AllNetArticles
    Facebook Twitter Instagram
    Wednesday, May 18
    Facebook Twitter LinkedIn VKontakte
    AllNetArticles
    • Home
    • Internet
    • Business
    • SEO
    • Phones
    • Gadgets
    • Real Estate
    • Home Improvement
    • More
      • Categories List #1
        • Computers
        • Finance
        • Entertainment
        • Programing
        • How to
        • Writing
      • Categories List #2
        • Games
        • Kids & Teens
        • Animals & Pets
      • Categories List #3
        • Mac
        • Shopping
        • Travel
        • Sports
      • Categories List #4
        • Automotive
        • Beauty
        • Food & Beverage
        • Reviews
    AllNetArticles
    Home»Finance»Here’s why it is important to include critical illness insurance in your health insurance plan
    Finance

    Here’s why it is important to include critical illness insurance in your health insurance plan

    Veno SoulBy Veno SoulMarch 14, 2021Updated:March 14, 2021No Comments5 Mins Read
    important to include critical illness insurance in your health insurance plan

    You would be surprised to know that one in 4 deaths in India are due to cardiovascular diseases. What’s devastating is that four people under the age of 50 die due to heart attack every two minutes. On the other hand, by the time day gets over, approximately 1300 people are diagnosed with cancer. It has sadly become the reality of life. Nowadays, due to lifestyle choices, pollution, environmental changes, adulteration in food and beverages etc., even the youths are suffering from life-threatening diseases. Therefore, opting for a critical illness insurance policy is the call of an hour.

    Because there are multiple insurance policies, some might cover the critical illness factors, and some may not. This post discusses the importance of critical illness medical insurance and why it should be availed by every individual. But before knowing in detail about critical illness insurance, it’s crucial to understand a regular health insurance policy.

    Regular Individual Health Insurance Policy

    The primary or regular health insurance provides cover for injuries and mostly non-threatening diseases, which are mentioned in the policy document. Also, the payout or the reimbursement is done based on the expenses incurred.

    The positive aspect is that the policy will continue to offer coverage even post-claim period till the time of renewal.

    Critical Illness Policy

    As the name suggests, a critical illness policy covers critical illness only. It covers a lump sum on the diagnosis of a critical illness, like cancer, heart diseases, etc., providing financial aid to the policyholder.

    It is important to read the terms and conditions of the critical illness policy before signing the contract. This is because every health insurance company has a definition for critical illness. That is, some may not consider liver disease as a critical illness. The purpose of getting a critical illness medical insurance is that your finances remain stable in the events you experience any life-threatening disease.

    Also Read  How Can the Owner-Operator Transfer Form 2290 to a New Vehicle?

    Benefits of critical illness policy

    • It offers peace of mind

    One of the most crucial benefits which can be attained is peace of mind. The reason behind this is one’s concentration on medical treatment. He/she need not worry about arranging funds for household and medical expenses.

    1. It acts as an income replacement

    Critical ailments can take a toll on the family’s finances and affect the person physically and mentally. At this point, critical illness insurance has a significant role to play. It pays out a lump sum amount, which is used to cover household and medical expenses.

    1. It covers treatment taking place in a foreign country.

    A normal insurance plan does not cover international or foreign treatment. However, critical illness insurance does it. It highlights that the policy supports an individual in case of further medical treatment.

    1. It offers tax benefits

    One of the highest yielding benefits of critical illness insurance relates to the tax benefits, which can be availed under Section 80D of the Income Tax Act.

    • No end-usage restriction: 

    Critical insurance policy will enable you to utilize the claim-money on whichever way you want. You can use the term to seek top-notch treatment from a reputed healthcare center. Otherwise, you can meet all the other requirements. The insurance provider will not enforce over the sum, which has been insured.

    Why are critical illness policies so important?

    The consistent rise in healthcare costs has given birth to a vital amount of stress. Reports have provided evidence that the nation’s 2018 to 2019 healthcare inflation was 7.4%. This is much higher than India’s overall inflation rate, which is around 3.4%. The regular insurance plans will not be able to provide adequate protection against the expenses for critical illnesses. That is why opting for critical illness policies is a much better solution. The policy is designed to provide you additional expenses that will cover the cost of your critical illness.

    Also Read  Practical Advice To Mentally Prepare Yourself For Relocation

    You don’t have to worry about receiving quality and affordable healthcare services within the country when you have a critical illness policy. When you avail quality healthcare insurance policies, it will only somewhat protect your finances from accidents that take place through such illnesses. Such types of plans will compensate all the treatment costs, such as medical costs, hospitalization charges, and post and pre-hospitalization costs. If you are thinking you are safe when you purchase a health insurance plan, you are wrong.

    It’s because standard health insurance will protect your finances only on specific procedures and diseases. For instance, if you are diagnosed with heart disease, you will require a heart transplant. This is something that a normal health insurance policy will not be able to cover. That is why you will need a critical illness policy. It will help in safeguarding you financially through such treatments. Having a critical illness plan beside you will eliminate the need for any other health insurance plan to cover all the expensive treatments.

    Final words

    Presently, it’s our lifestyle that causes life-threatening ailments. Therefore, be aware of buying health insurance and, most notably, a critical illness insurance plan. It will help you to stay protected against numerous critical ailments.

    Previous ArticleLiu Qiangdong’s JD.Com Rises in Fortune Rankings of Most Admired Companies
    Next Article Material Handling and Conveyor Solutions: Easy Ways to Drive Operational Efficiency with Conveyor Belts

    Related Posts

    Online payment methods

    Best 10 Online Payment Methods for Businesses In 2022

    February 20, 2022
    Economic Implications of Cryptocurrency

    Economic Implications of Cryptocurrency

    February 3, 2022
    Ethereum Value Predictions for 2022 and Beyond

    Ethereum Value Predictions for 2022 and Beyond

    January 22, 2022

    Leave A Reply Cancel Reply

    Latest Articles
    rom com anime

    The 45 Best Rom Com Anime You Must Watch In 2022

    May 17, 2022
    Xumo TV Alternatives

    Top 30 Best Xumo TV Alternatives To Watch HD Movies Online In 2022

    May 16, 2022
    Best Streamsports Alternatives

    Top 20 Best Streamsports Alternatives To Watch HD Sports Online

    May 15, 2022
    Best eCommerce Chatbot Tools

    Top 5 Best eCommerce Chatbot Tools for Your Online Store In 2022

    May 14, 2022
    Site Like Horriblesubs

    Top 15 Site Like Horriblesubs To Watch Anime Online In 2022

    May 13, 2022
    Best & Paid Buzzsumo Alernatives

    Top 15 Best and Paid Buzzsumo Alernatives In 2022

    May 11, 2022
    © Copyright 2022 Powered by AllNetArticles.com
    • Privacy Policy
    • Webku
    • TechChink
    • DashTech
    • Submit a Guest Post
    • Contact us

    Type above and press Enter to search. Press Esc to cancel.