Critical Illness cover is a type of plan that gives you coverage against specific life-threatening diseases. It helps you to be prepared for any critical diseases that you may face at any point in time. Studies show that there has been a steady increase in the number of people falling prey to such illnesses due to changes in lifestyle, consumption patterns, etc.
Critical illness insurance provides coverage if you experience one or more of the following medical emergencies:
? Heart attack
? Organ transplants
? Coronary bypass
? Kidney failure
In most cases, health problems strike suddenly and can leave the family with a huge financial burden as the expenses associated with treating such problems are high. If the person who has fallen sick is the breadwinner of the family it can also cause a fall in income. This ultimately leads to the family having to dip into their savings which were kept aside for other important stuff like their child’s education or their own retirement.
This brings us to the why part of the question.
1. Healthcare Costs
The cost of availing treatment for critical illness has increased exponentially and it will continue to increase due to ongoing inflation in medical costs. If you are diagnosed with such critical illness you are bound to incur high expenses and this may land you in a financial rut. Having Critical Illness Cover vastly reduces the burden of such financial expenses from your shoulders. It ensures that you get the treatment you require without stressing about the expense.
2. Prepared for contingencies
The treatment for critical illness can be a long and exhausting process, not only physically but mentally as well. It absorbs both time and money. The expenses of the treatment start to pile up and the income starts going down. This lands the person in double trouble. The critical insurance cover protects you from such financial contingencies.
3. Lump-Sum Compensation
Critical illness plans offer lump sum compensation which gives you higher flexibility to use the money when compared to the normal health plan. This is advantageous as you don't have any restrictions on how to use the money received from the policy.
4. The flexibility of Choosing a Disease-Specific Insurance Plan
You have the option to choose plans for diseases that are common in your family history. This protects you from wasteful expenditure and ensures that you are covered for illnesses that you are most susceptible to.
5. Freedom to take treatment from International Hospitals
Critical illness policy allows you to seek treatment outside India. A fixed sum is paid on the diagnosis of a critical ailment, irrespective of whether the treatment takes place in India or abroad. It means the policy can help you if you want to go abroad for further medical treatment.
Critical Illness cover helps you ease the financial burden of paying the hospital bills. It's up to you to read more about such plans and make an informed decision that best suits your needs. You have to factor in the various points of such plans like the illness it covers and to what extent etc.