Critical illness insurance – It’s benefits, features & importance

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What is a critical illness insurance plan?

A Critical Illness Insurance Plan pays a lump sum amount to the policy holder if he/she is diagnosed with a critical illness as specified under the plan. You may already a health insurance plan which may provide you a cover of Rs 10 lacs. However, your health plan will cover your hospitalisation costs. Critical illnesses like cancer, heart disease, 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 an advanced treatment. In case, of kidney failure the organ has to be transplanted or he/she is on permanent regular dialysis. Dialysis may not need hospitalisation, so do you think your health insurance or mediclaim policy will cover it? Do you think 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 in covering basic ailments or minor injuries. Critical illnesses do need higher cover. In this case, a Critical Illness Insurance plan can be an answer to all your worries. A critical illness plan provides a lump sum amount to the policy holder if he/she is diagnosed with a critical illness. The amount is paid on the diagnosis itself and thus, a critical illness insurance plan covers both hospitalization and non-hospitalization costs. Another plus point is that a critical illness plan can provide much needed cash flow during the recovery phase, you can use this amount to pay your EMIs, bills, advanced treatments, daily expenses, etc.

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Hence, securing yourself with a critical illness plan should be considered. There are critical illness plans available in the market. One such plan which provides comprehensive protection against major critical illnesses is Edelweiss Tokio Life – CritiCare+. It provides cover against 17 critical illness like cancer, major burns, heart disease, Chronic kidney disease, organ transplant etc. There is a multi claim option which is only provided by Edelweiss Tokio Life – CritCare+ that lets the policyholder claim thrice, so if one is diagnosed by a second critical illness he/she can claim for it. Also the future premiums are waived off after the first claim. This is a comprehensive plan that can help anyone bounceback from a critical illness.

According, to me a critical illness insurance plan is very important so that one’s savings are secured and one can live in peace without any financial worries.