This add-on to your cover is the need of the hour
As per the findings of a white paper released by Confederation of Indian Industry (CII) in the year 2015, one out of four Indians is at risk of dying from non-communicable diseases (NCD) like diabetes, cardiovascular ailments or cancer before the age of 70. Health insurance plays a vital role in mitigating the financial burden associated with such diseases.
In addition to this alarming statistic, media reports also reveal the growing treatment costs for such diseases. Herceptin, a medicine for breast cancer, ranges from ₹75,000 to 1 lakh per vial. The cost of single valve replacement surgery for heart disease is commonly between ₹1 lakh to 3.5 lakhs.
Why is a basic health insurance policy insufficient?
The growing susceptibility of Indians to lifestyle diseases, and the rising healthcare costs indicate that such disease can cause a financial dent, in addition to the physical and emotional trauma. While a health cover might be a saviour, will that be enough? Worse still, what if your earnings come to a standstill during the period of illness? Even if you have a ₹3-5 lakhs health cover, will it cover your incidental expenses?
Critical illness insurance is an indemnity-based insurance that covers the cost of hospitalisation incurred. It comes with certain limit on specific expenses like medicines, hospital room, intensive care unit admission, and duration of hospitalisation. Also, all the critical diseases are not covered under a single insurance policy.
- Cancer
- Coronary Artery By-pass Graft Surgery
- Myocardial Infraction
- Kidney Failure
- Major organ transplant
- Stroke
- Paralysis
- Heart valve replacement surgery
What is a Critical Illness Cover?
A critical illness cover helps you tide over medical emergencies. It is a lump sum paid to the insured in case he/she contracts any of the specific illnesses specified in the policy document. It can be bought as a standalone policy or as a rider in your existing health cover.