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Why Buying Critical Illness Insurance is a Must

Posted On : 22 February 2023, 1 Years Ago. Health-Insurance
Critical Illness Insurance

Critical illness insurance is a kind of insurance that provides financial protection to individuals and their families in the event of a life-altering medical condition. It assists in covering medical treatment, recovery, and any missing wages due to inability to work. With Critical Illness Insurance, individuals and their families can rest assured that they will have the financial resources to help them through a difficult medical diagnosis and the associated costs.

 

What is Critical Illness Insurance?

Critical illness insurance protects against severe and long-term illnesses requiring costly medical treatment. Most health insurance policies offer critical illness rider coverage for an extra premium, which assists the insured in covering exorbitant hospitalisation and treatment costs.

 

The critical illness benefit covers specified life-threatening conditions. Such serious illnesses may necessitate many hospital visits over a long period. In addition to hospitalisation expenditures, there will be fees for doctor visits, medical bills, and other costs. A critical illness benefit provides a lump sum payment that can be used to offset these out-of-pocket payments. You can receive this lump sum payout and any mediclaim or health insurance coverage you may have.

 

Benefits of Critical Illness Insurance

A few days of illness can result in excessive hospital expenditures, making it challenging to maintain a decent quality of life. With a critical illness benefit, you may be confident that your loved ones will not be burdened by hospital bills, doctor's fees, and other obligations.

 

  • Coverage: Critical illness insurance covers major critical illnesses, such as cancer, tumour, heart issues, kidney failure, etc.
  • Lump-sum Payment: The insurer gives a lump sum payment for the treatment of covered illnesses.
  • Easy Claim: Based on the diagnosis report, the claim can be processed quickly based on the diagnosis report.
  • Waiting Time: Typically, coverage is granted following the end of the waiting period.
  • Income Reserve: A portion of the lump sum might be utilised to replace lost income.

 

Considerations before purchasing a critical illness coverage

Before purchasing a critical illness policy, consider the following factors:

 

Assured sum

The quantity of coverage is critical in determining which policy is best for you. Treatment for certain critical illnesses is less expensive than for others. Knowing how much coverage you require can assist you in selecting the best plan for your requirements. Get a critical illness insurance quotation from our website for the right insurance.

 

Critical illness policy or critical illness insurance rider

Because a standalone policy has a more extensive insurance cost than a rider, it provides full coverage. The breadth of coverage provided by a standalone critical illness insurance plan is greater than that of a rider.

 

Sub-limits

It is crucial to review the sub-limits of a critical illness insurance policy since they affect the fees you would have to pay. Sub-limits apply to the total amount assured under a critical illness insurance policy. Some critical illness insurance policies provide more coverage for procedures, while others may provide more for diagnostics. Before purchasing a critical illness insurance policy, you must have accurate information regarding the limitations.

 

What is Included and what is not

Though the broad inclusions and restrictions of a critical illness insurance policy are described above, you should verify the policy brochure for the particular inclusions and exclusions. It will help you grasp the strategy better.

 

Age limit

Senior citizens' critical illness insurance policies provide broader coverage at a higher cost. This is because older people are more likely than young adults to have serious illnesses. Insurance experts advise choosing a critical illness insurance plan based on your age.

 

Why must you buy a critical illness insurance policy?

Various studies show that the number of persons succumbing to serious illnesses steadily increases. While the number of persons getting or contracting critical illnesses is increasing, the average age at which people develop critical illnesses is dropping. This suggests that millennials are more likely to have severe illnesses than previous generations. A critical illness benefit can assist you in covering all health-related expenses associated with an acute disease. The premiums are reasonable, and you can buy a large sum assured without breaking the bank.

 

Critical illness insurance can be a great way to provide your family with an economic safety net in the event of an unexpected illness or injury. Researching and finding the policy best fits your budget is critical. With the right coverage, critical illness insurance can be a significant way to protect your family's financial future.

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
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I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
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