Why is Critical Illness cover necessary for you?

In today's lifestyle, we are more prone to illness of major or minor severity. Eventually we tend to presume that Mediclaim would cover any sort of medical cost. We are under pretext that a health insurance is identical to Critical Illness life insurance and both serve the same purpose to cover medical expenditure. However, there is a differentiation in both insurance types and coverage provided.

Let us understand few points which will help us identify basic differences between both.

• Critical Illness life insurance provides lumpsum coverage amount on diagnosis of any pre-specified Critical illness by the insurance company in comparison to health insurance which provides coverage on medical expenses incurred in view of hospitalization only.
• Lumpsum coverage amount is paid to the insured on submission of valid medical diagnosis report and Mediclaim amount is offered cashless or reimbursed in view of hospitalization treatment bills, daily hospital bed/room costs, medical completion reports.
• Exclusions are part of both Critical Illness and health insurance however waiting period would be 90 days for Critical Illness and 30 days for health insurance.
• Critical Illness life insurance can be opted for minimum >= 5 years tenure in contrast to health insurance which is maximum restricted to a year and customer would accordingly renew the policy every year to continue with health insurance plan.
• Both type of insurance provides tax exemption under section 80D.

Now that we understand that both types of insurance have their own individual feature and purpose, we need to plan accordingly to opt both insurances accordingly to cover both hospitalization costs and post hospitalization expenses.

Why do you need Critical Illness life insurance plan?

• In today's lifestyle, we are bound to be subjected to any critical illness and on occurrence of such critical illness we are unable to bear the financial burden which occurs on cost of expensive medical treatment & medicines required for such critical illness, here Critical Illness plan helps you to manage your expenses accordingly.
• On account of family medical history, one needs to be more cautious to opt for Critical Illness cover, as we are more subjective to critical illness if there is any family history associated.
• Life insurance plans cover minimum 7 to 36 critical illness types and hence you can be rest assured that all major critical illness would be covered, and you can decide for your plan accordingly.
• Critical Illness life insurance is essential requirement for all, irrespective of age as critical illness can occur to anyone, hence an individual of a younger age is equally subjective to critical illness to an individual on a higher age group.
• Critical Illness offers higher sum assured or coverage which provides an adequate support to meet all the financial needs once diagnosed with critical illness. Critical Illness acts as a health safeguard as it covers our medical expenditure on diagnosis of critical illness or on death due to such specified critical illness.
• Critical illness life insurance covers critical illness like heart attack, kidney disorders, cancer etc. which are extremely severe in nature.
• Critical illness life insurance also provides cover on angioplasty which is most essential cover which an individual would look out for on occurrence of such event.
• Critical illness cover has its own exclusions which must always be referred prior opting this plan to be sure that all terms and conditions for respective critical illness cover is well understood.

Life insurance companies offer their respective critical illness plans with their own set of terms and conditions and various plan specifications, you would need to compare and plan accordingly the plan which suits your needs accordingly.

Think and Plan for a Critical illness cover to protect your future ahead.

Best of Luck on your purchase of Life Insurance Policy!