Why Do We Need Critical Illness Insurance Cover

Financeby Mashum Mollah06 February 2021

Critical Illness Insurance

A lot of people believe they have completely secured themselves by purchasing a standard medical insurance policy, however, the expenses of treating critical life-threatening sicknesses are normally higher than any health policy will cover. Read this article to learn why we need a critical illness policy and whether it’s something you and your family to consider.

  • Critical illness health insurance gives added protection during medical emergencies like stroke, cancer, heart attack, etc.
  • Critical illness policy comes at a comparatively lower cost. However, it is limited to few predefined sicknesses.
  • Since critical illnesses incur higher treatment costs, the policy pays out a lump-sum amount to help in a better recovery where normal medical policy may fall short.

Benefits of Critical Illness Health Insurance Policy

Peace of Mind:

Having a critical illness insurance policy provides peace of mind as with critical illness insurance one can focus more on medication rather than working around to manage funds for medical and other expenses.

Acts as an Income Replacement:

Critical sicknesses not only impact a person’s life physically but also impacts the financial conditions of a family. With the lump sum amount paid by the insurer, critical insurance can be extremely helpful to compensate the household and medical expenses.

Covers Treatment Cost in Foreign Countries:

Under this policy, a fixed amount is given to the policyholder on the diagnosis of a critical sickness, irrespective of whether you are opting for the treatment abroad or in India.

Tax Benefits:

Under Section 80D of Income Tax, the amount paid by the insurer after or during treatment of any critical illness is exempted from any tax deduction

Why Should You Buy a Critical Illness Insurance?

Why Should You Buy a Critical Illness Insurance

Nowadays more people are getting diagnosed with life-threatening diseases. Even the younger generation is getting diagnosed with the above-mentioned dreadful illnesses. Therefore, we can’t have a predefined criterion to purchase a critical illness health insurance policy. However, there are few circumstances that make it necessary to consider having a critical illness plan:

Family History of Critical Illnesses:

In most cases, the critical illnesses are genetic. As a proactive step, you must purchase a critical illness policy for a secured tomorrow.

If Your Family is Dependent on You:

To assure that your family doesn’t go through any economical crisis post-diagnosis of a critical illness, it’s necessary to secure your family’s future with a critical illness policy. Moreover, it compensates for the loss in income along with the treatment expenses.

If you think you are vulnerable to life-threatening sicknesses, then, it’s the right time to purchase critical illness health insurance. However, this doesn’t mean avoiding the individual medical policy. Ideally, based on your requirements you should purchase any individual medical policy followed by critical illness insurance as secondary protection. Most of us believe that medical insurance is sufficient to satisfy all financial requirements resulting from any disease. However, there are diseases for which the existing medical policy may not be enough. That is why purchasing a critical illness plan is crucial. Critical Illness plan by Care Health Insurance offers cover for as many as 32 critical diseases including Stroke, Cancer, Heart Diseases, Paralysis, etc.

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Mashum Mollah

Mashum Mollah is the man behind TheDailyNotes. He loves sharing his experiences on popular sites- Mashum Mollah, Blogstellar.com etc.

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