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Why should you consider buying a critical illness insurance policy?

Critical illness is something which can happen to any individual, and its treatment requires a lot of financial support. Indians are at an expanding danger of life-threatening infections, and there are numerous who are experiencing ailments like cardiovascular ailment and cancer, and that too, at a young age. In such a case, how can you get yourself secured financially against all such diseases?

Why should you consider buying a critical illness insurance policy?

Here comes the significance of critical illness spread, which is increasing due to the rising number of patients suffering from ailments like heart attack, cancer and organ failures. Because of the long tenure of treatment and the high expense of non-clinical and clinical costs, the critical illness cover is needed. The sum guaranteed is paid promptly based on the terms and conditions of the policy.

And, if you already have a medical insurance policy whether its an individual or family floater plan, at that point you may consider including critical illness rider in your existing policy or even buy it separately. Let’s get into the detail of critical illness insurance policy to have a better understanding.

Critical illness insurance policy 

Critical illness policies cover life-threatening diseases that could even extend to a longer period of time and require specialised treatment. So, if secured with such policy, the insured and the policy nominee get the coverage amount in lump-sum following the policyholder is diagnosed with a critical illness. This amount can be used for the costs not covered by conventional health insurance policies.

The main thing to note is that a critical illness cover is not like a standard health insurance plan. Under a critical illness cover, the insured will get the coverage as a lump-sum amount if the insured gets diagnosed with a critical ailment. That money will deal with the expense of medical treatment for the disease and even used for paying off any pending loans. Whereas in health insurance, you get the claim depending on your medical bills which is further subject to the terms and conditions of the policy. A critical illness plan pays you the whole total sum assured independent of your medical costs.

Critical illnesses that are covered under a critical illness insurance policy

Critical illness insurance policy or rider mostly cover severe diseases like heart attack, cancer, stroke, kidney failure or paralysis. Every insurance provider has its own list of critical illnesses which might or might not differ. So, while choosing a critical illness rider or policy, you should go through the list of diseases that it covers.

Who should all purchase a critical illness cover?

  • Those individuals who have a family history of critical illnesses should opt for such cover. Often, the primary reason for critical illnesses is hereditary. For example, the risk of cancer growth is higher in case you have a family background of the illness. And thus, as a proactive measure, you should get a critical illness spread for a protected future and avail the best possible medical treatment.
  • The individuals who are the sole earner in the family should opt for a critical illness cover. Suppose you are the primary earning member of the family. In that case, it is necessary to protect the whole family with a critical illness insurance policy as you will never want your loved ones to be in financial distress when you get diagnosed with a critical illness. The policy or rider coverage amount will take care of your treatment cost while saving your hard-earn money from draining out. Besides, a critical illness cover can likewise make up for your loss of salary while you are not in a situation to work because of your medical issue.

Critical Illness policy vs rider

When you choose to secure yourself against any critical illness, you should pick between the alternatives of a standalone policy or you can likewise decide on a critical illness rider that comes with your standard term insurance policy or health insurance plan. Whereas a rider will be accessible for a much-lesser cost and will offer similar advantages like an independent critical illness policy. However, you should know about the limitations and adaptability that accompany a rider regarding expanding your sum assured. Therefore, if affordability is not a challenge, then perhaps you can opt for a standalone critical illness insurance policy.

From where you can buy one

While picking the insurance provider, you must focus on the terms and conditions of the policy as well as add-on benefits that are accessible; so that you opt for the right coverage as per your requirement. Another factor to consider is the case settlement procedure which ought to be simple and hassle-free. Also do check their claim settlement ratio to know their reputation in the market.

Hence, if you are wondering whether to opt for critical illness coverage or not, then hopefully this blog will help you to clear out your concerns. You can visit or speak to their financial advisors to get expert advice on a critical illness insurance policy.

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