You may be having a health insurance policy which will provide security in case a medical crisis strikes. Considering the increase in the occurrence of illnesses, having a mediclaim policy is a wise and prudent decision, but is it enough to secure your financial welfare in the face of a medical crisis?
What is Critical illness insurance?
It’s a type of insurance plan in which a fixed amount is provided to the policyholder on the diagnosis of a pre-specified critical illness during the policy term. This lump sum payment can be used by the policy holder in any manner that he deems fit.
What are the advantages of a critical illness plan?
Lump sum payment on diagnosis of critical illness
Lump sum amount is provided to the policyholder on the diagnosis of a critical illness. This amount can help him meet his hospital/medical bills which may not be covered by the cashless mediclaim policy issued by your health insurer. This ensures an uninterrupted flow of funds if you face an emergency without having to dip into your savings.
Your financial liabilities like Home EMI’s, children’s school fees, utility bill payments etc cannot be defaulted as they can severely disrupt your life apart from impacting your credit history. With the lumpsum pay out from the critical illness insurance plan, you can ensure that you don’t have to face any such disruptions.
Out-of-pocket medical expenses
For procedures, like a Coronary Artery Bypass Graft done in a location that requires you to travel, you may incur expenses. These out-of-pocket expenses will not be covered by mediclaim. To execute such events, you may need funds which are provided by critical illness insurance.
Maintenance of lifestyle
People get used to a particular lifestyle depending on the income they earn. If, due to a critical illness, that lifestyle is impeded because of a dent in their income, it can cause emotional distress to the entire family. With a critical illness plan, you can ensure that this emotional distress is eliminated as you will be compensated for the loss of income if you are diagnosed with a critical illness.
With a financial back-up in place, your family will be at peace. Hence they can devote more time for your recovery. In case of single income households, the absence of a financial cushion, would mean your dependants may have to find a job to run household expenses or they may have to depend on others for financial support. With a critical illness plan, your financial needs are taken care of, which will allow your family support you throughout your recovery.
A critical illness plan is an asset which provides returns in the form of peace of mind to you and your family in case you are diagnosed with a critical illness. A critical illness plan can ensure you and your family members are financially secured. Protect yourself against critical illness today.