A family would have restless nights if a serious illness like cancer, a stroke, a heart attack, kidney failure, or any other is diagnosed. Financial instability is another factor that adds to the already difficult circumstances. At such a moment, having a critical illness insurance policy at your side is nothing less than a blessing. Why? It's because having a health insurance plan for critical illness can help you avoid the financial disaster that is likely to arise in such circumstances. Let’s learn about critical illness insurance's function in a crisis in order to take some concrete actions.
A Crisis Situation and the Role of Critical Illness Insurance
When a member of your family is diagnosed with a serious illness, critical illness insurance can help you maintain your financial security by doing the following:
- Without worrying about the treatment's skyrocketing costs, the insured person and their family can contemplate seeking treatment without having any second thoughts.
- By purchasing critical illness insurance, you qualify to receive a lump sum payment in a single transaction in the situation that you are diagnosed with any of the critical illnesses covered by the policy.
- A critical illness policy prevents one from liquidating their assets and other priceless possessions to raise money to guarantee continuous, top-notch care.
- The insured person and their family may use the lump sum payment in addition to paying for medical treatment to cover recovery costs and settle any debts incurred as a result of the condition.
- The insured person or other family members can deal with the loss of income, unpaid leave, or other issues thanks to the lump sum payment received.
- The insured's and family's financial goals, desires, and aspirations remain unchanged.
When we buy something for ourselves or our families, we conduct extensive research to ensure that we get the greatest deal available. So why take chances when it comes to purchasing health insurance for your loved ones? Before settling on an adequate critical illness insurance plan, you need to consider a number of factors.
It usually entails an assessment based on the total sum assured, sub-limits, premium cost, and waiting period clause, to mention a few factors. Are you unsure about which factors to consider while obtaining an essential insurance policy? Don't worry, this article can assist you!
Let Us Now Look at Some of the Factors That You Should Certainly Consider
The Amount of the Sum Insured
The medical cost of treating major illnesses may vary. For example, the cost of stroke treatment may be cheaper than that of a kidney transplant.
So, if you know the coverage amount for the various therapies ahead of time, you can make wiser decisions. You can simply compare the amount assured and choose the best critical illness policy for yourself and your family by using the critical illness insurance comparison table.
Coverage and Restrictions of the Policy
The standard coverage that is included in the finest critical illness insurance policies in India has been emphasised. However, it may differ for some specific plans at times. Do not simply assume the benefits; rather, thoroughly examine all of the benefits that you will receive from your critical illness insurance coverage. Because everything has a negative side, it's a good idea to keep a record of essential ailments or therapies for which your insurer will not cover you.
So, if you're looking to purchase a specific health plan for coronary heart disease. It is possible that it will not cover the expense of cancer therapy, brain tumour treatment, or a few other treatments such as cataract or hernia repair. It is strongly advised that you read your policy documentation before purchasing it.
Pre-existing Disease Coverage
Once the waiting time is ended, certain critical illness insurance plans cover practically every pre-existing sickness. Certain critical illness insurance, however, does not cover pre-existing conditions at all. To avoid such problems in the future, you should carefully review the coverage clause for pre-existing diseases ahead of time.
The Age of the Insured
Age is an important aspect; insurance premiums for senior persons (over 50 years of age), who are more vulnerable to severe illnesses than someone in their early 20s or 30s, will be comparably higher.
Sub-Limits
It is the monetary limit imposed by your insurance provider on your health insurance claim.
For instance, You will be responsible for the remaining amount out of your own pocket if the cost of your care or surgery exceeds INR 1.5 lakh and your critical illness insurance plan includes a sub-limit of INR 80,000 for the targeted therapy.
Conclusion
If you believe that purchasing critical illness insurance would spare you from future difficulties, go ahead and acquire one of the finest critical illness insurance plans from a reputable health insurance company. Make certain that you take into account all of your individual requirements.
You can feel entirely protected even during the most challenging times in your life because of your critical illness insurance policy, so don't worry.
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