With the changing world, the human is surrounded by many health problems, some of which are termed critical. These critical illnesses can be defined as health conditions, that have a significant effect on the lifestyle of an individual and require a lot of finances directed towards the treatments. The various effect of such a condition includes loss of earning capability, disability and more. With the help of the best critical illness policy, one can pacify the impact of critical illness on one life.
Why buy the best critical illness policy?
The count of critical illnesses is rising with each passing day. Moreover, the cost of medical care is at its highest, making it more troublesome for those dealing with an acute disease. For one suffering with an acute illness, the pain and suffering are already on a higher side and on top of that the financial burden can make everything even worse.
The coverage offered by a health insurance policy might not be able to cover the hefty expense incurred I the treatment of a critical illness. Hence, one should buy the best critical illness policy for taking care of the finances required for dealing with acute diseases.
What is a critical illness policy?
A critical illness policy is an insurance plan that provides cover for life-threatening diseases such as cancer, tumor, paralysis and more. It takes care of all the expenses that are incurred in treating the problem for a long time period. It is a considerable help when you do not have enough savings to spend on the treatment of a critical illness as well as when you aren’t covered under any employee benefits scheme that pays for the time period you take off from work due to the medical condition.
What are the advantages of a critical illness policy?
If you are the breadwinner of a family, there are a lot of responsibilities that you shoulder. In case, you fell ill and develop a condition that does not allow you to support your family, what will you do? Here is where you can take advantage of critical illness policy. It also has some additional benefits including:
The inclusion of expenses of care and recuperation
Tax benefits under the Income-tax Act under Section 80D
Free of cost health checkups
What to look for while buying a critical illness policy?
You must be very vigilant while buying a critical illness coverage plan. Here are the primary factors that you must look for:
Make sure that the coverage offered under the plan is 4-5 times your annual income.
The best critical illness policy would have the lowest waiting period.
You need to maximize the cover while paying a low premium. Try to choose a program that offers better coverage with low investments.
Number of diseases covered
There are different critical illness plan available in the market with the different number of diseases covered under each. You must check the list of a number of diseases covered under the plan thoroughly, before choosing one.
Maximum renewability Age
Critical illnesses can affect you at any time of the life cycle. This can be a young age as well as older. So, choose a policy that has a high maximum renewability age.
These are a few factors to consider while choosing a critical illness policy cover.