Why you should add critical illness cover to your medical insurance plan.
Your medical insurance plan provides coverage from several medical expenses, even critical illnesses such as cancer, diabetes, heart diseases, etc. The only issue is that most health insurance plans have a certain sum assured, say 5 lakhs. In case of any medical emergency, the plan will cover your expenses up till this sum assured.
Getting back to the topic of critical illnesses – they are covered under you medical insurance plan, sure! But the expenses of a critical illness often overshoot the sum assured of the average health insurance policy. This is because treatments tend to be expensive and also go on for lengthy periods of time.
When you opt for the critical illness add-on, you get an extra layer of protection from a list of major conditions. If you are ever diagnosed with any of these illnesses, the addon cover will offer lump sum payment or instalment of payments or a combination of both, depending on the workings of your critical illness cover.
Another benefit of the critical illness cover is that, unlike your medical insurance plan, the payout can be used however you deem fit. Your health insurance plan on the other hand, can only be used to cover medical expenses. This is can be extremely useful if you lose your source of income fighting the illness. The payout from the CI cover can help cover your financial gaps.
Moving on to why you need to add CI coverage to your medical insurance plan; to begin with major illnesses are on the rise. Every year, more and more individuals are diagnosed with diabetes, different types of cancer, high blood pressures, etc. The good news here is that modern medicine has stepped up too.
Your medical insurance policy can help cough up some amount, but your CI cover is the real life saver. It will have a much higher payout than the sum assured of your health insurance plan. This ensures you are fully covered from the medical expenses and the financial repercussion of a major illness. Hope this has been helpful for you, good luck and take care!
HOPE THIS HAS BEEN HELPFUL, GOOD LUCK AND RIDE SAFE!
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