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Insurance Article

Critical Illness Insurance: A Must For Working Professionals

January 21 2015


Critical illnesses have the capacity to affect you physically as well as mentally. These illnesses not only take a toll on the afflicted person, but also on the patient’s family. We have Changed in the field of medicine and have found cures for major diseases. But everything comes at a price.

While you may recover from the physical or the mental strain of falling ill, you may not be able to meet the medical expenses. What you need is smart planning to bear the financial burden of expenses during the treatment phase and post that too.

Critical Illness Insurance

Critical Illness Insurance is a financial tool that safeguards you against the unfortunate event of suffering from an illness that stops you from making a living thereby disrupting the flow of regular income. This type of insurance is a must for working professionals.

Need For Critical Care

If you feel that only senior citizens are susceptible to critical diseases, think again! Work pressure, errant lifestyles and lack of healthy living habits have made people in the age group of 2- 50 years vulnerable to critical ailments. Few factors that define the need for critical care:

According to certain statistics there are over 7 lakh new cancer cases coming up every year in India.

1 Modern Lifestyle and Young Veterans: The modern lifestyle is responsible for reducing the lifespan of youngsters as they fall prey to deadly diseases at a young age. Diabetes, hypertension, obesity, heart attacks, and cancer are no longer unheard of these days. Environment problems, stress, competition, sedentary lifestyle and lack of nutritious food have crippled today's generation by exposing them to irreparable maladies.

2 Entrepreneur and Employee Safety: Whether you are an entrepreneur or an employee, Critical Care Plan is a beneficial option for you in the long run. While an employee may face financial crises on being bedridden due to a life threatening illness, an entrepreneur may find management of business and home affairs daunting, if he is physically disabled due to an accident.

3 Health Insurance and Life Insurance Plans: Patients with critical and terminal diseases need to undergo extensive treatment. Healthcare options and life insurance plans are inadequate to meet the lifestyle expenses of such patients. Critical Care Insurance Policy provides the much needed financial assistance in such a scenario.

4 Personal and Family Financial Stability: Critical Care Plans offers to financially protect you and your family from an undesirable change in the rate of savings and expenditure in case any critical disease impedes you from earning a living.

Stages of Life and Liabilities (25 - 50 years of age)

Stages of Life and Liabilities (25 - 50 years of age)

Advantages of Critical Illness Insurance

1. Onetime Payment: Critical Illness Insurance Plan provides you with a onetime lump sum amount (sum insured) at the first diagnosis or procedure of any of these critical diseases. You can choose to utilize the benefit amount in whichever way you deem fit.

2. Apt for Different Liabilities: Financial liabilities of individuals may differ on parameters like urgency and reoccurrence. For example, a newly married couple may repay their outstanding home loan or a single parent might square off the study loan for his child. Critical Illness Insurance lets you settle financial liabilities that are more pressing in nature.

3. Accidental Death / Permanent Total Disability: Besides offering to cover 9 major medical illnesses and procedures, the policy offers to provide compensation to the nominee in case of accidental death and to the insured in case he can no longer be gainfully employed due to any accidental permanent physical disablement.

Benefit amount can be used for: 1 Treatment cost
2 Taking care of family
3 Back-up for lack of income generation
4 Change in lifestyle expenses
5 Nursing cost
6 Medicines
7 Paying loans
8 And much more...

Advantages of Critical Illness Insurance

4. No Health Check-up: You can avail this policy without any health check-up if you are below 45 years of age. Applicants between 45 and 65 years of age need to opt for a medical check-up.

5. Immediate Benefit: The policy does not have the minimum survival period and benefit is paid immediately based on the first diagnosis itself. Unlike other insurance covers that settle claims based on a host of metrics, Critical Illness Insurance provides 100% sum assured as and when the covered disease is diagnosed. Just an evidence of a positive diagnosis is required to settle the claim under this hassle-free policy. The claims are settled within 21 days of receipt of all the necessary documents.

6. Easy Availability: The policy can be easily availed online by paying premium in instalments. All you need to fill is the proposal form and medical declaration form.

Critical Care Premium Table:

The policy premium will vary according to the age bracket in which you fall. To view the premium table.

Points to Consider

Critical Illness Insurance is ideal For: 1 Entrepreneurs
2 Employees
3 All those who lack a comprehensive employee benefit package
4 Surviving without substantial savings in case of a critical illness
5 Saving family from financial burden
6 Leading a respectable life after diagnosis

1. Analysis: Analyze your lifestyle and make a note of the critical illnesses you might be susceptible to.

2. 90 Days Exclusion: Critical Illness Plan does not cover claims that arise within 90 days from the commencement of the policy. However this clause is applicable only for fresh policies, not continual renewals.

3. Other Exclusions and Claim Process: Although the Critical Care Claims process is transparent, ensure that you are aware about the exclusions and claim process mentioned in your policy. Make an informed choice.

Opt for a Critical Illness Insurance Plan. Think long-term.

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