What Are the Benefits of being covered by Critical Illness Insurance?

Health insurance is a must for everyone, with rising

medical costs and the vulnerability of falling ill very

frequently. You can never be sure when an illness will

strike, leaving you with huge medical bills. Having a

mediclaim policy is of utmost importance to cover you

and your family against any emergency medical situation.

There are many types of health policies out of which one

that is most important is critical illness.

Why do you need critical illness insurance?

A sudden severe illness can leave you and your family

devastated. In addition to mental and physical trauma,

you will have to pay for heavy treatment expenses. If you

had taken critical illness insurance, the financial burden

of the situation can be considerably brought down. This

insurance is a must in today’s hectic lifestyle and it can

be opted as a part of your health insurance policy or

taken as a separate policy. A basic critical illness policy is

not expensive and provides a wide range of benefits.

How does it help your family?

Critical illness polices are must for young as well as old

people. Many people are succumbing to health problems

such as diabetes or blood pressure at an early age. These

health problems leave them open to a lot of other

illnesses. If hospitalization is required it can put a severe

dent on the finances. The best way to cope with the

situation is with critical illness cover.

Critical medical insurance pays out a lump sum if you are

diagnosed with a critical illness. The amount received

helps to not just pay for the medical bills, but also other

expenses needed to run the family. The money can be

used to meet credit card payments, children’s school fee

etc. Thus, it helps your family manage other things while

you get treatment and recuperate. In the event of a

claim, you should submit a claims form along with all

medical documents to the insurance company. After

assessing the details, the insurance company would

provide compensation after thirty days of survival of the

illness. Your illness must fall under the insurer’s list of

illnesses for the claim to be processed.

Application

You can easily apply for critical illness cover online. Just

fill the application form available in the insurance

company’s website and generate your policy instantly.

You can complete premium payments online through

their website. Policy renewal can also be done this way.

There is no need to undergo any medical tests if you are

45 and below to get this cover. It offers lifetime renewal

and you can bring down taxable amount with it, under

section 80 (D) of the Income Tax Act. When you have to

make a claim on the policy, there is 24 hours claims

assistance to help you out. Continuously renewing the

policy entitles you to a discount, which will reduce the

premium.