What is Critical illness insurance: Just the way how you insure your house and your car, a Critical illness insurance plan is meant to insure or protect yourself from any serious illness that can cause you or any of your family members.
These insurance plans will give you enough security and will guarantee you cash sum in case something unexpected happens to you or your family member or if they are diagnosed with some serious health problems.
Critical illness insurance plans are generally offered at affordable premium rates. The premium amount you pay is exempted under section 80 D of Income Tax law. The person insured can claim the amount anywhere between Rupees 1, 00,000 and Rupees 50, 00,000.
That’s not all; the insurance coverage is excellent too. All kinds of illnesses are covered through these insurance plans including Cancer, Kidney failure, First Heart Attack, Paralysis, Organ Transplant, Multiple Sclerosis, and so on.
Having an insurance cover to take care of critical illnesses is particularly important these days as the medical cost is sky rocketing with every passing day. You would certainly not like to helter-skelter during the time of emergencies.
Do you? Thankfully, there are many insurance companies in the market today who are willing to offer you these covers provided you meet their terms and conditions. While life insurers provide these covers as a rider that is combined with life insurance policy, general insurance companies offer them as individual policies.
The sum guaranteed for the insured person will be payable within a set period after the diagnosis of the critical illness. This usually ranges between 30 to 90 days. Before buying one such cover from a non-life or a life insurer, you should check out for the illnesses that are covered by them. It will better if you can buy a policy that will cover those illnesses that run through you and your family more frequently than others. |
