In India, four people die out of heart attack every minute, and around 10 lakh people are diagnosed with cancer every year. An angioplasty, surgeries, or chemotherapies to treat these critical illnesses are such an expensive affair that can give a severe jolt to your savings.
So, if you are getting paranoid thinking about how you can secure your family against such critical illnesses, there is one solution to all your worries that is critical illness insurance.
Let’s understand how it guards your family?
What is Critical Illness health Insurance?
A critical illness plan is designed to provide coverage against life-threatening diseases. Under this plan, your family receives the sum insured either in a lump sum or according to predefined structures of the payment after any critical illness is diagnosed. The amount can be used for the payment of the treatment, medicines expenses, and even for pay off your debts if you have taken it for treatment purposes. The most important thing is that you can file a claim only after the completion of the survival period that starts from the day when the illness is diagnosed.
What Are the Diseases Covered Under Critical Illness Health Insurance?
Critical illness health insurance financially empowers you to get the best possible treatment for critical diseases. Some of the common diseases that generally most of the health insurance companies covered are cancer, end-stage renal failure, multiple sclerosis, brain tumor, neuron disorder, lung disease, organ transplant, coronary artery bypass graft, stroke, etc.
How a Critical Illness Health Insurance Plan is Helpful for Your Family?
These days where medical inflation is galloping and pollution and life-threatening diseases are increasing, critical illness health insurance is a need of an hour. Different health insurance companies in the market offer a plethora of critical illness plans, but you should opt for a comprehensive health insurance plan offered by trusted brands like Religare Health Insurance, HDFC Ergo, ICICI Lombard, and more with an array of benefits.
Read below how it is helpful for your family?
Lump-sum Amount –
You get the lump sum amount, under critical illness plan, after you submit the diagnosis to the insurance company. Out of this amount you can pay for in-patient hospitalization, surgeries, and medication. Additionally, expenses related to the air ambulance, chemotherapy & radiotherapy, dialysis, organ donor, and second opinion also covered.
Critical Illnesses Coverage –
The plan gives you protection against critical illnesses such as Cancer, End-Stage Renal Failure, Multiple Sclerosis, Benign Brain Tumour, Motor Neuron Disorder, End-Stage Lung Disease, Major Organ Transplant, Stroke, Paralysis, and Coma. Thus, you can start your family member’s treatment for any of such diseases without getting worried about cash.
In-Patient Hospitalization-
The critical illness plan covers in-patient hospitalization if it is for more than 24 hours. These expenses include room rent, nursing expenses, ICU, surgeon’s fee, doctor’s fee, blood, oxygen, and OT (operation theatre changers). So, you can avail of the right treatment for your loved ones.
Day Care Treatments-
Under daycare, treatment covers the cost of the treatment or surgeries that require only a daycare admission. Cataract surgery, chemotherapy, dialysis, that do not require 24 hours hospitalization for a day. So, if you are going for it, then you will get the amount for room rent, doctor’s visit, medicines, etc.
Pre and post hospitalization-
Pre and post hospitalization expenses are also included in the critical illness plan. Treatment and medicine expenses, along with doctors’ fees before 30 days and after 60 days of hospitalization are covered.
Additional Benefits-
The plan also offers additional benefits such as ambulance cover, recharge of sum insured, alternative treatment, doctor on call, global coverage, domiciliary hospitalization, and annual health check-ups.
Tax Benefit
Under section 80 D, of the Income Tax Act 1961, the premium paid for critical illness health insurance either for dependent parents, spouse, or children, is entitled to tax exemption up to Rs.60, 000. However, the taxable amount is subjected to income, age, number of persons insured, etc.
Bottom Line
A critical illness health insurance is the safeguard for your family when you are not around them. It will be financially devastating to deal with such hefty medical expenses and treatment costs. Thus, it ensures the wellbeing and future stability of your loved ones. Apart from that, some lifestyle changes can also go a long way.
