What is Critical Illness Insurance and how is it important?

When life-threatening diseases stand to disrupt the harmonious balance of your daily life, the coverage umbrella of a simple health insurance plan may not suffice. A standard health insurance plan may not cover the costs of critical illness care. Keeping up with the mounting medical expenses for your critically ill loved ones care can be financially draining in the absence of a comprehensive critical illness insurance cover.

What is a Critical Illness Insurance Cover?

A critical illness insurance cover provides the policyholder with comprehensive protection against serious health issues like cardiovascular diseases, cancer, stroke, renal failure, etc. This cover comes with a fixed payment mandate, which means that a policyholder receives the entire sum insured / coverage amount against a positive diagnosis of a critical illness, recognised by and included in terms of the cover. Once the pay-out is processed, the cover lapses. The lump-sum financial benefits of a critical illness cover can be used to pay for the expenses incurred during the treatment process, along with meeting the recovery costs.

Importance of a Critical Insurance Cover

Maintaining a healthy diet and a rigorous fitness routine is not enough to shield an individual against the rising numbers of critical ailments. It is best to undertake preventive measures and stay prepared for any medical emergencies that may come our way. Thus, purchasing a critical illness cover is a wise and easy choice. You can make today to insure yourself and your loved ones against the dangers of life-threatening illnesses.

A critical illness cover is important for the following reasons:

Comprehensive protection - You can get an enhanced safety cover over and above your standard health insurance plan with an added critical illness cover. These plans are pocket-friendly and keep you prepared for any critical illnesses that may come up as you age.

Lump-sum payment - Paying a critically ill patient's medical bills and post hospitalisation recovery costs can be financially taxing. The aggregated one-time payment from this cover helps mitigate this financial burden significantly.

No compromises - Your fund reserves can be the difference between the type of treatment option and the kind of professional assistance you pick. With a critical illness cover in place, you don’t have to worry about financial liabilities when seeking treatment from experts in the medical field. This cover ensures that you have a financial reserve to fall back on during such dire situations.

Tax benefits - Tax exemptions under Section 80D of the Income Tax Act also apply to a few critical illness insurance policies.

How to choose a Critical Illness Cover?

A critical illness diagnosis is alarming and you surely don’t want to be caught off-guard about your cover inclusions at such times. Thus, reviewing the list of critical illnesses recognised and covered by your insurance provider is mandatory before purchasing this additional protection cover. Evaluating the claim settlement process, the sum assured value, waiting periods, minimum and maximum age etc., are essential before you opt for a critical illness insurance cover. In short, foresight, attentiveness and research can help you select the best critical illness cover.

Critical Illness Cover from Bajaj Finance Limited

At Bajaj Finance Limited, this additional cover can be purchased by paying extra premium. The comprehensive pay-out of this cover provides the policyholder with the financial assistance needed to deal with the high hospitalisation and treatment costs of a critically ill patient. You also get to enjoy critical illness covers with cashless claim settlement processes, substantial sum assured,  list of critical illness inclusions and many more benefits. Alternatively, you can also compare and buy critical illness insurance plans from the most trusted insurance providers that Bajaj Finance Limited partner with.

Financial concerns should not hamper your judgement when seeking treatment for a critically ill loved one. A critical illness cover helps you avoid such situations by ensuring that you remain financially ready to face such critical challenges. Thus, to safeguard your family's future amidst the rising critical ailment cases, opting for such a cover is no longer optional but mandatory.