Critical Illness Insurance Protects You and Your Family
A Critical Illness is often diagnosed when people least expect it. Getting appropriate treatment without worrying about finances is extremely important and the best way to get that is by having a medical insurance that is designed for this specific purpose. A Critical Illness Insurance policy is an ideal product to safeguard us and our families from such possibilities.
Critical Illness Insurance,also known as Critical Illness Cover, is a benefit policyin which the insurer promises a pre-determined lump-sum cash payment if the insured is diagnosed with any of the critical illnesses listed in the insurance policy (such as cancer, kidney failure etc.). In case of Critical Illness cover, the spending of the lump-sum cash is entirely at the policyholder’s discretion. In this way, this cover is different from a regular Health Insurance plan in which the actual expenses incurred during the hospitalization are reimbursed to the policyholder.
A Critical Illness Insurance is important because you can never be sure when a major illness will strike. Compulsions of today's lifestyle also leave you vulnerable to a number of health problems for which you may not be prepared. Strokes and Heart Attacks are on rise due to the stressful lives we live. One can easily succumb to diabetes or a kidney problem today due to sedentary lifestyle. Vital organs of the body can malfunction and lead to severe health complications.
An illness like cancer, a heart ailment or renal failure not only results in heavy medical expenses due to hospitalization, but also renders the patient unable to work for an extended period of time, as it takes time for the patient to recuperate from a surgery or a prolonged treatment. Thus, in the event of a Critical Illness, one may have to forego his regular income for a few months before he can resume work. Apart from the cost of hospitalization, the Critical Illness Insurance also helps the policyholder to make up for loss of income or reduced income during the recuperation period. With medical costs spiraling out of control for ailments like stroke, hypertension, cardiac arrests etc., it is imperative for individuals to plan for such eventualities to ensure that their families’ life is not disturbed.
Critical IllnessInsurance is important due to the compulsions of young working professionals’ lifestyles. Fiercely competitive corporate environment, extended working hours, unhealthy food habits, lack of exercise, never-ending stress and unhealthy habits such as smoking and alcohol are the becoming routine (or compulsions) of professional lives today. These factors have resulted in young working professionals falling victims to the lifestyle-related disorders and illnesses. And this is relevant to both men as well as women professionals.
Typically, regular Health Insurance plans have limits on doctors' fees and, thus, do not cover the full cost of treatment.Also, there are caps on specific expenses such as on medicines, intensive care unit or prosthetics and the hospitalization bill would invariably be more than what the insurer will pay. In such cases, individuals have little option but to pay from their own pockets. A little extra caution – by way of a Critical Illness Insurance – can save you from a large hole in the pocket.
HDFC ERGO General Insurance Company’s Critical Illness Insurance plansare designed in a way that takes away most of worries of the victims of Critical Illnesses. HDFC ERGO’s Critical Illness Insurance policypays a lump sum benefit (upto the Sum Insured opted) on the very first diagnosis and a minimum survival period. The best part of this plan is low premium. A young individual of 30 years can get a Critical Illness Insurance of Rs 5 lakh for an affordable premium of less than Rs 2000 per annum. A discounted premium for two years works out ever lower for the same plan.
HDFC ERGO’s Critical Illness policy is the perfect insurance required to cover the high expenses that come along with the critical ailments. With HDFC ERGO Critical Insurance policy, there are no hassles and worries that typically come with claims processes and insurance coverage. HDFC ERGO’s Critical Illness Insurance policy ensures that the policyholder gets quick and efficient service without delays. The company pays the Sum Insured as lump-sum on first diagnosis of any one of the following Critical Illness, provided that the Insured Person survives a period of 30 days from the date of the first diagnosis.
The critical illnesses covered under HDFC ERGO’s Critical Insurance plan areHeart Attack (Myocardial Infarction), Coronary Artery Bypass Surgery, Stroke, Cancer, Kidney Failure, Major Organ Transplantation, Multiple Sclerosis and Paralysis.
On diagnosis of Critical Illness, HDFC ERGO’s Critical Illness policy pays the policyholder a lump-sum amount, which could be used towards the costs of the care and treatment, recuperation aids, paying off debts, compensating for the lost income due to the patient’s inability to earn or even funding for a change in lifestyle.
HDFC ERGO’s Critical Illness Insurance policy covers individuals in the age group of 5 years to 4565 years. Children between 5 years to 18 years would be covered only when both the parents are also insured under the policy. Under HDFC ERGO’s Critical Illness plans, one can choose from Sum Insured ranging from Rs 250,000, Rs 500,000, Rs 750,000 and Rs 10,00,000.