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Why a Critical Illness Cover Against Diseases Like Cancer, Is Your Best Bet
[Posted by: InsuringIndia Blog on 10-Feb-2016]

In these unpredictable times of stress and challenges, you may have insured yourself against a number of unforeseen dangers to life, property and health. But what if a critical illness strikes? You may then, uncover a harsh reality. Even though comprehensive, your health insurance may not be able to cope with the demands of your new calamity. Consequently you may end up shelling out more money, losing your livelihood, severely impacting your lifestyle and jeopardizing your future along with your family's. 


Whether or not you have a family history of critical illnesses like cancer, it is wise to opt for a critical insurance policy today because it protects you against escalated costs of medical treatment.


 If you're faced with incurring partial/total disability, loss of income, and inflated medical expenses along with critical illness diagnosis, this policy is your best bet. You must opt for this after a certain age. This means that regardless of your already existing health policy which may be restrictive after a point in terms of expenses, most of your additional worries can now be dealt with, by the insurance company. Also, opt for a standalone policy for critical insurance. This is because it offers more flexibility in choosing the sum insured and also larger covers when compared to riders which are clubbed with other policies. 


Depending on what type of critical health insurance policy you choose, you will pay a fixed premium and avail benefits and compensation when required. There are varied policies for women and senior citizens available in the market today. 


Diseases covered and the benefits of critical illness insurance


·        It is most beneficial for breadwinners of the family, who cannot afford to take a risk with their health.

·        This policy is a boon for anyone with a family history of critical illnesses. 

·        Anyone who wants to safeguard their health can opt for this policy.

·        A critical illness policy pays a lump sum on the diagnosis of a serious/critical illness. 

·        You are still covered even if your critical illness doesn't require hospitalization.

·        Common critical illness covered include heart attacks, stroke, cancer, paralysis, transplant of vital organs (heart, kidney etc), kidney failure, deafness, bacterial meningitis, end stage liver disease, end stage lung disease, bone marrow transplant, coronary bypass surgery, etc.

·        Opting for a critical illness policy ensures tax benefits

·        Recuperating & hospital costs are also covered. 


Do's and don'ts for choosing the best critical illness cover 


Your checklist for choosing the best critical illness policy should take into account low premium and waiting period and the sum that should be assured by the insurance company should be at least four times of your annual income. But your biggest denominator should be choosing a policy with an extensive coverage of critical ailments because that will be your biggest safety net.


Always evaluate your future financial liabilities and how much you are willing to pay. 

While buying these polices always read the fine print and compare existing policies --premium, benefits, disadvantages, sops, terms and conditions--to see what suits your needs the best. It's always best to buy an insurance policy online as it saves time, is cost effective and is a transparent option.

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*This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for an individual health policy with the sum insured of Rs. 5 lakhs.
**This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for a term plan, with the sum insured of Rs. 30 lakhs, and the premium paying term of 30 years.
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