As you may not know, according to the health figures from India, 3 percent of citizens became poor because of spending too much money on illnesses every year.
In other words, due to the fact that too much money goes for treatments, 3 percent of population go down to one level under their current present class yearly. For instance, high class citizens will become middle and middle people become lower class. It is really bad if our finance is influenced too much by diseases as the possibility of being affected by threatening diseases is now higher on a daily basis. Thus, we had better take a proper solution into consideration.
The society is getting modern now so that it has been changed in both good and bad ways. There is an increase in obesity people in India, which comes with diabetes as well as many heart diseases.
Another factor influencing on our health is pollution, which has been proved that 7 percent of death in India is attributed to respiratory exposure. Prior to being affected by any diseases, it is better for people to be well prepared in terms of finance. As a result, having a critical illness insurance plan is considered to be the best option in this case.
- The definition of critical illness insurance
Critical illness cover is a type of insurance in which the insurance provider will make sure to cover a lump sum cash payment in case the policy holder is exposed to one of critical illness in the list of the insurance policy.
Every critical illness plan will be made specific in terms of covered and uncovered illnesses. Such illnesses as heart diseases, cancer and coma are mostly covered by all the critical illness insurance plans. The operational cost for these kinds of illnesses may last for the whole life and the cover for other critical illnesses are different from various providers.
You should remember that there are some illness types that are not covered by any critical illness policy. Therefore, you should be careful when choosing a critical illness insurance by reading the policy terms and conditions to see what illnesses are covered and not covered in the policy.
- The advantages of critical illness policy
First and foremost, the critical illness policy is a financial security for your beloved people. It means that this insurance product will protect your life while making sure that your family is secure in terms of finance. Secondly, there are more than 30 types of illnesses which are covered in this policy. However, some companies are now offering coverage for more than 30 illnesses. So before making decision to buy any policy, you should be sure what the diseases are covered.
What is more, if you are diagnosed to a critical illness, the insurance vendor will pay the whole sum of money signed in the policy. Last but not least, critical illness insurance policy will bring about the peace of mind. When you have already had your critical illness policy, you will feel unworried as finance will not be your burden. When you are exposed to a disease, you can pay attention to the treatment instead of finding money.
- What points to consider when getting a critical illness insurance plan
There are a lot of critical illness policies so it is not easy at all to choose the best policy one for you. The article will present some of the aspects for you to assess the suitable critical illness policy.
First of all, it is the premium amount. You should make a comparison of premium amount for each critical illness policy to see what policy comes with the best value for money in terms of the illness cover you want.
Secondly, sum assured from the insurance company is also an important factor. You had better know your financial life will not be influenced too much because of any unexpected illness.
What is more, waiting period is the time in which the illnesses in the policy are not covered. For instance, if it is three months, so if there is a critical illness occurring to you before two months, your claim will not be taken. Insurance provider will evaluate your claim to decide the sum assured and paying this sum will take place only after purchasing a critical illness policy. Thus, before choosing a policy, you ought to be sure that the policy comes with lesser waiting period.
Moving to the next point, it is the survival period, which is the time period during which the policy holder needs to survive after being exposed to the illness so that they can get a claim. The insurance cover will be paid only when the survival period has passed. Thus, if the policy holder dies instantly after suffering from a heart attack, his or her beloved ones can not get the payout from the insurance company even when he or she has already had a critical illness insurance.
The survival period of various insurance companies is different, which can be two weeks or one month and so on. Hence, when choosing a critical illness plan, you should make sure the policy comes with the least survival period.
To conclude, critical illness insurance offerings are taken advantage as a living benefit for policy holders to recover from illness instead of a death benefit. Thus, it is highly recommended for you to have a term insurance in order to provide the coverage for your whole family.
When opting for the most suitable critical illness policy, you should not pay attention to the number of illnesses covered as this may require you to pay higher premium. Instead, it is better to focus on the standards of illnesses which may be likely to happen during your age. For instance, those aging from 15 to 20 are easily exposed to the illnesses which are attributed to their own bad life styles or habits. Last but not least, take a look at the entry age of policy before choosing it.