Critical illnesses can be termed as those illnesses that affect one’s lifestyle greatly causing a negative impact on the person’s physical and mental health. These illnesses may have a long term effect with longer period of expensive treatment. In such a condition, the family of the patient can face a financial crisis if the illness is not covered by critical illness insurance. To bear the expenses of these expensive medical treatments it is good to have a or health insurance with critical health illness coverage.
You can secure yourself with a critical illness policy in two ways. Firstly, you can opt for a health insurance that comes with critical illness coverage. Secondly, have an add-on rider on your existing health insurance plan. However, if you plan to choose a critical illness add-on rider then you are covered for all kinds of big and small medical expenses. It will enable you to make the most out of your health insurance policy. But choosing to buy best critical illness insurance can be beneficial as you get a lump sum amount of money as soon as your illness that is listed under the clause of the insurance is detected.
But there are a few exclusions of the critical illnesses that the critical illness policy does not cover. The following are the listed exclusions generally all the insurance companies have in common:
(1) Any illness caused by a war or any act of war. Invasion and act of foreign enemy or war like operation is also excluded.
(2) Sane or insane act of intentional self-injury and attempt to suicide.
- Criminal and unlawful activities causing illness is also excluded.
(3) Health hazard caused by involving or participating in naval services,military or air force operations, diving, scuba diving, racing, aviation, Parachuting, hang-gliding, mountain and rock climbing etc.
(4) Illness involving alcoholism and drug abuse.
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(5) Venereal diseases like HIV AIDS (Acquired Immune deficiency Syndrome) and any infection with HIV.
(6) Pregnancy related treatments like abortion, miscarriage, Caesarean and normal delivery.
Let us check out the advantages of having a critical illness policy:
a) Medical treatment of critical illnesses can cost you your entire life’s savings without a policy. So if you have an insurance you can be at peace knowing that you ever ready to combat any such medical expenses that comes without notice.
b) Medical treatment is anything but cheap these days. If you want to get the best facilities and treatment immediately then you have to go to the private hospitals where the expenses are pretty higher. Very few government hospitals give you the best facilities without delay. With critical illness policy coverage you do not have to think twice before opting for the best.
c) You get the amount transacted in your account immediately after your illness is detected.
d) You get tax benefit for monthly premiums you pay on the critical illness policy under section 80D of income tax act.
The Bottom Line
Having critical illness insurance guarantees you financial stability to combat illnesses requiring expensive and prolonged treatment. In case you are diagnosed with any ailment listed in the clause of the critical illness insurance policy, the treatment expenses will be paid off by the company without digging into your life’s savings thus preventing you and your family to face any kind of financial crisis. You can opt for an add-on cover on your existing health insurance or always get a separate critical illness policy. The former safeguards from all medical expenses and the later bears expense for critical illness only.