Why Critical Illness Health Insurance is Vital

Hemant’s weak body and his numerous health problems have always been his biggest weakness and a matter of huge concern. Hemant was a great student and was also the topper of his state board.  He was an IITian and later joined Indian Space Research Organization as a research intern. He was a perfectionist in everything he did but his health had always been concerning and troubling him for many years now.

There were several tests conducted to figure out the exact problem but there were no direct answers to his health issues. He was taken abroad for advanced diagnosis to determine the cause. The tests revealed that he was genetically weak because of the complications that happened at the time of his birth. Hemant was given proper treatment and his health finally became stable.

The doctors told him that his immunity is weak and he is vulnerable to diseases and hence, he should take extra care of his health and that he should try to live a healthy life ahead.

Hemant came back to his country and resumed work. But he was always worried that what if at a later stage in his life, he falls prey to any critical illness.

Hemant had a friend who was working for a bank and he had in-depth knowledge of the insurance sector.  When Hemant told him about his health issues, the friend suggested that Hemant should buy critical illness health insurance. Hemant had several questions running through his head. What is it? How is it different from other health insurance plans? Why buy critical illness insurance?  His friend patiently answered Hemant’s questions.

A critical illness health insurance plan provides a lot of aid to the policyholder as it provides the entire sum assured as a lump sum amount once he/she is diagnosed with any pre-listed critical illness. Unlike, regular health insurance one doesn’t have to wait for hospital bills, etc. to claim the amount.

Hemant nodded. Still trying to gauge if he needed one, Hemant asked “Critical illness insurance, is it worth it?” The friend exclaimed “Of course it is. It covers diseases like cancer, heart attacks, and other severe health problems. These insurance policies can significantly help you out in paying off for the treatments and also manage household expenses. If not to secure yourself, buy critical illness insurance for your family. To further elaborate on why buy critical illness insurance, here are some key benefits it offers:

1. It covers not just one but multiple critical illnesses. Most of them are common like cancer and heart disease
2. It provides the entire sum assured amount on diagnosis
3. The premiums are fairly low for a high cover
4. You get tax benefits under section 80D
5. Above all, it acts as an income replacement where this sum assured amount can be used to pay treatment costs, household expenses, utility bills and other liabilities”

Hemant could understand that critical illness health insurance is extremely important, not just for people like him but for everyone, given the unpredictability of life. He realized that it is imperative to secure oneself from all the unpleasant outcomes by securing himself/herself with a critical illness health insurance plan.