Nowadays, more and more young people suffer from life-threatening illnesses known as critical illnesses because of unhealthy lifestyle. According to insurance estimates, 40% of heart patients in largely populated countries like India belongs to the group of 25-35 years of age.
Cases of critical illnesses such as cancer, lung disease, and other chronic health diseases are increasing. These are not only expensive to treat but also cause financial losses to families especially if the breadwinners are diagnosed with a critical illness.
There are many people who end up paying medical bills from their pockets without an individual health insurance policy. Also, those with health insurance are inadequately covered because regular health insurance policies only handle inpatient costs. What about household expenses, mortgage loans, children's school fees, which are expenses that may arise if the patient takes a break from work? This is where critical illness insurance policy shows its significance.
Benefits of critical illness insurance cover:
This claim acts as a substitute for income
Critical illness not only affects the person physically; it also has a big impact on family's finances. Critical insurance pays a lump sum which can be used to cover medical and household costs.
This claim gives peace of mind
This policy provides peace of mind because people can concentrate more on medical care rather than running around to arrange funds for medical and household expenses.
This policy covers treatments that occur in a foreign country
Under the critical illness insurance plan, a fixed amount is paid for the diagnosis of critical illness, regardless of whether the treatment is carried out in India or abroad. This means that the policy can help you with your expenses if you decide to go abroad for further medical treatment.