Enjoy Financial Help and Peace of Mind with Critical Illness Insurance

A critical illness may open doors to financial disaster for you and your family if you are not insured. There are many critical illness insurance plans available in the market. It can provide you with a great financial cushion. So, you must opt for one to stay protected.

What is Critical Illness Insurance?

Critical illness insurance known as critical illness cover is an insurance policy that offers you a tax free one off payment. If you are diagnosed with one of the covered serious illnesses. It helps you clear your debts, your mortgage, or pay for any alteration that you may need to make at your home like a wheelchair access.

Your critical illness policy will pay out only if you suffer from one of the medical conditions that are covered by your policy. Some examples of critical illnesses that most policies cover are:

• Stroke


• Heart attack


• Certain stages and types of cancer


• Conditions like multiple sclerosis

If you have become permanently disabled because of any illness or injury, most policies will pay out. It will pay you only once. The policy ends.

Things to Consider Before Buying Your Critical Illness Cover

• A list of the critical illnesses that are covered by your insurance policy. Different companies have different risk coverage for different types of illnesses.


• Exclusions. Do not forget to read the small print to be sure of what you are buying. It is very essential to know even those things that are not covered.


• Understand the claim filing procedure. The claim filing process is crucial for all types of insurance policies. It is the same with critical illness policy. You must know about the documents and formalities that need to be followed while filing a claim.


• Benefits you will enjoy during renewal. Before you buy a critical illness cover, you must get to know about the benefits that your insurer would give you for the year you have not filed a claim.


• Reviewable or guaranteed premiums. Before you buy a critical illness cover, do check if the premiums are fixed or they can be increased by your insurance company in years to come. Reviewable premiums can be a little cheaper, it is better to opt for guaranteed premiums as they will prove to be more profitable in the long run.


• Other things that you need to look for before opting for an insurance are claiming settlement history, hospital network and so on.

Advantage of Critical Illness Insurance

• Totally family protection - Critical illness plans will keep you and your family protected against financial problems arising from hospitalization owing to critical illness.


• Tax benefits - You will get to enjoy tax benefits under section 80D if you invest in some critical illness plan.


• Financial cushion and peace of mind - Critical illness policies allow you to enjoy a financial cushion if there is a medical emergency. You will be able to look after the patient properly, instead of running around trying to arrange money.