What is Critical Illness
Hospitalisation and medical bills often tend to drain the bank account of patients. This is especially true when the patient has conditions that require highly specialised techniques. Such conditions are put in the category of Critical Illness. The illnesses in such a category may include:
Critical Illness insurance is a benefit policy which covers 10 Critical Illnesses. A lump sum amount would be paid on diagnosis of one of the listed critical illness subject to the policy terms and conditions:
- First Heart Attack (Myocardial Infarction)
- Open Chest CABG (Coronary Artery Disease Requiring Surgery
- Stroke Resulting in Permanent Symptoms
- Cancer of Specified Severity
- Kidney Failure Requiring Regular Dialysis
- Major Organ Transplantation
- Multiple Sclerosis with Persisting Symptoms
- Surgery of Aorta
- Primary Pulmonary Arterial Hypertension
- Permanent Paralysis of Limbs
The one common aspect they all share is that they leave the patient in a catastrophic or critical condition. And this is the main reason for the critical illness insurance policies.
These policies, unlike healthcare plans, involve giving the insurer a lump-sum amount at the time of diagnosis. This way, critical illness accounts for the additional financial burden faced by the patient outside of hospitalisation. It gives the patient a full agency to do whatever they want with their money.
Top 3 Reasons to buy Critical Illness insurance
Diagnosis of critical illnesses is a life changing event which has far reaching consequences for both an individual and the persons dependent on him as critical illness can disrupt dreams and wipe out savings. The most effective solution to overcome challenges arising from critical illness is to buy critical illness health insurance policy. The objective of these policies is to provide lump sum money on diagnosis of the specified critical illness. A critical or The insurance plan for this, therefore, goes beyond regular health insurance and covers these illnesses specifically.
Takes Away Financial Burden
Treating a critical illness is a very expensive process. Insurance policies lessen this burden to a large extent so this is best option to purchase the critical illness Policy because the disease may be incurred anyone form the age 5 year to 70 year.
Under Section 80D of the Income Tax Act, critical illness payout is tax-free.
Peace of Mind
The financial burden of treatment is almost equal to the mental and emotional strain. Although the mental and emotional difficulties remain, removing the financial burden makes the treatment easier since it becomes one less thing to worry about.
With Cover 360, you get critical illness plans that are efficient, all-encompassing and ensure you are genuinely and fully secured.
Need for a Critical Illness Insurance
Critical illness insurance are for people with terminal illnesses. They help ease the burden on the patient's life on the financial front by targeting conditions such as:
- Heart Attack
- Organ Transplants
- Coronary Bypass