Critical Illness Health Insurance Cover: A Must Buy

When critical illnesses strike, they can impact not just the patient but the entire family. Find out why you should have a critical illness cover so that you are prepared in times of medical emergency

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It is natural for humans to think that nothing can happen to them. How many times do we say to ourselves, “It won’t happen to me”? While it is good to be positive, psychology calls this syndrome as optimism bias, which makes people think that the chances of them going through a negative experience are low. People tend to think like this when it comes to their health too. “Tobacco won’t give me cancer.” “I am too young, or too fit, to get a heart attack.” But, critical illnesses such as cancer, heart diseases, strokes are more common than you think, and can just about happen to anyone. So, what are some measures that you will take to manage the impact of critical illnesses? Buying a health insurance cover for critical illness is the first step.

What Happens If You Don’t Have A Critical Illness Health Insurance Cover

Hitesh, 32, recently got the job he had been working towards for several years. He also became the proud father of a girl. A marathon runner for over five years, he was fit and healthy. Hitesh practiced yoga on a daily basis, and rarely ate anything else other than healthy homecooked meals. He was someone who people looked up to for inspiration. Even though, Hitesh loved his job, and gave it all, he also valued his work–life balance. So, he was someone who rarely stressed over work. Nobody would have thought Hitesh would be a likely candidate for any ailment, let alone a critical illness such as a stroke. While returning home one day, Hitesh suffered a stroke. Even as everyone was shocked at Hitesh’s sudden illness, his father said it could be hereditary as stroke and heart diseases were common in his family. The doctor confirmed his belief.

Hitesh was taken for immediate surgery, and the treatment costs would be upward of Rs 10 lakh. Since Hitesh only had a corporate health insurance of Rs 1.5 lakh, the outstanding cost would have to be borne by his family. His wife was forced to sell their home to pay for the treatment costs, as the family had limited savings.

If only Hitesh had a critical illness health insurance cover, Hitesh and his family would not have had to go through such an ordeal, and they could have probably saved their house too.

How Will A Critical Illness Health Insurance Cover Help?

If you have a critical illness health insurance cover and have been diagnosed with any of the critical diseases that are mentioned in your policy, your insurance provider will pay a lumpsum amount, which is the sum insured. Critical illnesses are expensive to treat, and since one may not be able to resume work immediately after treatment, the payment made by your health insurance provider can help you immensely.

You may think that you don’t need a critical illness health insurance cover as you already have a health insurance policy. Your health insurance policy will pay for your hospitalization, but what about the money you will need for medicines, regular health check-ups, doctor consultations and so on. The pay-out received from your health insurance provider on your critical illness policy will help you meet these expenses. Therefore, buying a critical insurance cover in combination with an individual medical insurance plan is even better as both your hospitalization and treatment costs will be taken care of.

Moreover, with a critical illness health insurance plan you might not have to dip into your savings, or be forced to sell your property to pay for your medical treatment.


Who Should Buy The Critical Illness Cover

Ideally, everyone should buy the critical illness cover as the risk of critical ailments such as heart diseases, cancer has increased in today’s times. Even those who lead a healthy life may be affected by these diseases due to various reasons, as noted in the case above. If you fall under one of these categories, you should definitely consider buying the critical illness cover.

1) Critical Illnesses Run In Your Family

Perfectly healthy and fit people have been known to be diagnosed with heart diseases because someone in your family had it. If critical illnesses such as cancer, heart diseases run in your family, you should buy the critical illness cover. A critical illness cover ensures that you and your family are financially protected during times of medical emergency.

2) If You Are Healthy

You should invest in a critical illness cover when you are healthy. This might sound strange to you but if you have been diagnosed with a critical illness, you will not be able to buy the critical illness cover.

What Is Covered Under Your Critical Illness Cover

Unlike your individual/group health insurance cover, which mostly covers hospitalization expenses, a critical illness cover pays a fixed amount equal to the sum insured on the diagnosis of a critical ailment as mentioned in your policy. There are some exclusions under your critical illness cover for which you will not receive pay-out from the health insurance provider. Some of these are:

-Any pre-existing illness the insurance holder had at the time of buying the critical insurance cover

-AIDS, HIV, and sexually transmitted diseases

-Genetic disorders

If you buy a critical illness health insurance cover today, it is a decision that you will not regret as the policy is quite affordable. The benefits you will receive in case there is a diagnosis of a critical illness are numerous, which you may not be able to get if you have a standard health insurance policy. If you want to reduce your financial risk due to a medical emergency, it is best to buy a critical insurance cover along with a health insurance policy, which will cover your hospitalization expenses.

The views, thoughts, and opinions expressed in the artefact above are for marketing purposes only. Before concluding the sale, please refer to policy wordings and prospectus

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