critical illness

Why is Critical Illness Policy Necessary?

A critical illness policy provides financial support to the person who is insured during the time of illness. The illness can be life-threatening, like cancer, heart disease, liver malfunction, etc. The money provided by the policy is to pay the medical bills of the hospital and buy medicines, which is a huge support for the person, especially for the person who is the only bread-earning member of the family. Nowadays, many people are diagnosed with such types of diseases, so these policies save the members from the hardships that they might have to suffer during the time of illness. If the person does not have this policy, it can become very difficult for him to pay the hospital bills. Critical illness policy has become a necessity in today’s world. The critical illness policy covers many kinds of diseases under it. It helps the person to get their disease treated while also financially supporting their family. People who have a family background of illness must have a policy, as well as people who have crossed a certain age. Here are a few of the benefits of critical illness plans:-

1) Reduces financial burden:

When such emergencies occur, they increase the family’s financial burden. Health insurance is not enough for such diseases, as most of them do not cover critical diseases. The person has to pay for them himself. For this, he might take a loan or use his lifelong savings, which will lead to too much hardship and be a huge burden on him. His critical illness policy provides him with financial support for treatment of his disease, any type of surgery, and other health care expenses. In these types of diseases, a single therapy or session costs a lot of money, which is difficult to pay from one’s pocket.

critical illness

2) Mentally peaceful-

Whenever such a type of situation arises, the person himself and the family members both panic as they do not know where they are going to get the money for the treatment. If there is a policy, one does not have to rush from one place to another in search of money as the policy will cover all such expenses and make it easy and peaceful for the members of the family. It will relieve them from all the stress and tension that they might have to face during such a time of illness.

3) Meeting financial obligations:

If a person has a critical disease, he may lose his job or be unable to perform his job. This will lead to no income generation for a period while he is being treated. This will lead to a huge problem for the person as well as the family member. But the critical illness policy helps the person meet all his obligations. The money from the policy can be used by the individual in whichever way that he might find fit. This money acts as a savior and reduces tension and anxiety.

4) Cost-effective method:

It is a cost-effective method as the amount is paid by the company. The person is not paying it out of his pocket. If he has to pay for it out of his pocket, he might have to reside in poor health care facilities and infrastructure. Poor treatment quality may harm his health and cause additional problems. So, the policy helps to get quality treatment from good hospitals and that too, at nominal rates.

critical illness

5) Multiple claims:

Policyholders can file multiple claims under the policies. The claim is not limited to single-time use. Moreover, it covers all the expenses of the patient’s room rent, daycare treatment, OPD expenses, ICU charges, ambulance cover, chemotherapy, radiotherapy, pre and post hospitalization expenses etc.

Critical illness policy is of the utmost importance in today’s world. It offers substantial financial assistance to the insured person. It also provides other facilities like cashless facilities, tax benefits, lower premiums, comprehensive coverage, and income replacement. It can be renewed after a claim year. A critical illness policy is different from a health insurance policy. One must read the documents for more clarification. Care Insurance provides a critical illness policy and that too, at lower premium rates. This policy relieves the stress of the person and provides peace to both the family members and the person who is suffering from the disease. One can check the rates online at the company’s website. There are also such illnesses that are not covered in them, like suicide, miscarriage, HIV etc. One of the best advantages of this policy is that it provides multiple claims and both pre and post-hospitalization expenses are covered in it. It saves the person from getting poor quality treatment that he might reside in in the absence of policy. Poor treatment can affect his health adversely. Policy amount can be used in any manner as desired by the insured.

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