“Cancer,” the doctor informs you after looking at your medical reports. “Last stage.”
These three words have a devastating effect. You can feel all your dreams and aspirations slowly melt into nothing. You can no longer send your child to a top school or take your family for a foreign vacation. Your life savings may not be enough. Treatment costs 30 lakhs. Without the treatment, the doctor says you will live only 3 months…
In such a scenario, an insurance policy that bears the entire cost of your treatment would be the answer to all your prayers.
The Insurance industry exists to assist policyholders who find themselves in such challenging situations. What’s more, the Critical Illness policy is very pocket-friendly too. For example, a Critical Illness cover of Rs 30 lakhs for a reasonably healthy 35-year-old will cost close to Rs 10,000 a year.
Additionally, these plans are built specifically keeping in mind the instabilities that one has to go through when one contracts a critical illness. Most Critical Illness plans come with income-replacement benefits, which give monthly pay-outs to the policyholder’s family members while s/he is unable to go to work due to the illness.
Here are some of the critical illnesses generally covered in a Critical Illness policy:
- Several strains and severities of cancer
- Heart disease
- Renal (kidney) failure
- Conditions requiring major organ transplants
As we all know, hospital costs have increased greatly in the last couple of decades, and they will continue to do so. The costs for the treatments of critical illnesses have gone up too. In such a scenario, it is always wise to have the Critical Illness policy safety net. This is why this policy is a must-have in the urban Indian’s financial portfolio.
Want to know more?
- Read here to know how Critical Illness policies differ from Health Policies
- Read here to have some important Critical Illness questions answered
- Here are some Critical Illness policy myths busted