Every year, the number of critical sickness cases in India rises. These diseases, in addition to producing health problems, impose a significant financial impact. Fortunately, Critical Illness Insurance, also known as Critical Illness Policy, provides financial assistance in such instances and can be a lifesaver in the face of hefty treatment costs. Continue reading to learn more about the advantages and workings of a Critical Illness Insurance Policy before purchasing one via a medical insurance app.
A Critical Condition Policy compensates you financially if you are diagnosed with an illness covered by the policy. The funds can be used for testing, treatments, and other expenses at your choice.
What exactly does Critical Illness Insurance cover?
If you are diagnosed with any of the critical illnesses listed in the insurance, you will get financial compensation. In this context, critical illness is defined as a policy-covered life-threatening disease that occurs during the insurance term. In this context, policy-covered refers to conditions covered by a Critical Illness Policy, such as cancer, multiple sclerosis, stroke, and so on.
What is the significance of Critical Illness Insurance?
Aside from the physical discomfort that a critical illness causes, you will also have to be concerned about your finances at this time. That is why it is critical to purchase Critical Illness Insurance in advance to protect yourself financially in such scenarios.
The following are some of the reasons why it is critical to purchase Critical Illness Insurance.
- Financial protection
Your insurer will pay you a pre-determined payment if you are diagnosed with a policy-covered disease. This sum can be used to cover medical and other expenditures while you recover from your sickness. This saves you from dipping into other assets or investments for funds.
- Several diseases are covered
A Critical Illness policy will typically cover all of the common critical illnesses. So, if you are unfortunate enough to be diagnosed with any of them, don’t panic. Reading the policy paper on the app for health insurance will reveal the specific medical conditions that are covered.
- Income supplementation
You may be unable to work while suffering from a catastrophic disease. This may have an impact on your ability to provide for yourself and your dependents. Receiving this lump sum from your insurer may assist you in meeting your expenses. This can be especially important if you are the sole bread winner for your family.
- Supplements your medical insurance
Health insurance is the most commonly advised kind of financial protection against high medical costs. Having a Critical Illness plan in addition to your usual health insurance will provide you with comprehensive coverage. It will also assist you in better managing your non-medical spending.
- Be able to afford high-quality healthcare
Critical illness treatments are typically costly and require specialised care. Having Critical Illness Coverage can assist you in affording the best therapies for any illness that you may be suffering from. The Bajaj Allianz mediclaim app can help you find such locations.
- Low-cost premiums
Critical illness insurance is typically inexpensive. You simply need to pay low premiums to receive the substantial financial benefit provided by a Critical Illness Policy. You can compare premiums on a medical insurance app.
- Tax advantages
Money spent on purchasing Critical Illness Cover is tax deductible according to current tax legislation. If you buy one, you can take advantage of the applicable tax breaks. **
Diseases covered by a Critical Illness Policy
The following are some of the most prevalent ailments that are often covered by a Critical Illness Policy that might not be covered by a regular health insurance.
Multiple Sclerosis (MS)
- Ischemic Heart Disease (Heart Attack)
- Stroke
- Paralysis
- Transplantation of Major Organs
- Cancer
- Kidney Failure
- Major Burns
- Deafness
- Muscular Dystrophy
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.