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:
Who needs a critical insurance plan?
- 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.
- 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.
- 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.
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.