Due to the modern lifestyle of the people, even the younger people are very easily suffering from different kinds of life-threatening diseases or critical problems and as per the estimates of the insurance sector, approximately more than 40% of the heart patients in India belong to the age group of 25-35 years. Hence, the increasing cases of critical problems like cancer, lung diseases and other chronicle health-related problems is significantly increasing which is the main reason that people need to have proper access to finances throughout the process. According to the doctors, only surgery and chemotherapy is the only thing that can help in providing the proper treatment in the cases of cancer and several other kinds of issues. Hence, nobody will want to pay such huge medical bills from their pocket which is the main reason that people need to have proper access to the critical illness insurance policy so that they can manage things perfectly without any kind of hassle or stress element.
Unlike the regular individual health insurance, this particular policy will be paying a fixed amount if the people will be diagnosed with any kind of critical elements as mentioned in the document of the policy. Taking into action after the diagnosis of the health issue will make sure that the lump sum amount can be perfectly utilised in terms of managing the household expenses and other expenses associated with the diagnostic test and treatment. The policy will lapse once the payment will be made.
Following are the things that are covered under this particular policy:
- Kidney failure
- Any kind of cancer
- Heart stroke
- Major transplantation of the organs
- Primary pulmonary arterial hypertension
- Brain tumour
- Alzheimer’s disease
- End-stage liver disease
- Graft surgery and several other kinds of diseases are mentioned in the document of the policy.
How is this particular policy different from the normal health insurance policy?
This policy will always help in covering those critical illnesses only which will be mentioned in the policy and the policy will always be a lumpsum amount on the diagonals of a critical disease irrespective of the fact that the treatment has been taken place into the country or not. The amount will be paid on the diagnosis of the critical element irrespective of the medical expenditures involved in the whole process and the policy will stop existing once the benefit has been paid out. On the other hand, in the normal health insurance policy, will cover the disease or injury as long as it has been mentioned in the document of the policy and the policy will cover only those medical expenses which are incurred in India. The payout will be made based on medical expenses incurred in the whole process.
Following are the most important benefits of the critical illness policy:
- This particular policy will act as the best possible income replacement because this particular type of ailment will not only help in affecting the physical capacity of the people but will also have a major impact on the finances of the family. Hence, the critical illness insurance policy will be the best possible cover in the medical and household expenditures for the family.
- It will help in providing the people with various kinds of tax-related advantages because the critical illness policy payout is free under section 80 D of the income tax act.
- This particular policy will help in providing the people with proper peace of mind throughout the process because people can very efficiently concentrate more on the medical treatment rather than running around the things to arrange funds for medical and household expenses in the whole process whenever they have been diagnosed with the problems.
- It will also help in covering the treatment which is being taken place in the foreign country because the fixed amount will be paid on the diagnosis of the critical element irrespective of whether treatment is taking place in India or abroad. It will always make sure that people will be able to go abroad for medical treatment so that they get the best quality treatment without any kind of problem.
This particular policy will always act and will be based upon a simple principle that if the people have been diagnosed with any kind of covered illness is the insurer will pay the sum insured as the lump sum amount to the people and apart from paying the hospitalisation expenses it can further be utilised for different other kinds of where is like household expenses, children’s school fees, loan EMI and various other options. Hence, being clear about this particular policy is very much important for the people so that they can deal with life-threatening diseases very efficiently and depending upon companies like Care health insurance in this industry is a wonderful idea.