We all know someone, either directly or indirectly, who has suffered from a critical illness and did not have health insurance.
Undoubtedly, it is a nightmare for anyone. During such a tragedy, managing finances becomes crucial, especially when one might be forced to stop working to undergo treatment.
In a situation, where costs increase and income may decline or become insufficient at an unimaginable rate, it becomes troublesome for the patient to afford their treatment cost or meet day-to-day expenses.
Fortunately, there is an incredible solution available for these types of issues, and one such example is critical illness insurance.
Understanding Critical Illness Insurance Policy
A Critical Illness Insurance Policy is designed to protect you in the event of serious illness so you can get through the treatment of a serious medical condition crisis without worrying about money.
Buying the best critical illness insurance in India is of utmost importance because of the increasing prevalence of serious health conditions, the high cost of medical treatment, and the financial security it provides.
What Comes under Best Critical Illness Insurance Plans?
In this type of policy, a monthly premium is paid to the insurer, for which he agrees to provide the insured with a lump sum amount in case they get diagnosed with a critical illness that is mentioned in the policy.
The duration of the best critical illness insurance varies,depending on the policy terms and conditions. Typically, these policies can range from 5 to 20 years. Some insurers may also offer coverage up to a specific age, like, 65 to 70 years.
The best critical illness insurance policies take away the stress of seeing your savings vanish if you have to go through a difficult period due to your health issues.
Now, let’s check the list of the illnesses that are commonly covered by a Critical Illness Policy:
- HIV
- Dementia
- Failure of a vital organ
- Coma
- Paralysis
- Cancer
- Renal Failure
- Heart Attack
- Stroke, and so on.
Apart from this, it is important to note that medical insurance plans have their parameters and clauses, a list of covered illnesses (i.e., it may exceed the above-listed diseases), diagnosis definitions, and claim conditions.
Why is it Worth Getting Insurance with the Best Critical Illness Policy?
A serious illness can be very costly in terms of travel, hospitalisation and other medical expenses along with miscellaneous expenses. It can deplete someone’s retirement savings, funds set aside for a child’s education and more.
So, here are some concrete advantages offered by the best critical illness insurance plans:
- The benefit can be used to pay hospital and other medical charges.
- Repay debts or loans
- It can pay for quality home care without depleting your savings.
- One can get tax benefits under Section 80 D of the Income Tax Act.
- It can be used to cover lost income in case the policyholder loses their job due to a health condition.
- One can go abroad for specialised and intensive care if needed.
Factors that Affect the Cost of the Best Critical Illness Insurance in India
At the time of calculating the cost of insurance with the best Critical Illness Policy, several factors are taken into consideration:
Gender
Many researches have proved that men typically pay a higher price for their Critical Illness Insurance because they are more likely to suffer from a serious illness.
The Amount of Coverage
The higher the sun insured, the more premium you have to pay.
Risk Factors
It is not surprising to know that those who smoke will have to pay a higher premium amount as the level of risk of getting a Critical Illness by such a person will also be higher.
Age
The older a person gets, the higher the premium to be paid. With age, a person starts to have a greater risk of getting diagnosed with a major health issue.
How to Choose the Best Critical Illness Insurance Plan
Keep in mind that the premium and the coverage offered under the Critical Illness Insurance Policy depends on gender, age, coverage amount, and duration of the policy, so it is always a must to request quotes from different insurance providers and compare them before making a choice.
Also, make sure you understand the conditions and details, and if necessary, ask your financial advisor about the best critical illness insurance.
Summary
No one is entirely safe from major illnesses such as heart attack, cancer, coma, or stroke. These diseases significantly impact our health and pose a serious threat to our lives and savings.
To avoid such situations, one should buy the best critical illness policy as this high-quality investment instrument that is highly recommended by financial advisors and is the easiest way to protect people’s savings.