Financial Cover for Women Specific Critical Illnesses in India

Consider yourself fortunate if you are unheard of for critical illness cover. However, the rising health issues among women of all ages have brought this policy into the picture. Here is all you need to know about critical illness policy.

What Is Critical Illness Insurance?

As the name implies, critical illness cover offers financial protection against various life-threatening conditions. These disorders are so severe that they necessitate frequent medical visits, prolonged hospital stays, and expensive therapies at regular intervals. If you have this cover, your health insurers will assist you by offering a lump sum pay-out to cover these expenses.

The policy term expires as soon as the insurer settles the claim amount. A critical illness policy is a rider benefit you can purchase with your standard health or life insurance plan by paying an additional premium.

What is Covered Under the Critical Illness Policy?

Some most common diseases covered under this add-on policy are listed below.

• Cancer up to a certain stage
• Kidney failure (requiring frequent dialysis)
• Major organ transplant
• Bacterial meningitis
• Multiple Sclerosis
• Muscular dystrophy
• Bone marrow transplant
• Aplastic anaemia
• Loss of speech

Why Should You Buy Critical Illness Insurance?

The list of critical illness benefits is quite extensive. Here, we give you a few justifications for buying this rider.

• Serves as income replacement:
  

  Several serious ailments, like breast cancer, might suddenly take away your ability to make money. The frequent doctor visits and extended hospital stays may compel you to quit your career, leaving you jobless. Critical illness insurance supports you in these circumstances by offering a lump sum pay-out that replaces your lost income. You can use the compensation amount to cover hospital costs, unpaid debts, child's education expenses, etc.

• Coverage against life-threatening ailments
  

  As you grow older, your health condition only deteriorates. At this age, the risk of developing a serious illness is very significant. Therefore, purchasing this add-on is crucial to dealing with them. It assists you in avoiding using retirement funds to pay for exorbitant medical expenses.

• Tax benefits
  

  In case you have purchased a critical illness rider with term insurance or standard health insurance, you can enjoy dual tax benefits. The first is tax benefits of up to ₹1.5 lakhs for term insurance under section 80C. The second is up to ₹25,000 for the premium paid for the critical illness cover under Section 80D.

Difference Between Critical Illness Cover And Health Insurance Policy

Things to Consider When Buying a Critical Illness Policy

• Waiting period:
  

  The term 'waiting period' means that you can enjoy the policy benefits only after this period is over. This duration varies with each insurer and is determined by the severity of the disease. Thus, choosing an insurer offering a low waiting period for critical illness cover makes sense.

• Renewal age
  

  Some critical illness insurance policies allow for renewal up to a particular age, while others come with a lifelong renewability option. If possible, always opt for the latter.

• Inclusions and exclusions
  

  The list of diseases covered under the critical insurance plan differs greatly with each insurer. It is crucial to pay close attention to the policy's inclusions and exclusions to avoid any hurdles in future.

Conclusion

Given the rising incidence of breast cancer, fallopian tube cancer, etc., critical illness insurance for women is essential. Make sure you acquire it as an add-on to a term plan or Mediclaim policy to save on premium instead of purchasing it separately. To know more about term plan, term insurance, ulip plan, retirement plan, long term savings and more visit PNB MetLife website.