Why Opt for a Critical Illness Insurance Policy?

The majority of people in India are unaware of the benefits of having critical illness insurance. They believe that conventional health insurance will fully protect their interests. However, in the event of a significant health crisis, such as stroke, renal failure, cancer, or a heart attack, a critical illness plan might be the only option that can save you from bankruptcy. This is because the treatment cost of life-threatening diseases is much higher than any insurance plan will cover.

A critical illness plan provides you with a lump sum payment if you are diagnosed with a severe disease covered by the policy. As a result, the policyholder receives the funds to cover medical bills, hospitalization cost after the survival period, thereby shielding their family from financial difficulty. Notably, most health insurance policies include a critical illness rider for an additional premium.

What Is the Need of Purchasing Critical Illness Insurance?

In India, lifestyle diseases are on the rise. These illnesses are treatable in super-speciality hospitals. However, the expense of therapy is rising, and paying huge bills might severely deplete your funds. Therefore, it is prudent to get a critical sickness plan to spare the family from financial and mental stress in the current climate.

Some other reasons to buy a critical illness cover are:

• Low Premium

Buying critical insurance is more beneficial at a young age as the premium charges are low. This is because your health is good, and the chances of contracting a fatal disease are less. In addition, when one is young, buying a critical illness policy ensures access to quality treatment should the need arise.

• Lumpsum Payment

The expense of treating severe illness is skyrocketing. Critical care insurance policies give lump-sum payouts for diagnosis, treatment, and even post-operative aftercare. This allows us to focus on receiving the finest possible care.

• Protect Savings

Medical care is expensive and can quickly finish your family savings. This will impact your family's lifestyle, adding to the mental trauma. In addition, the policy also provides tax benefits to the policyholder.

Who Should Buy Critical Illness Insurance Policies?

The likelihood of acquiring fatal diseases grows, while the age when people get infected is decreasing. As a result, there are no standard criteria for purchasing critical coverage. However, certain circumstances necessitate the purchase of a policy:

• Family History

A person's genetics is also to blame for acquiring a severe ailment. People with elderly relatives suffering from serious illnesses are more at risk to contract one. Individuals in this situation should take the preventive step of enrolling in a critical illness plan.

• Primary Breadwinner

If you are the family's sole breadwinner, you have an added responsibility to protect your family's interests by choosing a plan.

• Others

People who work in high-pressure environments are more likely to develop lifestyle diseases. Similarly, if you are over the age of 40, you are in danger of acquiring a sickness. Therefore, these individuals should also buy critical illness protection to cover their future.

With the rising prevalence of life-threatening conditions such as cancer, obtaining critical illness insurance can go a long way toward ensuring you receive the best medical treatment available without exhausting all of your life savings.