Benefits of being covered by critical illness insurance

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.