Clients must know that all the insurance experts’ advise getting Critical Illness Insurance Plans along with a general insurance plan. This advice is generally given because a critical illness means it may have an adverse effect on the client’s health condition.
It could lead to a severe effect on the individual’s lifestyle and require a substantial amount of money to be spent on treatment. This might result in loss of income due to the client no longer being able to work as before falling ill.
Knowing The Severity Of The Illness
The disadvantage of such a fast pace but a sedentary lifestyle is that the number of diseases has been increasing every single day. These serious illnesses mean the loss in income, sudden change of lifestyle and at times irreversible handicap. Critical Illness Insurance Plans are necessary because financial burden that comes with these diseases might not be covered by an indemnity health insurance plans.
So in order to meet the huge medical cost that will arise from combating a critical illness, the client requires Critical Illness Insurance Plans. These plans also ensure that it provides the client with an adequate amount of money to meet the day to day expenditure without having to run pillar to post for arranging money.
Reasons To Get Critical Illness Insurance Plans
A person is allowed to receive a lump amount resulting from their Critical Illness Insurance Plans when they get diagnosed with a critical illness. The amount is accessible to them right from the moment of diagnosis. In order to be fair to the already suffering person, this amount is almost always tax-free. Since the Critical Illness Insurance Plans are separate plans, they tend to seem to be expensive, but of course, they have their own valuable benefits, which means it is worth every rupee invested.
What All Illnesses Are Covered Under The Plans?
- Heart attack
- Organ transplantation
- Terminal Diseases
Buying Critical Illness Insurance Plans
It is a common knowledge which is not usually informed to the client before applying for the Critical Illness Insurance Plans, the unique reason why it has to be bought. It covers the exorbitant medical bills that neither life insurance nor health insurance will cover.
For example, a lump amount is received from life insurance only in the case of death of the client. The client will not receive a single paisa if they survive through a critical illness. Similarly, health insurance will have clear exceptions on critical illnesses, it won’t cover, which defeats the very purpose of buying it.
Now take the case of a heart attack person, it is a known fact that a lot of effort goes into recovery from such critical setback. Not only does the person have to invest a lot of money to cover the medical expense, they have to recover financially, and also have to return to their previous lifestyles. This is nearly the same case for stroke and cancer patient. The diagnosis of a life-threatening disease is by itself a harrowing experience which also results in emptying of the entire life’s savings.
How Is It Different From Medical Insurance
The client must be aware of what medical insurance is, in order to be able to make a wise decision. The medical insurances will work on the basis of recurring benefits, a person who is getting hospitalized multiple times yearly will be eligible for medical benefits from the insurance policy, only if their claim is proved valid and also the medical bills do not go in excess of the sum insured limit.
The medical bill is claimable if the patient has been hospitalized for more than 24 hrs. Some medical insurance plans also provide for expenses accumulated for pre and post hospitalization. Most of the medical insurances, do not include critical illnesses as part of their plans.
Points To Looks For
The patient must be mindful of what all illnesses are being covered. Each company will vary quite differently in terms of the illnesses being covered. While all the companies will cover the previously mentioned eight critical illness, some plans may cover even up to 20 illnesses.
The deals being offered. Along with the sum that has been agreed upon to be paid, other additional benefits are also provided like hospital cash and surgical benefits. Also, check the number of hospitals being covered.
Fine print is to be read carefully. Like any insurance policy, the Critical Illness Insurance Plans are no different.
The client has to be cognizant of the fact, which medical condition he suffers from while buying Critical Illness Insurance Plans may result in another illness down the line. Therefore it is critical that the client is completely truthful with their insurer about their medical history. In some companies, it is a prerequisite that the medical test be performed on the client for buying the Critical Illness Insurance Plans.
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