Critical Illness is a condition when someone’s life is in danger and he/she requires emergency treatment as soon as possible and too much money is needed to cure the illness.
Critical Illness insurance is also called catastrophic illness insurance.
When there’s some sort of big health emergency, such as heart attack, cancer, etc., medical insurance is the only thing that helps to prevent financial problems.
In Today’s generation, there is a risk of critical illness and the medical treatment required a high cost. That is why one should make a cover plan for health or medical insurance or the health cover.
All these insurance not only help the people at the time of need but also provide a huge amount of money and also provide a financial backup plan.
Under the plan of critical illness, one needs to pay the total amount of money to the insured so that it can be used later on for the treatment costs and also to pay the debts that are take because of diseases.
For firefighters and first responders, its job is related to a danger that why they need emergency services as these services come along with the health problems that are too risky for someone’s life. A firefighter’s life is risky than an American as fighters cause the cancer issue easily, heart attacks, failure of kidneys, and many more other health-related issues. As firefighters work in such a risky place that is a too hazardous place to work. Members of this field should offer some health illness insurance to them so that they can feel that we care about their life and health and also their financial status.
Why we need Critical Illness Insurance
In today’s world, there is a rise in incidences and lots of risk in people’s life due to various health problems. Because of all this treatment, we need a critical plan more significantly as in our latest generation cancer surgery can up to Rs16-18lacs, transplantation of the liver can cost Rs24-35lacs. So because of all these huge figures, one needs a critical illness insurance plan.
Benefits of Critical Illness Insurance-
One gets payment in a lumpsum amount- The insures pays the full amount of money. We can use this money to pay off the debts, to pay the treatment costs, recuperation expenses.
The procedure of claiming is easy- Hospitalization does not need to be important for claiming the insurance one can get the claim through diagnosis reports also.
The waiting period is less – One must wait for up to 3months for claiming.
Benefits to Avail Tax-Under section 80D Critical Illness plans offer tax benefits with medical insurance.
Under the policy that covered certain list of illness diseases-
Cancer, first heart attack, coronary artery disease, coronary artery bypass surgery, heart valve surgery, surgery to the aorta, stroke, kidney failure, Aplastic Anaemia, End-stage lung disease, End-stage liver failure, Coma Major Burns, Major organ or the Bone marrow transplantation, the Multiple Sclerosis, the Fulminant Hepatitis, the motor neuron disease, the primary pulmonary hypertension, the terminal illness and bacterial meningitis.