No matter how hard we try, sometimes some of us get some kind of illness that becomes tough to deal with. And if it is a critical illness like paralysis, cancer, stroke, or even a major organ transplant, it not only affects the individual’s physical and mental health but also the finances. If you know someone who has been diagnosed with one such critical illness or they have a family history of one such illness, you must suggest them to buy a health insurance policy.
If you have a family history of any critical illness, it is prudent to buy a critical illness health insurance policy. Once you buy this health insurance policy, even if you are diagnosed with one such illness and have to be hospitalized, you will not have to be bothered about the finances. Up to the limit of the sum insured, your medical bills will be paid by the insurance provider.
What is a critical illness health insurance plan?
A critical illness health insurance policy is basically a benefit-based health insurance plan that will provide you with financial protection. If you are diagnosed with a critical illness that is listed in the document of your policy, you will get financial support from the insurer. A critical illness insurance plan offers a lump sum amount after the policyholder completes the survival period successfully. The lump-sum amount you receive need not be used only for paying the medical costs. The amount can be used for other purposes as well such as buying groceries, clearing debts, paying for the education of your child, or even getting treatment abroad. Some of the common critical illnesses that are covered under a critical illness insurance plan include heart attack, paralysis, cancer, stroke, kidney failure, and heart valve replacement because of defects or anomalies.
Benefits of a critical illness insurance plan
When you buy a critical illness health insurance plan, you are likely to get the following benefits:
- Easy claim process: You do not need to be hospitalized to avail of the benefits under a critical illness insurance plan. You will be able to avail of the claim benefits even based on the diagnostic reports.
- Lesser waiting period: Critical illness health insurance policies offer a shorter waiting period of up to 3 months. This means, as soon as you are covered, you can start availing of the benefits of the policy.
- Ad-on covers: Several insurance companies provide add-on covers along with their critical illness policies. You must opt for those insurance providers.
- An income replacement: When an individual is diagnosed with a critical illness, it affects the entire family’s finance. However, when you have a critical illness insurance policy, you will get a lump sum amount that can help you to cover your hospital or household costs.
- Tax benefits: Under a critical illness insurance plan, you will be able to avail of tax benefits. Under Section 80D of the Income Tax Act, 1961, you can avail of tax benefits for the premiums that you pay for the critical illness policy.
- Treatment on foreign land is covered: As you purchase a critical illness health insurance plan, you can choose to get the diagnosis either in India or in any other country. And for this, you will get a lump sum amount from the insurance provider.
Along with all the benefits, you can surely have some peace of mind when you have this kind of health insurance policy. If you are looking for some of the best critical illness health insurance policies, you can take a look at the IIFL website. You can even check the premiums that you will be paying in the future by using the health insurance premium calculator.
