How does a critical illness policy work?

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How does a critical illness policy work?
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Healthcare costs are slowly but steadily rising.
Thats why it is so important to have a good
health insurance policy by your side at all time.
If a medical emergency presents itself, your plan
will intervene and help cover a majority of your
medical expenses. This ensures that finances are
never a problem when seeking treatment and you
can divert all your energy towards recovering,
instead of arranging funds!
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However, in case of life-threatening illness,
just health insurance is not enough. This is
because, such conditions have more expensive
treatments that last for longer periods of time.
In this case, your health insurance sum insured,
whilst being extremely helpful, could get
exhausted mid-way through your treatment. This
will leave you with a large chunk of expenses to
cover on your own.
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Not only that, since these the treatment for such
conditions last for so long, it could also leave
you out of a job. This loss of income could have
a substantial impact on your finances. All your
EMI payments, monthly expenses and bill payments
could be affected. This is where a critical
illness policy can helpA critical illness
policy is either a standalone plan or an add-on
cover. In either case, it will provide a lumpsum
payment if the policyholder is diagnosed with a
critical illness covered by the policy. After
this, all further premiums will be waived off and
the plan will seize to exist.
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Lets take an example to understandMr. Desai
is 50 years old. He goes for daily runs and
maintains a healthy diet. All-in-all, he is a
fit, hale hearty. Thats why it was so
surprising that he was diagnosed with cancer.
Thankfully, his amazing state of wellbeing helped
him fight through the illness and he made a quick
recovery. Getting to his finances Mr. Desai
had a health insurance plan with a Rs. 5 lakhs
sum insured. To be extra cautious, he also
purchased critical illness cover of Rs. 15 lakhs
as an add-on with his plan. His treatment cost
amounted to Rs. 12 lakhs. Therefore, his medical
insurance policy covered part of this cost. In
addition to this, his critical illness plan
provided him with a lump sum pay-out on his
diagnosis. This helped him cover the rest of the
medical expenses. It also helped cover his other
miscellaneous expenses and the loss of income as
well.
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Critical illness plans usually cover around 35
life threatening conditions. The exact number
will vary based on the insurance plan and
provider you choose, as will the sum insured of
the plan. However, there has been a noticeable
rise in the number critical illness cases in the
last few years. Therefore, it is prudent you
protect yourself by getting a critical illness
policy. These plans will ensure that you are
cushioned from the financial impact of these
major illnesses and that you can focus on getting
better rather than worry about the hospital bill.
Hope this has been helpful, good luck and all
the best!
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