Critical Illness
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The issue with Critical Illnesses is that they creep up on you all of a sudden. One day you’re feeling great and on top of the world, and the very next week you could be given news by the doctor during your routine annual medical check-up that a tumour has been found in your spine.
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Cancer ran in Archana’s family. First, it was her father, whom she lost to lung cancer.Then it was her sister, whom she lost to colon cancer. So, when she noticed a little hard bump on her neck, she promptly fixed an appointment with her doctor.
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If we go by statistics that we have at the moment, over 67,000 women die of cervical cancer in India every year, making it the second highest cause of cancer deaths amongst Indian women after breast cancer.
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With an upsurge in life-threatening diseases, having Critical Illness insurance by your side has become important. A Critical Illness policy will take care of life-threatening (cancer, major organ transplant, multiple sclerosis, third-degree burns, aorta graft surgery) and lifestyle-disabling (heart valve replacement/repair, coma of specified severity, total blindness, end-stage renal disease) illnesses.
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Among policy seekers, Critical Illness insurance remains a highly misunderstood type of insurance. The misunderstanding results due to its somewhat similar characteristics with health insurance. However, Critical Illness plans and health plans are different types of insurance policies, with different features, and provide different benefits. Therefore, before you subscribe to any particular plan, it is required of you to have an accurate understanding of what a Critical Illness plan is, how it is different from a health plan, and what benefits you may or may not receive under Critical Illness insurance. And to know that in 2 minutes, go through the myths one by one as we bust them for you.
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For some, just the mention of the word ‘cancer’ is enough to give them goosebumps. While it is completely alright to feel scared or angry, one needs to be mentally, physically and financially prepared to face what is ahead. The Indian Council of Medical Research has said that overall number of new cancer cases is expected to be close to 17.3 lakhs by 2020. The study further said that breast cancer will be the most common among women and mouth cancer among men.
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When Ramesh's friend suffered a stroke, Ramesh got to witness the financial toll it took on his friend's family. They did not have any financial backup in place, so his friend's family really struggled to meet their everyday expense. Ramesh was now convinced that he needed to include a critical illness insurance plan to his insurance portfolio. Should he suffer from any critical ailment, the payout from the policy would cover his expenses for the time he took off work.
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Many people are under the impression they don’t require a critical illness cover or a personal accident insurance policy simply because they already have a health insurance policy in place. They mistake the two policies to function in a manner similar to health insurance cover. Lack of product knowledge can be attributed as the main reason why many with health insurance policies fail to get a personal accident or critical illness cover.