No one wants to fall ill deliberately. Yet, there is no way we can predict the occurrence of specific bodily ailments. In some cases, critical illnesses can take a toll on us, leaving our family in the middle of emotional as well as a financial crisis.
Consider this example –
Ramesh, being a salaried individual, had his life turned upside down when he was diagnosed with lung cancer. He had never thought he would suffer from such a critical illness. But when it occurred, several aspects of his life started to fall apart. He lost his job and had his financial liabilities piled up along with the medical expenses. He had to think twice about whether he should pay for his medical bills or household needs from his savings.
It is crucial not to be scared but aware of such unforeseen life situations so that you can plan ways to deal with them too. One foolproof way to secure your future in the fight against severe health ailments is to buy critical illness insurance. You might not know how to buy critical illness insurance because of a lack of awareness about it. But the benefits you get with such an insurance policy are worth the price you pay for it.
What is Critical Illness Insurance?
Before moving to describe how does critical illness insurance work, let’s start with defining what ‘critical illnesses’ refer to.
In insurance terms, critical illness is a health condition or disease that is life-threatening and calls for intensive care of the patient. It includes diseases like cancer, kidney failures, stroke, paralysis and multiple sclerosis. Another reason why these diseases are considered ‘critical’ is that they have a direct impact on the vital body parts like heart, lungs and brain.
Often, medical tests can’t diagnose these diseases until a later stage is reached. Since the treatment of critical illness couldn’t start earlier, their physical impact on health is even more deteriorating.
Critical illness insurance offers coverage in the form of a lump sum when you get diagnosed with life-threatening diseases. You can use the amount for medical expenses and restore your physical condition to a healthy state of being. With some critical insurance policies, you become eligible for the benefits after a specific waiting period. Whereas, there are many term insurance plans with which you can opt for critical illness benefit as an add-on.
Why Is Buying Critical Illness Insurance Important?
In the fast-paced world, more people follow sedentary lifestyles than healthier ones. The steady rise in the number of individuals falling prey to life-threatening diseases can be considered the result of an unhealthy lifestyle, addiction to drugs, and stressful work life. Alongside, the age at which people suffer from critical ailments has also decreased.
So, it is vital to know how critical illness insurance work and buy a policy that fits your healthcare needs.
How to Buy Critical Illness Insurance?
Select a Renowned Insurer
Start with researching the most trusted insurance companies in India. Check their claim settlement ratio (CSR) and select the one that is known to settle most of the claims filed by its policyholders.
Choose a Policy with Adequate Sum Assured
If you know well about how critical illness insurance works, you must be aware of the importance of choosing a policy with enough sum assured. Treatment for critical illnesses requires significant funds, which is why choosing a policy with a high sum assured is crucial.
Enhance the Policy with Riders
You get the benefits of a critical illness policy as per its terms and inclusions. Above the base coverage, you can add riders to enhance the scope of policy at a slightly higher premium.
Pay Premium Online
After finalizing the policy, its tenure and add-on benefits, you need to fill your personal details and pay the premium online. Make sure you get the policy documents to know about its inclusions and exclusions in detail.
Getting the best quality healthcare treatment for a critical illness can make you lose all your savings in less time. With a critical illness insurance plan, your financial future stays safe and free from troubles. If this information has cleared all the doubts about how to buy critical illness insurance, buy one right away.
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