critical-illness-desktop.webp critical-illness-mobile.jpg

4 Myths about critical illness cover…busted

  9/2/16 11:10 AM

Product Enquiry

Blog Title

391   | 

Critical illness cover helps you financially when you are struck by a critical illness. It is designed to give you a lump sum amount on the diagnosis of a critical illness. This will provide you with financial assistance to facilitate your recovery. Although this product is such that each one would need this today more than ever, there are some myths surrounding it that makes it the least preferred product. Here, we try to dispel 4 such myths.

“I don’t need it. I have medi-claim”

Medi-claim is only meant to cover hospitalization expenses. This means that if you are laid low by a critical illness, the medi-claim policy will only help you if you get hospitalized. Some hospitals may be able to offer you a cashless claim facility. But in case, the same is not available, you may have to pay first and then settle the claim with the insurer. This may put pressure on your savings. If you have a critical illness plan, you can claim the amount purely on the basis of the diagnosis of the illness. You wouldn’t need to dip into your savings. Hence, apart from medi-claim, it helps to also have a critical illness plan.

“I am healthy. I won’t need it.”

Of course you are. But one can never be sure. An unfortunate event like a stroke or a burn injury can render a seemingly healthy person financially vulnerable. In such circumstances, you may need financial support to tide over the twin catastrophes of medical expenses and loss of income due to having to take time off from work. It’s better to buy a critical illness plan when you are healthy as the insurance premiums would be that much cheaper.

“I don’t have a family history of critical illnesses”

Again, critical illnesses have a bad habit of cropping up when you are least expecting them. Not having a history of a critical illness in your family does not mean that you are immune to the same? Times have changed and so have definitions of health standards. Also, critical illness plans also cover burn injuries which do not have anything to do with family history.

“Critical illness plans do not only cover hospitalization expenses”

Yes. Critical illness plans do not only cover hospitalization costs. This is the biggest misconception that people have. The pay-out is received by the policyholder on the basis of the diagnosis of the critical illness. This amount can be used by the policyholder for any purpose. You can use it for out-of-pocket expense during your hospitalization like travel, accommodation for family members or pay your EMI’s or rent or utility bills. It helps you for more than hospitalization; it helps you during the recovery phase when you may have to take time off from work and are not earning.

Take out a critical illness plan like Edelweiss Tokio Life CritiCare+ after going through the types of illnesses covered in the plan. Make sure that it includes cancer, liver transplant, kidney damage needing regular dialysis, stroke and cardiac procedures.

Related Blogs

Related Assets

# life-insurance

Common Life Insurance Myths Busted in 2023

12 Jul 2023

# term-insurance

How to Evaluate Term Insurance Quote

27 Jun 2023

# term-insurance

Term Insurance for NRI in India and How to Buy?

27 Jun 2023

# life-insurance-simplified

Importance Of Your Income

04 Jul 2023

# life-insurance

7 Questions to Ask Your Life Insurance Agent

07 Jul 2023

# insurance-glossary

Group Insurance

29 Apr 2023