Critical Illness Policy: Why Should You Purchase One?

Why you should consider critical illness insurance

It is difficult to comprehend the reasons behind the increase in critical illness patients in India. Sedentary lifestyles, contaminated food, and pollution all play a role. As a result, an Indian study estimates that coronary heart disease cases will rise from 22.6 lakh in 1990 to 47.7 lakh in 2020. One of the most concerning aspects of severe illness is that it affects people of all ages, genders, tribes, and places. As a result, it is crucial to prepare yourself to deal with the unfortunate situation on all levels: physically, emotionally, and, most significantly, financially. 

While a regular fitness regimen can help reduce stress and improve physical health, purchasing critical care insurance is a wise step to protect yourself and your family from financial hardship.

What is Critical Illness Policy?

Critical illness insurance is a type of policy that covers different life-threatening diseases that necessitate costly medical treatment. The policy provides a lump-sum payment upon diagnosis of the disease to cover medical expenses of the policyholder.  

What Does a Critical Illness Policy Cover?

Critical illness cover becomes a necessity if you do not want your family members to suffer from mental or financial hardship due to your sickness. Furthermore, a critical illness plan compensates for income loss as well as treatment costs. The number of serious diseases that insurers cover can vary depending on the plan acquired by a policyholder. However, most insurance companies protect 8 to 20 life-threatening ailments, including:

Heart Attack (first time)StrokeOpen Heart Coronary Artery By-pass Grafting
Cancer (up to the specified stage)Coma (defined severity)Kidney failure (requiring Dialysis)
Paralysis in Limbs (permanent)Open Heart ReplacementHeart Valves repair
Organ TransplantDeafnessMajor Burns
Motor Neuron Disease (ALS)Multiple SclerosisLiver Disease (end-stage)
Bacterial MeningitisBone Marrow TransplantAplastic Anaemia
Loss of SpeechViral HepatitisMuscular Dystrophy
Lung Disease (end-stage)

Before buying critical illness insurance, it is vital to understand all the diseases covered under the plan. Similarly, it is also required to list all the policy’s exclusions. Hence, before finalising your insurance plan, make sure you pay attention to all the details. 

Why Should You Purchase a Critical Illness Policy?

The rising cost of medical care and the growing threat of fatal diseases are two critical reasons for obtaining a critical illness policy. Other compelling reasons to choose the policy are as follows:

  • Family History and Others

Individuals who have a family history of seniors or other family members suffering from any life-threatening condition are more likely to contact one. Such persons should take a proactive strategy and purchase insurance that meets their budget and requirements. The policy provides you with the mental peace that you and your family will be financially secure if an unforeseen event arises. Some other groups of people, including those working in high-pressure jobs and those above 40 years of age, must get the policy.

  • Protect Savings

The soaring cost of medical inflation can swiftly deplete your savings. But, with a critical illness plan, you can protect your savings while obtaining the best medicine.

The majority of critical illness insurance plans have a 90-day waiting period. If you want to buy an insurance plan, analyse the various options on the market and choose the one that best meets your needs.