What is a critical illness insurance plan?
A Critical Illness Insurance Plan pays a lump sum amount to the policyholder if diagnosed with a critical illness as specified under the plan. You may already have a health insurance plan that may provide you a cover of Rs 10 lacs. However, your health plan will cover your hospitalization costs. Critical illnesses like cancer, heart disease, and kidney disease have significantly increased in the last few years. The cost involved in cancer treatment could range from Rs 15 to 20 lacs. What if such a thing were to ever happen to you? Your regular health plan may or may not be able to cover all the treatment expenses. You may have to dip into your savings to pay for your treatment. You may also need to go abroad for advanced treatment. In case of kidney failure, the organ has to be transplanted or on permanent regular dialysis. Dialysis may not require hospitalization, so do you think your health insurance or mediclaim policy will cover it? Do you believe your mediclaim will be sufficient for an organ transplant? It is imperative to have a health insurance policy. However, your health insurance policy may help cover basic ailments or minor injuries. Critical illnesses do need higher coverage. In this case, a Critical Illness Insurance plan can answer all your worries. An essential illness plan provides a lump sum amount to the policyholder if diagnosed with a critical illness. The amount is paid on the diagnosis itself; thus, an essential illness insurance plan covers hospitalization and non-hospitalization costs. Another plus point is that a critical illness plan can provide much-needed cash flow during recovery; you can use this amount to pay your EMIs, bills, advanced treatments, daily expenses, etc.
Hence, securing yourself with a critical illness plan should be considered. There are crucial illness plans available in the market. One such plan that provides comprehensive protection against major acute illnesses is Edelweiss Tokio Life – CritiCare+. It provides cover against 17 acute conditions like cancer, major burns, heart disease, chronic kidney disease, organ transplant, etc. There is a multi-claim option that Edelweiss Tokio Life only provides – CritCare+ that lets the policyholder claim greatly, so if one is diagnosed with a second critical illness, they can claim for it. Also, the future premiums are waived after the first claim. This comprehensive plan can help anyone bounce back from a critical illness.
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A critical illness insurance plan is essential to secure one’s savings, and one can live in peace without any financial worries.
