Critical Illness Insurance Blogs

Helping you to make informed decisions about insurance
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Why you should consider buying critical illness insurance at an early age
published on May 26, 2022

Critical illness insurance protects the insured against serious diseases, which require expensive treatment. When diagnosed with critical diseases like heart attack, cancer, liver cirrhosis, any major surgeries, etc, critical illness insurance ensures a smooth process to settle huge bills. Critical illness bills can result in all your savings drying up. These can easily set you back by Rs 10 lakhs plus.

It helps the family to save costs, and isn’t it wise to buy a critical illness insurance plan before the need arises? The benefits of buying critical illness insurance at an early age are as follows:

  • Lower Premiums

The age of a policyholder is an important factor when deciding the insurance premium. With good health and a lower probability of contracting a serious disease, insurers allow younger policyholders to pay cheaper premiums. Applying for a critical illness plan is easier when one is still in their 20s or 30s because insurers allow low premiums ensuring maximum savings. If the insured does ever require coverage, the longer time that they have paid premiums ensures an easy claim settlement process.

  • Lump-Sum Payment for diagnosis and treatment

Treatment of critical illnesses is more expensive than regular diseases. Critical illness insurance plans usually provide lump-sum payments for treatment, diagnosis, and post-operative care. Many people cannot seek proper treatment as these are not affordable for all. Opting for a critical illness insurance plan at a young age ensures you get the best treatment and procedures when needed

  • Related expenditure coverage

To seek the requisite treatment, patients with cardiovascular or other serious diseases may often need to travel to a different city or country. The patient may be accompanied by friends or family members, and the travel expenses can become too much to bear, especially when you are worried about how much the treatment will cost. Critical illness insurance also allows paying for the miscellaneous expenses that occur in the course of treatment.

  • The family’s lifestyle need not change

When a family member, especially the sole breadwinner, is diagnosed with a critical disease, it affects the entire family’s lifestyle. The family works to save funds to aid the member’s recovery, and they compromise on living comfortably. However, with a simple heart or overall critical illness insurance, the family members need not worry about cutting down their expenses and living comfortably while taking care of their unwell relative.

Buying critical illness insurance prevents a lot of stress by taking care of expenses incurred during diagnosis and treatment. Visit Elephant and compare plans to safeguard yourself against critical illnesses and surgeries.

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Things to consider before choosing a critical illness insurance
published on February 7, 2022

Before choosing the Critical insurance policy, it is essential to know the meaning of critical illness. It can be considered a disease that can leave the patient’s body either permanently damaged or semi-permanently. It compels them to be emotionally, physically, and financially dependent after they face a critical illness. There is no difference between critical illness and unwelcome guests. 

Critical illness has become common these days. It consists of cancer, paralysis, coma, heart attack, and so on. Not all the masses can afford the expense of treatment, medicines, hospitalization, and doctors’ fee. You can quickly deal with this complex situation with a Critical insurance policy. In addition to it, you will have to consider several factors when you buy critical illness insuranceHere is the list of some factors.

  • Check how the CI Plan works.

First and foremost, look for the working criteria of the CI plan. In the CI plan case, the buyer will get the lump sum amount after he deposits the diagnosis to any insurance company. In addition to it, a person can purchase the costs of treatment, hospitalization costs, and so on. 

  • Seek the maximum coverage

You should consider that critical illness that offers the maximum coverage. This critical illness covers the pre and posts hospitalization expenses, treatment, medication, and expenses. Moreover, you will also get the benefits of organ donors, dialysis cover, and so on. 

  • Premium amount 

The term premium is defined as the sum of money which you will have to pay for insuring against the CI plan after a specific time. In addition to it, you can easily calculate the premium sum. 

  • Ask for the waiting period.

The waiting period defines as the stipulated time under that the policy is payable. So, do not forget to ask the question regarding the waiting periods. The waiting period is 90 days of starting the period of policy and 48 months of pre-existing disease. 

  • Check the age

Undoubtedly, before buying the Critical insurance policy, you should also consider the upper age of the renewal. Some health insurance providers provide the CI plan up to a specific age. On the other hand, in the case of some plans, the age limit is not beyond 60 years. 

These are the essential things that you can consider while choosing the best and most beneficial Critical insurance policyHere is the list of some information related to the masses who can buy the insurance plan for critical illness. 

  • Senior Citizens
  • Bread Earners
  • Masses who have high pressure of jobs
  • Individuals who have a history of critical illness in their families
  • People above the age of 40 years

In the end, critical illness is like a hole in your pocket. All of your savings will be drained. So, it is essential to take the policy related to critical illness. It will indeed act as the back and help you in a difficult situation. 

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How critical illness insurance can offer financial support
published on November 19, 2021

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 medical treatment requires a high cost. That is why one should make a cover plan for health or medical insurance or health cover.

All this insurance not only helps the people in their time of need but also provides a huge amount of money and also provides 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 taken because of diseases.

For firefighters and first responders, their job is related to danger that is why they need emergency services, as these services come along with health problems that are too risky for someone’s life. A firefighter’s life is riskier than an American as fighters cause cancer issues easily, heart attacks, failure of kidneys, and many more other health-related issues. As firefighters work in such a risky place, that is too hazardous a 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 risks 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 lump sum amount-The insured pays the full amount of money. We can use this money to pay off the debts, to pay the treatment costs, and 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 3 months for claiming.

Benefits to Avail Tax-Under section 80D Critical Illness plans offer tax benefits with medical insurance.

Under the policy that covered a 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, Plastic Anemia, 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.

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