Why you need to know about critical illness insurance?

Do you think just because you are young, you do not need critical illness insurance? Read on!

As the name suggests, critical illness insurance has been designed to cover extreme health issues. Even if your age is 30 or 35, it does not mean, that you cannot suffer from dangerous medical conditions.

Apart from the health-related aspect of these illnesses, there is another part which most people fear about. It is to do with, having to cover the expenses of dealing with critical illnesses.

One of the only ways an individual can manage to get security against such situations is with the help of critical illness insurance. These policies have been designed to deal with extreme expenses, that come with essential medical treatments.

Here are all the things that you should know about the
best critical illness insurance in India.

Who can buy critical insurance cover?

In case you or your spouse has a family history of critical illnesses, then purchasing this policy is a must. It is because for such people, the chance of suffering through a critical illness is higher than usual.

For those of you who do not have any savings whatsoever, a critical illness policy is worth buying. Dealing with small medical bills can be challenging - imagine what would happen if you had to pay for a critical illness treatment. That is why these plans are considered a critical illness insurance benefit.

Lastly, even if you have an employer's group health insurance, there might be a chance that it does not cover the time taken off to get treated. This is yet another category of people who must invest in critical illness insurance.

What is covered in critical illness insurance?

There are a bunch of different critical or extreme illnesses, which are covered under such policies. All these ailments take a significant amount of time to be cured, along with a hefty sum of money.

Cancer
Heart illnesses
Paralysis
Coronary artery bypass graft
Organ transplants like liver, heart, or lungs
Strokes
Kidney failure

Why should you buy critical illness insurance?

1. Lifestyle situation

Our lifestyles have changed a lot over the years. Most people these days eat junk food and are sitting in one place all the time. Besides, our jobs have also become more stressful, which is another reason why we are prone to critical illnesses.

2. Financial assistance

If one is asked to pay Rs.10 lakhs or Rs.20 lakhs overnight, it would be impossible to arrange the money. But with the help of critical illness insurance, you will be able to do so in case of a medical emergency.

3. Financial stability

Since you are not paying all the amount at once, you have some financial stability. By purchasing a systematic critical insurance plan, you will know how much money you need to keep aside every month without disturbing your budget.

4.Affordable premium

The premium rate of critical illness insurance is not much higher than regular health insurance. It means if you can afford medical insurance coverage, you can definitely buy a more complex version of the same.

5. Tax benefits

Critical illness insurances are also deductible in tax. It means the premium that you pay for such guarantees can be claimed in income tax returns. For example, in case you have purchased a Bajaj Allianz critical illness insurance, you will be able to have right of its premium as a tax benefit.

The Bottom Line

There is not much difference between medical and critical illness insurances.

Whenever you decide to get yourself secured against medical conditions, we suggest you go a step further and buy critical illness insurance instead.

It will give you a broader range of coverage, along with protection against the worst medical situations.