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Reasons to Include Critical Illness Rider in Your Health Insurance Plan

By including a critical illness rider in your health insurance policy, you can ensure medical coverage against some life-threatening diseases such as cancer, heart attack, stroke, and kidney failure

16 Nov 2021
  • Informational
  • Health Insurance
  • health insurance plan

Reasons to Include Critical Illness Rider in Your Health Insurance Plan

A health insurance policy has become a necessity in today’s times. It protects the policyholder against the skyrocketing medical costs he/she may incur during a medical emergency. A standard health plan covers a range of expenses, including hospital’s room rent, doctor’s consultation fees, costs for medicines and diagnostic tests, etc. But, do you think having only regular health insurance is enough?

Sedentary lifestyle and increasing complexities in our living standards have made us more prone to serious illnesses and diseases. In India, more than 5 lakhs people are diagnosed with cancer every year and approximately 24 lakhs people suffer from cardiovascular diseases. The treatment of such diseases is usually very expensive, and a normal health insurance plan may not cover it by default.

It means that in case you contract a critical illness, your regular health insurance policy may fail to cover you adequately and you might end up losing all your life-savings. That is why, you must procure a separate critical illness insurance policy or attach a critical illness rider to your regular health insurance plan.

It will keep you financially protected against some life-threatening diseases such as cancer, heart attack, stroke, kidney failure, and paralysis.

Below are the five vital reasons to include critical illness rider in your health insurance plan:

1. Coverage against several chronic ailments

As mentioned above, the critical illness rider will provide you financial protection against several chronic ailments which generally include cancer, heart attack, stroke, kidney failure, organ transplant, liver diseases, and paralysis, among many others.

Though the number of ailments which is covered by the policy varies from insurer to insurer, usually a critical illness insurance rider helps covering all major life-threatening diseases.

2. Fixed sum assured upon diagnosis

Critical illness insurance plans are fixed benefit plans. It means that by attaching a critical illness rider to your regular health plan, you will become eligible to receive a fixed amount of money in case you get diagnosed with any critical ailment mentioned in the policy document. This sum assured will be paid to you irrespective of the actual amount you incur for your treatment.

Also, this sum assured will be paid directly to you which means that you can use it in whatever way you need. For example, you can use it to pay for the treatment costs, medicines, diagnostic tests, and also for paying your EMIs and meeting daily living expenses of yourself and your family members when you’re not able to earn a livelihood.

3. Tackle the huge medical expenses

As mentioned above, critical illnesses such as cancer, heart attack, and kidney failure are usually very expensive to treat and care for. For example, average cost of treatment for cancer is estimated at ₹ 10 lakhs, whereas certain lung diseases can take up to ₹ 20 lakhs for treatment.

In the absence of a critical illness cover, tackling such huge medical expenses can become next to impossible for a common person. Also, the critical illness insurance will ensure that you get the best possible treatment for covered diseases at the best healthcare facility around the world.

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You can add critical illness rider to your medical insurance policy at the expense of a nominal addition in the premium amount

4. Benefits are provided just after the diagnosis

The benefits of critical illness insurance are provided to the policyholder just after he/she is diagnosed with a covered disease or illness. It means that you won’t have to wait for long to procure the assured amount, and you can start your treatment right after the diagnosis of illness.

This way, a critical illness cover will provide you a peace of mind so that you can concentrate only on your treatment rather than running around to arrange finances to meet your medical and household needs.

5. The benefits are tax-free

Another significant advantage of adding a critical illness rider in your health insurance policy is that its benefits are completely tax-free. It means that in case you get diagnosed with a critical illness and decide to make a claim on your policy, the amount of money that you will receive from the insurer will not attract any tax under the Income Tax Act of 1961.

Thus, you will be able to keep all the money for your use, without having to pay a part of it to the Government in the form of taxes.

To conclude

Treatment of life-threatening diseases such as cancer, heart attack, stroke etc. can easily cost you several lakhs of rupees. Hence, adding a critical illness rider to your health insurance policy or buying a standalone critical illness insurance plan is essential to prevent your lifetime savings from getting depleted.

Moreover, if you have a family history of critical illnesses or if you’re the sole breadwinner of your family, a critical illness cover becomes even more crucial for you.

However, before buying a critical illness insurance policy or opting for a critical illness rider from an insurer, you must consider several aspects such as premium amount, number of diseases covered, fixed sum assured, policy tenure etc. This will help you in making an informed choice.

If you want to avail cancer insurance, you can consider ICICI Lombard’s Complete Health Insurance Policy. This policy provides comprehensive medical coverage to the policyholder by covering several critical illnesses, including cancer and heart attack. Moreover, this policy is easy to purchase and covers all pre-existing ailments.

ICICI Lombard also provides health insurance plans like Complete Health Insurance, Personal Accident Insurance, Health Booster, Arogya Sanjeevani Policy, Corona Kavach Policy which offers people with the much needed financial backup during any medical emergencies.

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