Know The Importance of Critical Illness Insurance Policy in 2021


Sometimes life can be ungracious. We can’t predict what is going to happen in our life tomorrow.  You may have to suffer from critical illness at any stage of your life, and ultimately the medical expenses become very difficult to cover. Furthermore, if you are the one and only earner in your family, then your family may suffer from an economic and mental crisis.

To get rid of this problem, it is recommended to buy a critical illness insurance policy that provides critical illness benefits.

The only motive of critical illness care insurance coverage is to pay for the treatment of unpredictable illness.

Get the right policy: 

If you are willing to buy an economical insurance policy, then you should buy term care insurance. A person who wants to buy the policy has to pay a certain amount of premium yearly, depending upon which plan you have chosen. Consequently, the death benefit is given to the nominee if the policyholder dies for any reason during the incumbency of the policy. A lump sum amount is given in case of any illness included in the policy. Cancer, AIDS, heart attack, cirrhosis, bronchitis, emphysema, coronary heart disease, brain tumour are some of the critical illnesses. Both hospitalization and non-hospitalization expenditure are covered under a term care insurance plan with a critical illness. You don’t need to go to the hospital over and over again as the policy is providing you with an additional benefit. 

The process: 

Once you have picked a term care insurance plan along with critical illness benefit you have to pay the same amount of premium during the entire incumbency of the policy. So, the premium amount will not increase even when you are diagnosed with a critical illness.In India, health care costs are increasing day by day. So it has become compulsory to have a satisfactory insurance cover to avoid economic issues. Your insurance policy will cover all the high medical expenses.

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Other benefits: 

Under Section 80C of the Income Tax Act, 1961 you will get tax benefits for paying premiums for your term care insurance plan. Rs. 150000 of the premium amounts is deductible from your taxable amount.If you suddenly fall ill and you are not having any insurance policy, then high treatment costs may lead to economical and mental crises for you and your family. It is often seen that so many people die due to a lack of money. But if you are having a critical illness policy, you will get funds from time to time and can save your life. Keep the following points in mind while opting for a critical illness plan:

  • What kind of diseases are covered: Check the list of critical illness covered in the plan very carefully.
  • Apparent claim process: You should be aware of rejections and the claim process 
  •  The accurate amount of sum insured: You should calculate the average amount of treatment of all the major illnesses. Inflation must be considered.

Critical illness insurance would be very helpful for you and your loved ones at the time of medical emergencies. These plans have an enormous number of advantages. One should not take a critical illness insurance policy lightly as it supports you during your tough times.

How to find the right policy?

For anyone, insurance is much required as it can prove highly useful at a moment when one needs much support. However, it depends on the situation as one may not need it for years also. While buying an insurance policy one needs to focus on certain points. One must not fall to the marketing gimmicks of the seller and check the facts thoroughly. The claim system, claim ratio, coverage of diseases, time to settle the claim, exclusions to the policy and policy premium as well as term are the most crucial factors that one has to check before going for any policy. 

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In many policies, one can have additional riders which prove useful in certain situations, and they are presented without any additional cost. In the case of a critical insurance policy, one needs to understand what is defined as critical before signing the application form. The language of the policy is legal and binding to both parties. Hence one must not take it lightly as it may lead him to another trouble. The Care Insurance is there to support one in case of any unfortunate incident, and one cannot take any undue advantage of the same under any circumstances. 

To get the claim settled one has to furnish necessary documents and provide all relevant information that an insurance company needs for the settlement of the claim. At this juncture, the most important point is one needs to verify the information provided by the company on his own and compare the same with other service providers to have a clear picture. 


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