Critical Illness Insurance Policy: Do you need it?

Critical Illness Insurance Policy: Do you need it?

As the name suggests, a critical illness plan offers coverage against serious life-threatening diseases such as cancer, kidney failure, organ transplant, and stroke, besides many others. A critical illness policy offers a great degree of financial security by protecting you in case you become seriously ill.

Upon being diagnosed with a defined critical illness during the term of the policy, you are entitled to receive a lump sum benefit. This amount may be utilized to meet your medical costs as well as your day-to-day expenses. This prevents utilization of your lifetime savings and ensures that you receive the best medical treatment without having to worry about making huge payments towards your medical costs.

Factors to keep in mind while buying a critical illness plan

It is imperative to make a well-informed insurance purchase decision. You should, therefore, consider the following aspects before opting for critical illness insurance:

  1. Coverage boundaries

    Consider the number of illnesses your policy covers. Determine your needs and choose a policy that covers hereditary illness or the disease you are highly susceptible to. You may also opt for a large size insurance coverage to offset the high medical costs.

  2. Ease of making claims

    It is necessary to know the claim process of the insurance provider. The claim procedure of some insurers is very complicated and hence it is best advised to stay away from them. Consider the claim settlement ratio while zeroing in on an insurance provider.

  3. Waiting period

    Another important aspect to keep in mind is the waiting period. The waiting period indicates the duration after which you become eligible to receive the policy benefits. Any critical illness diagnosed during the waiting period is not covered under the policy.

Who needs a critical insurance plan?

Buying a critical illness policy is a good idea, especially if you are the breadwinner of the family. Diagnosis of a critical illness may mean a loss of ability to earn income. You may use the received lump sum amount to support your family’s needs and to cover your financial obligations such as loans and credit card debts. Besides, you may consider investing in a critical illness insurance plan if you do not have adequate savings to rely on in case of a medical emergency. Buy such a plan if your current health insurance policy or your employee benefit package does not offer critical illness cover.

If you are looking out for the best critical illness plans in the market, consider investing in HDFC Life Easy Health Plan. This plan offers coverage against 18 diseases such as kidney failure, cancer, and heart attack, besides others. It also covers 138 surgeries. HDFC Life Easy Health Plan provides high coverage with premiums as less as INR 9 per day. This plan does not require you to undergo any medical tests, thus saving you from any kind of hassles. You may, therefore, avail of the benefits of this critical illness cover and be financially prepared for health emergencies at all times.

*premium Amount for Male, 35 yrs, 10 year term, Silver option, including tax.
HDFC Standard Life Insurance Company Limited.

Insurance is the subject matter of the solicitation. For more details on risk factors, associated terms and conditions and exclusions please read the product brochure before concluding a sale. HDFC Life Health Assure Plan (Form No. P501-105, UIN: 101N087V01) is the name of traditional health plan offered by HDFC Life. HDFC Standard Life Insurance Company Limited is only the name of the Insurance Company, HDFC Life is only the name of the brand and HDFC Life Health Assure Plan is only the name of the product. The name of the company, name of the brand and the name of the product does not in any way indicate the quality of the contract, its future prospects or returns. HDFC Standard Life Insurance Company Ltd. IRDAI Reg No. : 101. ARN: MC/03/2015/6186.
CIN : L65110MH2000PLC128245. Tax benefits are subject to change in tax laws.

Corporate Office & Registered Address

HDFC Standard Life Insurance Company Ltd.
Lodha Excelus, 13th Floor Apollo Mills Compound,
N.M. Joshi Marg, Mahalaxmi
Mumbai, Maharashtra 400011
Telephone: (022) 67516666

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