Critical illness Insurance Policy | Should I take critical illness Cover with term insurance

Why Should You Get Critical Illness Health Mediclaim When You’re Young?

We can never know how the following moment will turn out. Being diagnosed with a serious disease is one occurrence that exemplifies life’s unpredictability, resulting in uncomfortable moments for the entire family.

While a major illness may not be able to stop us from fighting, it may surely put our financial health in jeopardy if we do not have health insurance. Critical illness insurance, such as that provided by Care Health Insurance, is now available in India (CHI). These plans cover all of the costs associated with expensive treatments for conditions including cancer, paralysis, end-stage liver disease, and stroke, to mention a few.

Your standard health insurance policies may not be sufficient to pay the significant treatment expenses associated with certain diseases. As a result, obtaining a critical illness plan early in life is recommended. Here are a few compelling reasons.

Critical illness insurance policy-
Critical illness insurance policy

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1. Choosing while you are younger is simple and affordable.

Most critical illness insurance plans in India are designed to provide appropriate financial protection if the policyholder is diagnosed with a critical illness during the policy period. There are a limited number of critical illness insurance policies available to those who have been diagnosed with the disease. So, before it’s too late, one must plan for the future by analyzing risk factors and purchasing a critical sickness coverage.

Furthermore, as a person gets older, the cost of health insurance rises. It is one of the most important variables to consider when purchasing health insurance.

The same may be said with critical sickness insurance coverage. When you’re young, say in your 20s or 30s, these insurance will be significantly more cheap. When a person reaches a certain age, they are more likely to have pre-existing conditions, which result in higher premiums.

2. The No Claim Bonus provides you with an additional financial cushion.

You would be entitled for the ‘no claim bonus’ if you choose the top critical illness insurance in India, which is a feature that allows policyholders to get a higher sum covered for each year without a claim.

The NCB amounted to 50 percent, 25 percent, and 25 percent of the base total insured in the first, second, and third years, respectively. For example, if you have a plan with an amount insured of Rs 5 lakh, the total insured will be Rs 7.5 lakh after the first claim-free year and Rs 8.75 lakh after the second claim-free year.

In this way, the insured individual will have a financial safety net. When the time comes to use the benefits, the insurance will provide appropriate coverage for any costly treatment that is required. As a result, the sooner one chooses this strategy, the more beneficial it will be.

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3. It provides protection in the event that medical treatment becomes prohibitively expensive.

Healthcare has progressed over time, and now even critically ill individuals may be successfully treated. However, one potential stumbling block is the expensive treatment expenses, particularly in India’s private institutions. The finest critical illness coverage provides significant financial assistance to a person in obtaining high-quality medical care without breaking the bank.

The following are some of the primary advantages of a critical illness policy:

• In-patient care costs, which include room rent, doctor’s fees, surgeon’s fees, and ICU costs.

• Pre- and post-hospitalization medical expenditures are covered for a set number of days.

• A variety of modern day-care treatment treatments.

• Ambulance fees are covered.

• Chemotherapy and radiotherapy coverage.

• Coverage for dialysis.

• Other options for therapy.

• Get a second opinion.

• An annual physical examination.

Aside from these advantages, there’s the cashless hospitalization option, which may be used at any network hospital.

Medical inflation may put any household without health insurance in a financial bind. Advanced medical therapies for urgent illnesses will be more expensive in the future than they are now. As a result, if you want to live a financially secure life in the coming years, it’s always a good idea to invest in a critical sickness policy as soon as possible.

Should I take critical illness cover with term insurance
Should I take critical illness cover with term insurance

4. There are age-related and other risk factors to consider.

Leading a healthy lifestyle when we’re young goes a long way toward preventing or at least delaying the health implications of aging. However, one must realize that aging brings about biological changes and exposes us to health dangers. It’s possible that certain things are beyond our control. With these considerations in mind, we should make a strategy to protect our money by purchasing critical sickness insurance, which will also provide us with simple access to medical treatment in the event of an emergency.

Furthermore, some people may wonder if they really need a critical illness plan. The explanation is that many illnesses, including cancer, are now arising as a result of our lifestyle choices — bad food, sedentary habit, lack of physical activity, and so on.

These lifestyle-related variables, in combination with family history and other risk factors, have created an increasing number of people susceptible to acquiring such illnesses, particularly at a young age. According to research, young persons in India under the age of 50 have coronary artery disease and experience heart attacks. It can become life-threatening if not treated promptly, resulting in major health consequences. A critical illness insurance coverage is essential for receiving the best care anyplace in India.

The Bottom Line — Financial Security for Your Family

Early identification and timely medical care are more important than ever in the treatment of severe illnesses like cancer. The larger the risk, the more time has passed. As a result, there is a lot of emphasis on early therapy. Similarly, when it comes to obtaining the necessary financial back-up to manage medical bills, it is critical to act quickly.

Dealing with a critical illness is a trying time for everyone in the family. With a critical illness health insurance policy, the financial strain on your family will be reduced, and your funds will be secured, allowing you to watch your loved one recover and become healthy once more.

It’s important to start thinking about your family’s financial security now, so you can relax in the future!


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