Importance Of Critical Illness Insurance India: Here Is Why You Should Not Ignore It

Despite leading healthy lives, we are all prone to unforeseen illnesses. The pandemic has taught us that even mild illnesses like the flu or common cold can trigger serious illnesses that prevent us from functioning. In addition to the economic loss from the inability to work, it can have a crippling impact on the patient’s lifestyle and result in high treatment expenditures. Critical illness insurance India is created to offer federal aid during the healing process from a major illness.

 If you are diagnosed with any type of cancer or other severe illness with a lengthy treatment procedure, it will have an impact on your everyday life. It requires challenging decisions and takes a toll on your physical and mental health, which prevents you from working. Your capacity for recovery may therefore be compromised. This type of serious health condition is called a critical illness. When a specific sickness from a predefined list is diagnosed as part of a critical illness insurance policy, the insurance provider pays the policyholder a sum amount. Here are ten reasons why seeking critical illness care is vital and should not be cast aside:

Risk related to critical illness is higher than anticipated

Many people think if they eat a proper diet and maintain a well-balanced lifestyle, they are not at risk of falling sick. Every day in 2020, more than 600 Canadians underwent a different type of cancer diagnosis. Even though this statistic is difficult to comprehend, it serves as a sobering reminder that we are more likely than we might realise to develop a serious illness. 

It is not just cancer; in the same year, 60,000+ people had strokes, and over 30,000+ people experienced cardiac arrest. Although these figures are alarming, the good news is that the prognosis for serious illnesses gets better every year. The fact that you or a loved one will still be unable to work while recovering is the reason critical illness insurance India is so crucial.

Tax benefits:

If you buy a critical illness plan along with your regular insurance plan, your payout will be tax-free under Section 80D of the Income Tax Act.

Critical illness insurance is not as expensive

Because people believe it to be excessively expensive, most of them choose not to purchase critical illness insurance India. Your premiums are likely not as hefty as you believe. There are numerous solutions available to you. If you agree to add critical illness insurance to your current insurance package, you may also be eligible for reductions.

Cashback policies

Certain critical illness insurance India policies permit you to receive a percentage of your premiums after you have stayed as a policyholder for some time. For example, there are policies available in Canada that permit you to cancel the insurance and get a portion of your money back if you don’t file a claim. There are cases where you may be paid while keeping your coverage.

Changing coverage for healthcare policies

You may never be certain of the alterations the administration might implement to your existing medical plan. The ongoing discussion about switching to a private healthcare system will have a significant impact on your capacity to pay your expenses. Additionally, even though you could currently have a fantastic employment package, changes to your benefits could result from the economy as employers look for ways to cut expenses.

Healthcare is expensive

You do not realise how expensive the healthcare system is until you have faced it for yourself or your loved one. Some of the most expensive aspects of healthcare are as follows:

  • Medication
  • Rehabilitation therapy
  • In-home care

Mental health support and therapies

Without a proper critical illness insurance India policy under your name, it is likely that you will have to pay for part of these costs out of pocket. The additional financial strain may hinder your capacity to bounce back to regular life quickly. Additionally, it puts you in danger of having to skip treatments that can affect your degree of recovery because of a lack of funds. When your finances are at their breaking point, you can possibly lose your home or be forced to relocate to a smaller or less secure kind of housing.

What is covered under a critical illness insurance India policy?

Although the typical parameters insured by the plan differ from policy to policy, some of the key ailments that are included under all policies are as follows:

  • Alzheimer’s disease
  • Type of cancer
  • Primary Pulmonary Arterial Hypertension
  • Stroke
  • Kidney failure
  • Benign Brain Tumor
  • End Stage Liver Disease
  • Multiple Sclerosis Aorta Graft Surgery Multiple Sclerosis
  • Heart Attack (Myocardial Infarction)
  • Major organ transplantation
  • Aorta Graft Surgery

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