The critical illness insurance policy covers for a list of life-threatening critical illnesses like cancer, heart attack, renal failure etc. The policy provides a lump sum as the coverage after diagnosis of a covered illness. The insured can use this lump sum for treatment purpose. If the insured survives a minimum number of days, he can avail the benefits of the policy according to the terms and conditions.
There are some features of Critical Illness Insurance plans. First of all, there is critical illness coverage. For up to 36 major critical illnesses, coverage is provided. These illnesses include tumour, cancer, kidney failure, heart ailments etc. The insurer provides a lump-sum payment for the treatment of these covered illnesses. Based on the reports of the diagnosis the claim can be easily processed. The coverage is usually paid after the end of the waiting period. Also, as the insured is unable to work anymore, a part of the lump sum can be used as the replacement of income.
There are many benefits of Critical Illness Insurance. As the insured is diagnosed with a critical illness he or she becomes unable to work making the whole family suffer. Also, it becomes extremely tough to take care of medical expenses. Buying a critical illness insurance policy can be a secure way to take care of your family and treatment expenses. The insurer pays a lump sum amount on diagnosis of a covered illness. The policyholder can get the advantage of tax benefits under the Income Tax Act. Tax exemption of up to Rs 15, 000 can be available. Senior citizens can avail tax benefit of up to Rs 20, 000 under the same section of the act.
The extreme lifestyle of the 21st century is spreading life-threatening diseases like cancer, heart attack, stroke etc. These result in bedridden condition and no income. The patient and the family suffer from a financial crisis. Critical Illness Insurance plans can be beneficial at these points of times.
Hospitals are spending on super speciality equipment and thus people are getting better treatment. This medical inflation has taken the cost of treatment to a sky height. Keeping the expenses in mind, opting for a critical illness insurance plan seems quite viable.
There are some important factors to check before buying these plans.
The first thing is the total sum assured. The coverage amount is important to determine while choosing a suitable policy. Also, there is a critical illness insurance rider that offers comprehensive coverage. You should consider the insurer's age and also the maximum renewal age of the policy. Check the waiting period before buying a critical illness insurance plan.