Critical Illness Insurance: Fight A Good Fight
Fight A Good Fight: Life is short, and it becomes shorter when people suffer from critical illnesses. The count of individuals suffering from critical ailments across the globe is touching the sky. The scenario is no different in India.
If you are lucky enough and are not suffering from any severe disease, think of a normal day in your life. Think of how you spend it – You wake up smiling to your family members, then you get ready to go to work, and come back with stress, looking for some peaceful moments in life. By the time you spend a day, 1300 people get diagnosed with cancer in India. These are facts reflecting the reality of the healthcare crisis in India, which could be because many people do not have cancer care insurance. They don’t buy the best cancer insurance policy in India, thinking they will be at the safe side always, which is not true.
While dealing with various liabilities in life, many of you put your health on the last priority. An unhealthy lifestyle, including the habits of excessive smoking and alcohol. Eating unhealthy food and lack of physical exercise paves the way for critical illnesses to enter your body.
You might have heard people saying they faced excess financial loss because of critical illnesses like cancer, lung diseases, or kidney failure. The losses grew even further when they got to know that their health insurance policy does not provide coverage for critical illnesses. In these unforeseen situations, having a critical illness insurance policy acts as a life savior.
In general, critical illness insurance offers coverage for life-threatening diseases that are not covered under Health Insurance. It pays a lump sum amount to get the treatment of critical ailments started without delay. Major insurance providers like Max Life Insurance offer policies like cancer insurance, to cover major life-threatening diseases.
Coming to the next big question that you might have in mind –
Why Should You Buy Critical Illness Insurance?
Other than the impact of diseases like cancer and paralysis on a patient’s health, you can’t deny its financial implications. The absence of adequate insurance coverage can drain all the savings in almost no time. Which eventually places other regular expenses at stake.
A suitable critical illness cover for your health acts as an income substitute. It pays the amount depending on the policy terms that you can use for medical or household expenses. As a result, you or your family members won’t need to run around to arrange money for the best healthcare treatment. For instance, the best cancer insurance policy in India can help you deal with the financial stress resulting from cancer treatment.
Selecting the right critical illness cover is crucial as it ensures you get the insurance benefits you expect.
4 Things to Consider Before Buying Critical Illness Cover
Choose a Significant Sum Assured
Lack of enough funds can make the fight with critical ailments even more terrifying than you can think of.
Imagine a situation in which an individual is fighting between life and death because of lung cancer. His family members do not have the funds needed to pay for critical illness treatment. The worrisome situation becomes even more intense when they realize even the best cancer insurance policy in India, they have can’t help. It’s because the sum assured chosen for the policy is lower than the amount they need.
So, it is crucial to choose a significant sum assured by researching the optimum cost of treatment for some specific critical diseases.
Buy a Comprehensive Critical Illness Cover
Various critical illness insurance policies offer coverage for limited diseases only. Many people do not know about the list of critical illnesses covered under their plans, which they should. For instance, the last thing that a cancer patient would want to hear is that his health policy is different from cancer care insurance, and thus, he can’t get the benefits he expects as per his eligibility for cancer cover.
So, make sure you look at the list of critical diseases covered and choose a comprehensive cover for all-round protection.
Seek Waiver of Premium in Hard Times
It is crucial to pay the premiums of your policy regularly and on time to get the insurance benefits. However, certain situations like loss of income or accidental dismemberment could make you miss paying the premium and lose the insurance benefits.
To deal with such situations, you can ask your insurer for add-ons that enable a waiver of premium and additional riders. Under these add-ons, all the future payments can be waived off.
Check How Your Plan Maximizes Tax Benefits
Your critical illness insurance policy for cancer, angioplasty or other ailments comes with tax benefits under the income tax Act. The premium you pay is tax-deductible. This implies that the higher your premium is, the higher tax rebate you can get. Along with tax exemption, choosing a critical illness plan with a higher premium means you get a bigger sum assured under your policy.
You can’t predict if you will suffer from a critical illness in life. But with a suitable critical illness cover, you can stay prepared for such hard times in a way that it does not cause a financial burden.