Need for Critical Illness insurance – the need of the hour
To assist you power through incidental expenses and an inability to earn; there is a classification of insurance plans that you should know about. Called as defined advantageous plans, these pay you a lumpsum amount so that you can pay for the incidentals. In that case, these work as income substitutes. You can buy critical illness insurance for that reason as it will help you in the time of need.
Critical illness plan
In a critical illness plan, the service provider pays a lumpsum amount to the policyholder when a severe illness is diagnosed. These illnesses are measured on a fixed list as part of the policy. This recompense aids in covering medical expenses and helping the patient’s family cope up with everyday costs.
Who needs critical illness insurance?
- For those who do not want to be in certain conditions if they have a medical history
- Primary earners of the household who don’t want to take up a chance
- Availed easily by the citizens aging from 18 years to 65 years
- Those who do not have an employee benefits package
Inclusions and exclusions
Some severe illnesses incorporate in the critical illness insurance’s security web are the stroke, paralysis, heart attack, coronary artery bypass surgery, cancer, kidney failure, coma, and major organ transplant (liver, heart, pancreas, lung, etc. Whereas critical illness insurance policies restrict medical conditions like a hernia, dental treatment, gastric, birth control, cataract, overseas medical procedures, etc. Please check the policy for covered illness.
Advantages
- Tax benefits
- Easy claims
- Hassle-free claims
- Numerous options for policy tenure, premium, and sum assured
- Additional riders
- Coverage for all pre-hospitalization expenses up to 30 days
- Lump sum paid after the specified waiting period can be used as the insured wishes
