Critical Illness Insurance Cover: Why you should Buy It?

A very recent article in the daily newspaper caught my eye – ‘Indians are still grappling with Cancer expenses’. As if that piece of news was not enough, the same day, I came across an article online which mentioned the alarming increase in heart-related ailments in the modern age and the cost dilemma. Distressing, how the modern new age development is refining our lifestyles, but there is no answer to the illnesses that are on an all-time rise.

Read More

Get ₹5 Lac Health Insurance starts @ ₹200/month*
Tax Benefitup to Rs.75,000
Save up to 12.5%* on 2 Year Payment Plans
7 Lakh+ Happy Customers

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Get insured from the comfort of your home No medicals required
I am a

My name is

My number is

By clicking on ‘View Plans’ you, agreed to our Privacy Policy and Terms of use
Close
Back
I am a

My name is

My number is

Select Age

City Living in

    Popular Cities

    Do you have an existing illness or medical history?

    This helps us find plans that cover your condition and avoid claim rejection

    Get updates on WhatsApp

    What is your existing illness?

    Select all that apply

    When did you recover from Covid-19?

    Some plans are available only after a certain time

    With these thoughts, I received an email notifying the renewal of my health policy. It was then that I thought – what would happen if a member of my family or I fall prey to any critical illness? Will my health insurance plan bear the costs?

    Cancer, heart related ailments or other critical illnesses cost a fortune in treatment. But sadly, most of us usually buy health plans with limited covers of Rs.2 – 5 lacs. Very few of us try the ‘above Rs.5 lac cover range’ because we fear the higher premium payments. But these health plans prove insufficient when we are struck by critical illness. A major chunk of the cover goes towards the treatment of our illness and almost nothing is left for other medical expenses.

     

    So what is the solution? What about a Critical Illness Insurance Plan?

    What are Critical Illness Insurance Plans?

    Critical illness insurance plans are fixed benefit plans that cover the specified critical illnesses, which an insured be catch up or might be suffering from. A list of illnesses is prescribed at the onset and if the insured is diagnosed with any of those mentioned illnesses, the policy pays out a lump sum amount, irrespective of the actual treatment cost.

    What Critical Illnesses are Usually Covered?

    Though the list of ailments covered varies from one plan to the other, every critical illness insurance plan essentially covers the following:

      • Open heart CABG
      • Cancer of specified severity
      • Paralysis
      • Stroke
      • Renal failure
      • Multiple sclerosis
      • Major organ or bone marrow transplant
      • Major burns
      • Coma
      • Coronary artery disease
      • Motor neuron disease, etc.

    Read More-: Why to Buy Health Insurance and Critical Illness Plan Separately

    Is a Critical Illness Plan Actually Required?

    Critical illness – called so because these illnesses are life threatening and include huge treatment costs, might strike anyone, anytime. The financial implication of such illnesses is difficult to bear and for middle-income groups, which most of us are, it spells doom. Having a critical illness plan would provide the much-needed financial relief in times of such medical crisis.

    Why Do You Need a Critical Illness Plan?

    Ever-Increasing Medical Expenses

    Treating any critical illness has become possible due to the technological advancement in medical facilities. But with the advent of latest technology, the cost of treating illnesses has increased significantly, such that treating critical illnesses requires a considerable amount of finance, today. For example, an average cancer treatment requires somewhere between Rs.5 and 10 lacs and a heart bypass surgery too demands around Rs. 7-12 lacs. Given this, it’s no rocket science to understand that without proper planning to tackle such costs in advance, you would end up wiping out all your hard-earned money and savings.  

    Ever-Increasing Incidences of Critical Illnesses

    If studies conducted by WHO are to be believed, about 10 lac people are likely to diagnosed with cancer in 2016, while cardiovascular diseases would spell doom for 6.4 crore Indians. These numbers were estimated using the most conservative study techniques and the actual numbers are expected to be higher. So, if numbers drive your belief, you should know that incidences of critical illnesses is increasing at an alarming rate and might strike anyone, anytime.

    Low Insurance Premium

    If you are worried about the extra outgo, just relax! The premium payment for such critical illness insurance is comparatively low. And the premium payment proves to be worthwhile considering the huge range of benefit offered by such plans.

    Lump Sum Benefit

    The uniqueness of a critical illness plan is that it provides the lump sum benefit (Sum Assured) when the policyholder is diagnosed with any of the covered illnesses, irrespective of the actual cost of the treatment. So, you don’t really need to submit a lot of papers and medical bills to avail the claim benefits. You get the Sum Assured even when the actual cost of the treatment is lower than the total Sum Assured. In addition, if your illness demands a complete bed-rest and you aren’t really able to resume your work, the money availed as the Sum Assured can also be used to meet the day-to-day expenses.

    So, do you need a critical illness plan? Of course you do! After all, who would want to pay lakhs and lakhs for treatment of critical illnesses?  We’re sure with all the information provided here, you will not be doubtful about whether or not to opt for a critical illness plan. You’ll be surprised to know that even I bought one when I renewed my health insurance plan this year in order to ensure a healthy and happy life for me and my loved ones.

    Now it’s your turn!

    Written By: PolicyBazaar - Updated: 02 August 2021

    Health insurance articles

    Recent Articles
    Popular Articles
    11 Easy Tips to Save Money on Your Health Insurance Premium

    30 Nov 2021

    Health insurance has become imperative today with the cost of...
    Read more
    Health Insurance Vs Medical Loan – Which is Better?

    16 Nov 2021

    Medical emergencies always come unannounced. With medical...
    Read more
    8 Important Tips to Maintain a Healthy Diet for Your Kids

    15 Nov 2021

    For a parent, nothing is more important than the well-being of...
    Read more
    PMASBY Scheme: All You Need to Know About Pradhan Mantri Atmanirbhar Swasth Bharat Yojana

    25 Oct 2021

    The PMASBY or the Pradhan Mantri Atmanirbhar Swasth Bharat Yojana...
    Read more
    Is Dermatology Covered by Health Insurance Plans?

    21 Oct 2021

    The prevalence of dermatology has risen significantly in India...
    Read more
    PMJAY Scheme: Ayushman Bharat Yojana Eligibility & Registration Online
    Prime Minister Shri Narendra Modi announced the launch of (PMJAY) Ayushman Bharat Yojana in his Independence...
    Read more
    Best Health Insurance Plans in India 2022
    Finding the best health insurance plan from so many different health insurance companies can get confusing for many...
    Read more
    Best Maternity Insurance Plans
    Maternity or pregnancy is an important phase of life, and one needs to prepare in advance to embrace parenthood...
    Read more
    Covaxin vs. Covishield vs. Sputnik vs. Pfizer: Which one should you get?
    Covaxin vs. Covishield vs. Sputnik vs. Pfizer, the speculation continues regarding the difference between the...
    Read more
    Best Health Insurance Plans for Senior Citizens in 2021
    Considering the increase in medical inflation in India, buying adequate health insurance for your loved ones has...
    Read more
    Close
    Download the Policybazaar app
    to manage all your insurance needs.
    INSTALL