Critical Illness

How Critical Illness Plans Work?

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The uncertainty of life is not in our hands. Especially, when it comes to health problems, even the healthiest of people face the wrath of unwanted serious illnesses. With an increase in stress levels and hazardous external factors like pollution, people are much more concerned about their physical and mental health. Critical illnesses are serious or terminal illnesses which are much more dreadful than the regular diseases. Something like paralysis, stroke, cancer, chronic kidney disorder or even sudden blindness falls under the category of critical illness.

The main reason of this bifurcation is the impact of these illnesses. The time required for an individual to recover and the treatment costs for such critical illnesses is way higher than minor diseases. Critical diseases can cost a fortune when it comes to treatment. This may impact not only the individual but the entire family’s financial stability making it even worse. No one is ever prepared for such expenses overnight. You need prior planning to be financially prepared against critical illnesses.

A regular health insurance plan or what is also known as mediclaim has become vital in today’s world, but the out of pocket costs for a critical illness can be financially damaging due to which you may end up exhausting all your savings or live under debts. Being financially strong is the basic need to fight critical illnesses.

Regular diseases and critical illnesses cannot be covered by the same policy. They are totally different and that is why there are different insurance plans that especially cover critical illnesses.

Critical illness plans otherwise known as a critical illness cover is an insurance product.

The policyholder receives a lump-sum amount on diagnosis of a critical illness. However, when you are choosing a critical illness policy ensure that it covers multiple critical illnesses and not just one. With a sedentary lifestyle, there are higher chances of being affected by various critical illnesses. You can also choose a critical illness plan that provides a multi-claim option. This will secure you against the frequency of being affected by critical illnesses more than once. Under a multi-claim option, you can claim not just once but thrice and your premiums will be waived off after the first claim.

Critical illnesses bring upon a stressful time for you and your family. The last thing you need is to be burdened with the pressure of paying for the treatment, exhausting your savings or your family being in huge debts due to the treatment costs.

To protect yourself and your family members under a critical illness plan is vital.

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