Critical illness enters one’s life with several hurdles like hospital bills, doctor fees, etc. While they pile up quickly, the financial burden keeps increasing simultaneously. This makes having a critical illness plan essential as it offers the required financial backing.
Moreover, upon diagnosis of a covered condition like cancer, heart attack, or stroke, it provides a lump sum payout so that you can focus on your recovery and not the rising costs. Let us understand what critical illness insurance plans are and what you must remember when applying for one.
What is Critical Illness Insurance?
Factors like lifestyle changes and increasing life expectancy contribute largely to critical illnesses. Leveraging them shields you against financial constraints and lets you use the payout for various purposes, like:
- Covering Medical Expenses
Critical illness policy payout covers any financial burden. From bills and specialist consultations to advanced treatments and medication, it helps you with all such expenses.
- Maintaining Your Lifestyle
During treatment and recovery, taking time off work is crucial for recovery. This leads to income loss. However, if you have critical illness rider benefits on your existing insurance or a critical illness insurance plan, the payout can help you bridge the gap.
- Supporting Your Family
Critical illness insurance payouts are meant to support you and your family financially. In case of an unfortunate demise, the payout is redirected to the beneficiaries.
- Seeking Better Treatment
Some reputed insurance companies offer monthly payouts from critical illness plans. If needed, you can use the payout to access specialised treatment options or even seek treatment abroad.
Things to Consider When Opting for Critical Illness Insurance
Guaranteeing financial safety from unexpected medical troubles can become easier by considering the following factors:
- Assessing Coverage Scope
The coverage period should be considered carefully when choosing an insurance plan. The critical illnesses and medical states covered fluctuate greatly among insurance providers.
- Understanding Payout Structure
Some insurance plans offer lump sum payouts upon medical confirmation of a critical illness. On the other hand, some insurance policies offer periodic payouts. Based on your financial position and decision on payout structure, you can find the best fit.
- Evaluating Waiting Periods
Another crucial factor to consider is the waiting period associated with critical illness coverage. In general, the time frame between when your critical illness insurance policy comes into effect and when you can start collecting benefits is longer. However, searching for the right insurance plan will help you find the one that offers the aid right on time.
- Examine Terms and Conditions
Another important factor to note is the insurance plan terms. Be sure to check any exclusions or limitations carefully. Certain policies can limit coverage for pre-existing conditions and specific illnesses.
- Balancing Affordability
It is also essential to prioritise comprehensive coverage and financial security alongside ensuring that the premiums are manageable and within your budget. Compare quotes of different critical illness insurances and weigh their cost against the benefits offered. This would help you find a balance that meets your needs without placing undue strain on your finances.
Make Smart Investments for a Healthy Future
Critical illness insurance is a layer of protection to manage high medical costs, particularly in case of serious diseases or conditions. When you’re about to choose a plan, you must select an insurance provider with a good reputation, such as Canara HSBC Life Insurance.
Their easy-to-purchase critical illness insurance is available separately and under additional rider benefits that you can add to your regular insurance plan. It is available for everyone above 18 years of age and offers coverage for over 30 different illnesses. So, if you feel ready to get insured during critical illnesses, buy your insurance for Canara HSBC Life Insurance today!
Stay updated with all the insights.
Navigate news, 1 email day.
Subscribe to Qrius
