Know About the Features and Benefits of Critical Illness Insurance

It is no secret that today's world is fast-paced, competitive, and increasingly polluted. Many statistics show the increase of diseases, even among youngsters as old as 25 to 35 years of age. Moreover, lifestyle ailments and chronic health issues are also rising. We can take personal steps to combat these issues like eating organic and nutrient-rich foods, making time for exercise and movement, and improving our lifestyle, among other actions.

But this still doesn't eliminate the possibility of not developing these ailments. When push comes to shove, we need adequate finances to deal with critical illnesses because the cost of treatment for them is high. Here is where a critical illness cover or critical illness insurance can help.

Critical illness insurance is a type of insurance coverage that provides protection against lifestyle ailments and illnesses of a serious nature. The core purpose of critical illness insurance is to provide extra financial support to the policyholder and their family members so that they get through the financial crisis caused by a critical disease. It does this by paying a critical illness benefit on the diagnosis of a policy-listed disease.

The benefit amount usually gets paid in a lump sum, so the policyholder and their family can use the money at their discretion. Critical illness insurance comes as a separate standalone insurance policy or an insurance rider to a life insurance or health insurance policy. The scope of coverage of the critical illness cover will vary depending on whether it is a standalone insurance policy or an insurance rider.

What Does Critical Illness Insurance Cover?

Critical illness insurance covers life-threatening diseases that require intensive care and post-operative care. Usually, illnesses that require immediate and intensive require hefty treatment costs and medical expenses. Most often, these illnesses qualify as critical illnesses:

• Cancer
• Heart attack
• Stroke
• Kidney failure
• Liver failure
• Multiple sclerosis
• Alzheimer’s disease

A critical illness cover also looks after surgical treatment costs of surgeries like:

• Organ transplantation
• Aorta graft surgery
• Bypass surgery

Critical illness insurance helps you take care of these expenses by paying a benefit amount. So, if in the instance you have to undergo treatment for a particular illness, your family can use the benefit amount received to take care of:

• Hospitalisation costs
• Ambulance expenses
• Surgical costs
• Diagnostic tests
• Medicines and other post-operative care

The benefit amount is over and above the health insurance or life insurance coverage. However, you do not receive the benefit as soon as the critical illness cover begins. Most critical illness insurance plans have a waiting period or survival period of 30 days from the first date of diagnosis, after which you receive the benefit.

What are the Benefits of Critical Illness Insurance?

The evident benefits of critical illness insurance include financial support during times of health crisis. However, you can also:

• Maintain your peace of mind
  

  When you buy critical illness insurance, you can rest assured knowing that you and your loved ones are secure during hardships and do not have to compromise on anything. If your physical health gets taken care of, the emotional toll of dealing with a serious illness can lessen.

• Keep your savings intact
  

  When you know you will receive financial support during a critical ailment diagnosis, you won’t have to break into your savings and empty the effort you have taken to build a financial reserve for your cherished ones. Your savings can continue to remain secure.

• Get tax benefits
  

  With critical illness insurance or critical insurance rider, you don’t have to worry about paying taxes from the amount received. Under section 80D of the Income Tax Act, the benefit amount you receive is exempt from tax deductions.

To Conclude

The present-day hustle culture, exposure to harmful toxins in the air, water, and food, and increase in genetically-modified and fast foods, have only added to the prevalence of diseases. But a critical illness cover can help tackle the cost of recovering from those and ensure you lead a stress-free life. To know more about term plan, term insurance, ulip plan, retirement plan, long term savings and more visit PNB MetLife website.