A person’s health is an essential factor in their life, and they do not realise it. We are in a race to prove our worth to someone or ourselves, but we forget the worth of our body that already exists.
This disrespect and ill-treatment of your body slowly leads to health issues. Modern life and lifestyle changes have brought a lot of drawbacks, and depleting health and health conditions are the major indicators of this fact.
In India or anywhere in the world, the burden and responsibility of a critical illness is significant. Cancer, heart diseases, tumours, and diabetes have been on the rise, and the numbers are proving it. Handling the financial responsibilities of critical illnesses is extremely difficult, and that is where critical illness insurance comes in.
Health insurance is a widely accepted and famous insurance type in India. It is designed to provide peace of mind and financial coverage for potential health issues in the future. Health insurance plans protect you from the pitfalls that occur when you stumble upon an illness.
But what if that illness is a critical illness? Does your insurance policy have coverage for critical illness? Let us have a look at what this policy is and its benefits!
Understanding Critical Illness Insurance
Critical illness insurance or critical illness cover is a policy that focuses on financial assistance to policyholders who are diagnosed with specific life-threatening diseases.
Traditional health insurance covers a wide range of illnesses, but with a critical illness plan, you receive coverage for the diseases or conditions predefined in the policy. The policy pays a lump sum amount upon diagnosis of a disease.
Cancer, heart attack, organ transplant, kidney conditions, and essential surgeries are some of the illnesses that are covered under this insurance policy. You will find this list on your company’s website when you look at the policy details.
Critical Illness Insurance Plan: Benefits
- Financial Protection
It is one of the primary functions of critical illness insurance is to protect you from the financial burden that comes along with critical illness. The medical expenses, treatment fees, admission fees, hospital utility fees, and the loss of income due to the inability to work are related to the illness. The insurance policy protects you from all these burdens so you can focus on recovering.
- Peace of Mind
Focusing on recovery and not thinking about the finances is such a perk. If you buy a critical illness plan, you will be kept from all the hardships of finding cash and dissolving your investment for the sake of money. This grants you great peace of mind during the entire process.
- Affordable Premiums
Traditional comprehensive health insurance is more expensive than critical illness insurance. It is a misconception that these policies are very expensive. The premiums are undoubtedly affordable due to the reduced risk to the insurance providers.
- Tax Benefits
A critical illness insurance policy is a plan where the policyholder has to pay a premium amount to receive the assured sum. This periodic premium is deductible from your total income, which reduces the taxable amount. Under section 80D of the Income Tax Act, these plans are eligible for tax deductions.
- Flexible Use of Funds
The critical illness coverage offers you a lump sum payout that can be used for various purposes. It can cover medical bills, debt repayment, compensation for the loss of income, seeking alternate treatment, etc. This flexibility allows the policyholder to customise the funds to satisfy their own needs and requirements.
- Hedge Against Inflation
With time, medical expenses are only going to increase. That is what a volatile economy does. The citizens, or patients, in this case, are left vulnerable to this situation. There is a clear answer to the question, and that is buying a critical illness health insurance online. The lump sum payout can make a significant difference in maintaining your quality of life during recovery.
In countries like India, buying a critical illness has become necessary due to the constantly changing lifestyle. With growing hospital rates, diseases, and poor life choices, buying a policy is a wise decision.
We live in a world where life is uncertain, and health is, too. You need solid support in such a time, and critical illness insurance is that help. You can lean on the policy for help, which will rescue you.