What is Critical Illness Insurance?

Having a critical insurance plan is important! This article will tell you everything you need to know about critical illness cover. Read on!

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Lifestyle illnesses are on the rise! If the estimates from various international and domestic studies are to be believed, one in every four Indians runs the risk of suffering from non-communicable illnesses such as cardio-vascular ailments or cancer before they turn 70.

Luckily, there’s a lot you can do to avoid such conditions. They say an apple a day will keep the doctor away, similarly, following a healthy lifestyle will keep such illnesses at bay. A little exercise every day and a healthy diet will go a long way in reducing the risk of such conditions. However, there’s no certainty that these proactive steps will keep you 100% safe from these life threatening ailments.

It is quite likely these days that you may come face-to-face with such ailments, therefore it’s best that you are completely prepared. How do you do this? It’s simple — get yourself critical illness insurance! This article will explain everything you need to know about such insurance plans and how they can help in a medical emergency.

What is critical illness cover?

Critical illness insurance provides coverage against specific life-threatening conditions. Treating these conditions usually takes a lot of time and requires several trips to the hospital. What this means is that, besides hospital bills, one has to also pay doctor’s bills, the cost of ongoing medication, path-lab expenses and so on. With critical illness insurance, the policyholder will be provided a lump sum amount that he/she can use to cover all these expenses with ease!

Moreover, the sum insured of a critical illness cover is usually quite large, and can also be used to cover the loss of income for the policyholder. It ensures that despite being out of work due to the critical illness, the policyholder can still be able to pay EMIs and other expenses they have without liquidating their assets or dipping into life savings. The best part is that, the sum insured of a critical illness plan is separate from the sum insured of your health insurance policy.

When and how should you apply for critical illness insurance?

There’s one thumb rule when it comes to buying health insurance — critical illness or otherwise, and that is to buy young. Therefore, if you haven’t purchased a critical illness policy yet, the best time to buy one is now.

Critical illnesses are known to occur as a surprise, but there are ways to find out when you must opt for critical illness insurance. If there is a history of family illnesses like cancer, heart attack, paralysis and, others that are serious and life-threatening, it is better to play safe and get critical illness insurance. If you already have health insurance you can get the critical illness insurance as an extra benefit. However, you can always purchase critical illness insurance as standalone insurance from the insurance provider. Some even have multiple critical illness covers from different insurance companies, so as to provide appropriate financial security to the family at the time of need.

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