Why Critical Illness Policy Is Important?

A major illness can lead to rising health expenses which can leave your family struggling to meet daily expenses. Thus, critical illness policy can be a saviour as it guarantees financial security for you and your family, in case of any medical emergencies.

A critical illness insurance offers protection against life-threatening diseases such as cancer, liver transplant, renal failure, and many more. You will be given compensation in a lump sum which can be used to pay for the health expenses and you can also use it to run your family. Usually, there is a survival period of 30 days, after which the amount will be settled. If you think critical illness health insurance is not required, then this blog is for you.

Advantages of Critical Illness Policy

Below are some of the benefits or advantages of having critical illness insurance -

• It prevents your hard-earned money from burning out.
• It is one of the most efficient methods used in case of medical emergencies.
• It covers your medical and non-medical expenses.
• Critical illness policy also takes care of the mortgages, loans, etc, through the payout.
• Critical illness policy pays out in lump sum, which helps you take care of other expenses as well.
• Maintains financial stability.
• It has a high coverage amount and lower premium rate, and the payout is usually provided at the time of diagnosis.

Also, critical illness insurance is important because it covers the following conditions -

• Stroke
• Heart attack
• Kidney failure
• Paralysis
• Liver failure
• Permanent blindness
• Major organ transplant
• Permanent deafness
• Permanent loss of speech
• Brain surgery
• Coma
• Alzheimer's disease
• Terminal illness
• Poliomyelitis
• Parkinson’s disease
• Third-degree burns
• AIDS
• Brain Tumour
• Motor neuron disease
• Major head trauma

Now that you know the importance of a critical illness policy, it is important to know how to buy one!

How to Buy a Critical Illness Plan?

Buying a health insurance plan these days is quite easy. You can either visit an insurance company and talk to the provider or agent about the plan - they will tell you all about the plan and help you buy it.

Also, you can buy a critical illness insurance policy online. Here is how you can buy one -

• You can buy it as a rider along with a health insurance plan.
• Or, you can buy it as a standalone critical health insurance plan.

You can choose any one you like, but it is important to note that a critical illness plan purchased as a rider will limit the benefit of the maximum sum insured.

Now that you have planned to purchase a critical illness policy, you would require the following documents to file a claim at the time of medical emergencies -

• Duly filled claim form
• Pre or post-hospitalisation record
• Doctor consultation paper or prescription of the existing illness
• Copy of diagnosis of the current illness
• Copy of identification card, bank details (if asked), and cancelled cheque

As the payout process of a critical illness plan is different from other plans, it is important to consider all the factors and have all the documents in hand, to avoid claim rejection.

Critical illness insurance is the best option for you if you want to keep aside your worries during the time of medical emergencies and focus on your health. This plan pays out for your medical expenses along with other expenses such as loan payments, mortgage payments, etc. It also boosts your health insurance portfolio. In addition, if bought along with a comprehensive health insurance plan can be a great option to keep a balance between pricing and coverage.