OneInsure Blog

Critical Illness

Post By Varghese

Think Ahead, Get a Critical Illness Policy

“Thanks, but I have a health insurance policy”. This is the common rebuttal we get from customers when we approach them with a Critical Illness plan. Unfortunately, Critical Illness is one of the most underrated forms of Insurance in India, for it is assumed that critical illness is similar to health insurance or a mediclaim policy, but in reality, critical illness policies work very differently from a health cover. Moreover, customers don’t realize the importance and relevance of having a Critical Illness policy in today’s fast-paced life.

India is often known as the Coronary Heart Disease and Diabetes Capital of the world. What’s more disturbing is the strong prevalence of these lifestyle diseases among youngsters in the age group of 25-40 years. Obesity, unhealthy eating and sleeping habits, high stress, pollution, smoking, and physical inactivity are factors responsible for these diseases.

So How Is a Critical Illness Policy Different from a Health Cover?

Helping Hand - While health plans compensate for the cost of treatments and surgeries, critical illness insurance pays out lump sum amounts when the policyholder is diagnosed with one of the critical illnesses listed in the plan. This gives you the freedom to use it the way you want to. Treatment of a life-threatening disease can be both extensive and expensive. Health insurance will only cover the hospitalization, medication, and diagnosis expenses, provided you comply with the terms and conditions. Also, the limit of your health policy may not suffice and there may be several incidental expenses that your policy may not cover. This is where a Critical Illness policy comes in handy.

Lump Sum Amount - The lump sum amount offered can be used for your treatment, to clear debts, or to pay for your daily household expenses. During the course of the treatment, most patients are forced to give up their jobs or take a sabbatical, which results in loss of income. A Critical Illness policy helps you overcome this barrier and allows you to continue the treatment without any hiccups.

Low-Cost Coverage - A Critical Illness policy is an inexpensive product that costs approximately one-third of your annual health insurance premium. This means that a healthy 30-year-old can get a cover of Rs 5,00,000 for a premium of just Rs 2,000 per year, which works out to approximately Rs 5.5 per day. Yes, you read it right - just Rs 5.5/day! Moreover, you can avail tax deductions on a critical illness policy under Section 80(D).

Considering the healthcare inflation rate of around 15%, the cost of treatment and other medical expenses are bound to increase significantly. As a result, the health cover you have today may not suffice for a big treatment in the future. A combination of health insurance and critical illness insurance is a must in today’s time. So, start early and get a policy when you don’t need it, or else you may not be eligible when you actually need it.

To know more about Critical Illness policies, call us at 86559-86559 or email us at support@oneinsure.com to avail the best deals.