It is health that is real wealth, and not pieces of gold and silver. In life, a person strives to provide every single luxury that he can afford for himself and his family; but then, in most cases, he forgets to have a supportive financial guarantee for his health. It’s a known fact that illness can strike at any given point of time, and if it is critical in nature, then it can leave the patient and his family completely drained—emotionally, physically, and yes, financially.
This is where well-conceived plans in the field of critical illness come into play and helps one in going forward with a smile. Read on for more.
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Critical illness
Critical illness refers to serial illnesses that have a higher rate of mortality. Different health insurance plans cover variable numbers of critical illnesses cancer, heart attack, open heart surgery, end stage liver failure, stroke, bone marrow transfer and end stage kidney failure to name a few. These illnesses can prove to be painful to the mind and body of patient, cause mental agony to family members, and are heavy on the pocket too.
A general idea of expenses on the critical illness can be derived from the following table:
| Illness | Monetary Expenses (in Rs.) |
|---|---|
| Cancer | 5 – 10 Lakh |
| Heart Attack | 3 – 5 Lakh |
| Open Heart Surgery | 10 Lakh |
| Stroke | 5 Lakh |
| End stage liver failure | 5 – 10 Lakh |
| End stage lung disease | 6 – 10 Lakh |
| Bone marrow transfer | Above 8 Lakh |
Kinds of Health Insurance Plans
There are different kinds of health insurance policies that come with their own terms and conditions, premium plans, and extent of coverage. There are separate policies in place to cover critical illness and may require a higher premium to be paid by the insured.
General Health Insurance Plans
These insurance plans merely cover the expenses incurred on hospitalization and do not include critical illness cover.
Family Health Insurance Policy
With little bit of extra premium, you can insure your family members under the same policy instrument. This policy proves to be more economical than insuring individual members.
Critical Illness Health Insurance Plans
This policy generally covers over 10-20 illnesses and protects the insured from the 60th day of the commencement of the policy; it requires 30 days of survival from the day the disease was first diagnosed. In this type of policy, an insurer gives a lump sum amount to the insured or his legal representatives.
Comprehensive Policy
These are considered as good health insurance plans as they not only cover the critical illness but also provide for the pre and post hospitalization expenses. This policy integrates the features of both general health insurance as well as critical illness health insurance.
Buying a Health Insurance Policy
It is very easy to buy health insurance policy these days. You can either procure the same from local insurance offices/ agents or buy health insurance online. Before buying a health insurance policy, one has to see which is the best health insurance policy and to what extent the critical illnesses are covered by it. The amount of premium generally depends on different factors like age, medical history, hazardous job etc. People considered as high risk candidate by the insurance company have to pay a higher premium rate than others.
Benefits of Critical Illness Insurance Plans
Critical insurance plans provide an extra edge over the general health insurance plans.
Lump Sum Payments
A lump sum amount is given by the insurance company to the insured, which he can use for any purpose like medical expenses, payment of debts, payment of school/ college fees, etc.
Peace of Mind
One feels a sense of security when he is insured. He does not worry about his family members’ financial situation when he is in a critical stage or nearing his death.
Tax Benefits
The insured gets tax benefits under the Section 80D of Income tax act.
Just compare different health insurance plans to find the one that’s best suited for your needs and buy the same—you will not be disappointed.