Insurance policies

Important Features of Critical Illness Insurance Policies

The disease can strike anyone at any time in their life. It can affect a person emotionally, physically, and financially. When a person is affected by serious illnesses like cancer, heart attack, etc., one may have to pay a lump sum for diagnostic tests, doctor’s visits, special tests, etc. enormous financial risk. Therefore, having a serious illness health insurance policy can protect a person from financial burden during the time of an emergency due to life-threatening illnesses.

A critical illness insurance policy often covers chronic conditions such as cancer, kidney failure, paralysis, organ transplant, heart attack, kidney failure, stroke, etc. are covered by the insurance policy. However, it is important to keep in mind that the list of illnesses covered varies from plan to plan and to check that the specific critical illness is covered by the policy.

Important Features of Critical Illness Insurance:

  • Benefits of Full Coverage: The critical illness insurance policy usually covers more than 30 chronic diseases like cancer, stroke, etc. coverage, dialysis coverage, organ donor coverage, etc.
  • Dispose of the lump sum: At the time of treatment, one can obtain a lump sum from the insurance company and avoid direct payments.
  • Affordable premium: Critical illness coverage is comprehensive in nature, but the premium to be paid for this insurance policy is affordable and helps the person avoid financial burden during health emergencies.
  • Hassle-free process: It is a simple procedure to obtain a critical illness insurance policy and it requires minimal documents to be submitted. The company settles the bill directly with the hospital and makes the process hassle-free for the insured.
  • Monthly income replacement: If you are diagnosed with a critical illness, remember that you can claim part of the sum insured in lieu of a monthly salary. This is a huge advantage in times of financial burden and in the event of loss of regular income due to sick leave or incapacity for work.
  • Fiscal advantages: Under Section 80D of the Income Tax Act 1961, the holder of this health insurance policy is entitled to a tax benefit of Rs 25,000 if he pays the premiums regularly. If you or your parents are elderly, you can avail tax deductions of up to Rs.50,000 if regular premiums are paid for the same.

Who Should Get Critical Illness Insurance Coverage?

  • Family history of serious illness: You are at risk if your parent/family member has a chronic illness. Thus, it would be prudent to have critical illness insurance.
  • Individuals above a certain age: If you fall into the specific age bracket (usually 40+), you must have critical illness insurance coverage because the risk of being diagnosed with a critical illness is higher.
  • People working in high-risk occupations: Working in an environment with high risk factors for your health or working in a high-pressure work environment can also increase your risk of health problems, warranting critical medical coverage.
  • Women: With the increasing incidence of cancer in women, it is prudent to check for genetic risk factors and seek adequate coverage in case of future need.

Protect yourself from an unexpected financial burden and choose health insurance from among MS Chola with critical health coverage tailored to your situation.

Disclaimer: This article is a paid publication and does not involve any journalistic/editorial involvement of the Hindustan Times. Hindustan Times does not endorse/endorse the content(s) of the article/advertisement and/or opinions expressed herein. Hindustan Times shall not be in any way responsible and/or liable in any way whatsoever for anything stated in the article and/or also with respect to the view(s), opinion(s) ), announcement(s), statement(s), affirmation(s) etc., stated/presented in the same.

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