and have yet to get an insurance plan must purchase one at the earliest. The longer one delays the purchase the more likely they are to pay a higher premium for a basic cover.
- Those with a complicated medical history
Individuals with a history of critical illness disorder should get an insurance policy. This is because such individuals are more likely to develop critical disorders that run in their family. Having a critical illness insurance cover can act as a financial precaution against diseases.
These features and benefits of critical illness insurance add to its value and make it a vital tool for developing protection against
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