CRITICAL ILLNESS
Critical
illness sometimes throws a family into poverty.
Because of large amounts of money needed, every year 3% of the
population, go one level down below their present class. Clearly the illness affects our financial
lives heavily.
Due
to the style of living, food, and pollution the probability of getting affected
by life-threatening diseases are getting higher day by day.
As
per the statistics on Indian health the incidence of Diabetes, heart diseases
and cancer have increased heavily. We
should be prepared financially so that we can concentrate on treatment and not
the financial aspects of that. So, to be prepared for that, having a critical
illness policy cover will be best.
WHAT IS CRITICAL
ILLNESS COVER?
If
the policyholder is diagnosed with one of the specific life-threatening
illnesses on a predetermined list as part of an insurance policy, the insurer
(insurance company) promises to provide a lump sum cash payment under the terms
of critical illness insurance. The payout may also be contingent on the
policyholder undertaking a surgical procedure, such as having a heart bypass
operation, etc. The policy may also be set up to pay out regular income.
Every
critical illness policy specifies the illnesses covered and not covered. The
major illnesses like heart attack, cancer, stroke, and coma are commonly
covered by all the critical illness policies. As the probability of occurring
these is high and the payment on these illnesses (cancer or coma) are not one
time task, it might be the life time operational costs. And the cover for other
critical illnesses varies from company to company.
Below
given table highlights the commonly covered illnesses with varying and
uncovered illnesses.
LIST OF
CRITICAL ILLNESSES
Number of Illnesses covered in the policies, vary from one company to another. While some policy may cover just 5-10 illness, others may cover 30+ ... So, it’s important to look at premium and number of Illness covered before choosing the policy.
BENEFITS OF CRITICAL ILLNESS COVER –
1. Financial
security for your loved ones - Critical Illness cover not only pays for
protecting your life but makes your family feel secure financially.
2. More
than 30 Illnesses are covered - Some companies cover more than 30 illnesses.
3. A
second opinion of the doctor - Second opinion gives us the chance to get a
better review on diagnosed illness from a specialized doctor. Almost all the
companies provide second opinion.
4. 100%
payout - If diagnosed with a critical illness then the company pays the entire
sum assured of the policy.
5. Tax
benefit - All the policies of critical illness come with a tax benefit u/s 80D
of Income Tax Act,1961.
6. Peace
of mind - After purchasing the critical illness insurance, you can breathe
easier knowing that your financial situation is now taken care of. If you
develop a critical illness disease, you can now concentrate more on getting
well than on finding money here and there.
Differences
between Critical Illness cover from a Health Insurance Company and a life
Insurance Company
TOP 5 CRITICAL ILLNESS COVER
****** The premium details are for a 1-year policy including GST.
CONCLUSION
Depending
on your need, decide on the cover you need.
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