Critical Illness Cover In India
Medical emergencies can knock at our doorstep unannounced. In case of any critical illness, like renal failure, paralysis, multiple sclerosis, liver cirrhosis, cancer, etc. It can drain a person’s years’ worth of savings and more in a matter of a few months. But, unfortunately, the astronomical cost of treating critical diseases is often out of reach of the common man.
In these uncertain times, a Critical Insurance Cover comes to the rescue of the policyholder as it provides a lump sum amount that can be utilized towards payment of hospital bills, Doctor’s fees, ambulance costs, etc. In addition, the critical insurance cover also helps the policyholder supplement his income, as an inability to work in case of a critical illness affects the flow of income in the household.
The need to invest in a Critical Illness Cover
In addition to your comprehensive Health Insurance Cover, which helps you pay for hospitalization costs, the Critical Illness cover can help you meet the cost of medicines, Doctor’s Consultation charges, etc.
The lump-sum payment can also be utilized towards meeting other expenses of the family, for instance, EMI payments towards house loans, etc., as the flow of income is hampered due to sickness.
In the absence of a Health Insurance Plan in place, even a few days of sickness can erode your savings and make it challenging to maintain your existing standards of living. Also, toxins in our air, water, food sources, etc., and sedentary and undisciplined lifestyles have led to an alarming rise in critical health ailments even in the younger age group of our population. Hence, to be on the safer side, one should invest in a Critical Illness Insurance Plan.
The Critical Illness plan provides Financial support and helps protect the savings of an individual. As a result, your loved ones need not struggle to meet your medical expenses.
Key Features of a Critical Cover
1. Lump-sum payment to the policyholder
The Insurance Company pays a lump-sum amount to the buyer, which gives him the flexibility to use it as he decides it is best suited for his individual needs.
2. Income replacement
The payment can be used to compensate for the loss of income due to illness.
3. Online Access
Online availability makes it easy to purchase and renew policies from the comfort of one’s home. In addition, all processes are customer-friendly.
4. Covers a majority of critical diseases
The policy covers 34 major critical Illnesses.
5. Waiting Period
The cover becomes applicable after the end of the waiting period.
6. Easy Claim Processing
The claim is swiftly settled based on the treating physician’s diagnosis.
Key Criterion to choose a Critical Illness Plan
Certain points must be kept in mind while selecting a plan suited for your needs.
1. The range of critical illnesses covered
The more diseases are covered in its ambit, the wider its coverage is.
2. Sum Assured
Considering the ever-rising costs of treatment, it’s prudent to select a plan that ensures a high sum payout to meet any probable expenses in the time of emergency.
3. Age of buying the policy
Buying a Health plan in your younger and healthier years can give you a Higher sum assured with lower premiums.
4. Policy Renewal Limit
It will be wiser to purchase a plan which allows renewal even with the advancement in age.
5. Inclusions and Exclusions
It is crucial to understand your specific policy’s exclusions to ensure that you are covered and not caught off-guard in case of an emergency, wherein your plan may not even cover the exigency.
The Critical Insurance Plans usually cover diseases like kidney failure ( needing regular dialysis ), cancer ( up to a certain stage), Heart attack, end-stage lung disease, muscular dystrophy, etc.
The inclusion of the policy usually pertains to a critical illness that develops after the waiting period, HIV/AIDS, death within 30 days of diagnosis or surgery, critical illness due to congenital disorder, etc.
Sub-limits need to be carefully assessed as they will have repercussions on the amount handed over by the Company.
Who should ideally opt for a Critical Illness Plan?
1. The main earner of the family
The primary breadwinner or head of the family needs to be covered as his inability to earn will bring upon financial hard times for the entire family.
2. In case of diseases running in the family
Genetics is a very strong player and decides the diseases we might inherit in the future. Hence, any diseases running in the family must trigger warning bells for an individual, and he should get himself covered.
3. Those who are above 40 years of age
With advancing age and the rule of mother nature, one automatically becomes more susceptible to critical diseases. Therefore, one should become more health-conscious as one enters the decade of the 40s.
4. High-Stress Jobs
Unrelenting pressure in the work field -both physical and mental, invariably gives rise to diseases in one’s later years. The unceasing rat race, the pressure of meeting targets and deadlines, fear of layoffs, etc., manifest in later years in the form of diseases.
Filing Claim for Critical Illness Policy
To file a claim, contact your Insurance Company with the following documents.
- Duly filled up claim Form
- Medical Certificate from the treating physician, stating the critical disease the policyholder afflicted.
- Detailed Discharge Summary
- Photocopy of the ID card
- The Claim team will verify your claim based on the above documents.
It is a wise decision to purchase a Critical Illness Plan. At the same time, one is still young and healthy to ensure additional Financial Security in the unfortunate scenario of getting diagnosed with a critical and expensive disease.