Why Should You Take A Critical Illness Policy?
A sudden critical illness can leave a family devastated. It can bring down the health of the affected person significantly. Apart from work, living a normal life can be a challenge for the patient diagnosed with a critical illness. He or she has to be hospitalized and it can take months for recovery. In the meantime, how will family members cope with the situation? The severity of such a situation can affect the family financially and emotionally. Having a critical illness policy during such time can help considerably in providing financial assistance through the lump sum compensation to care of the treatment cost and day to day expenses.
How Does The Policy Assist You In The Event Of A Severe Health Problem?
This policy pays out a lump sum when a person is diagnosed with a critical illness. The only requirement in getting compensation is that the diagnosed critical illness must fall under the insurer"s list of critical illnesses. Payment will be made after 30 days of survival from the illness. The policy can be taken independently as it can be taken as part of a regular health policy. It is vital for people of all ages take this policy because in todays hectic lifestyle, young as well as older people are affected by health problems suddenly.
A critical illness policy offers money to not just meet medical expenses, but also to run the family. In a situation where the earning member is hospitalized due to a severe health problem, family members can meet other expenses such as school fees, credit card payments etc. using the lump sum paid out by the policy.
Some Important Points About Critical Illness Cover
Getting this cover is easy as you dont have to take a medical check up till you are 45 years. It offers lifetime renewal benefits and making claims against the policy is easy as there is 24 hour assistance available. You can also use it to get deductions on your tax payment under Section 80D of the Income Tax Act. You can opt for this cover separately else as part of your mediclaim insurance policy. The policy can cover anyone from the age of 5 to 55 years. You can opt for a floater policy wherein every member of the family is covered by it. Such a policy will cover spouse and two dependent children.
Having a critical illness policy will come to your aid like nothing else when you are suddenly diagnosed with a severe health problem. You will be able to get money that meets big expenses and your family will be able to run its activities with the lump sum that it provides. In todays high risk situation, it is best to opt for it to give protection to your family when a sudden health problem strikes, leaving you hospitalized.
How Does The Policy Assist You In The Event Of A Severe Health Problem?
This policy pays out a lump sum when a person is diagnosed with a critical illness. The only requirement in getting compensation is that the diagnosed critical illness must fall under the insurer"s list of critical illnesses. Payment will be made after 30 days of survival from the illness. The policy can be taken independently as it can be taken as part of a regular health policy. It is vital for people of all ages take this policy because in todays hectic lifestyle, young as well as older people are affected by health problems suddenly.
A critical illness policy offers money to not just meet medical expenses, but also to run the family. In a situation where the earning member is hospitalized due to a severe health problem, family members can meet other expenses such as school fees, credit card payments etc. using the lump sum paid out by the policy.
Some Important Points About Critical Illness Cover
Getting this cover is easy as you dont have to take a medical check up till you are 45 years. It offers lifetime renewal benefits and making claims against the policy is easy as there is 24 hour assistance available. You can also use it to get deductions on your tax payment under Section 80D of the Income Tax Act. You can opt for this cover separately else as part of your mediclaim insurance policy. The policy can cover anyone from the age of 5 to 55 years. You can opt for a floater policy wherein every member of the family is covered by it. Such a policy will cover spouse and two dependent children.
Having a critical illness policy will come to your aid like nothing else when you are suddenly diagnosed with a severe health problem. You will be able to get money that meets big expenses and your family will be able to run its activities with the lump sum that it provides. In todays high risk situation, it is best to opt for it to give protection to your family when a sudden health problem strikes, leaving you hospitalized.
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