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Be an Early Bird to Pick the Right Critical Illness Insurance Plan

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Published on August 11, 2021. EST READ TIME: 3 minutes

Being young and energetic, you might live under an impression that there is still a long way to go before you may opt for a health insurance plan. However, these are times to think practically as an illness can affect you uninformed. A medical emergency can knock at your door anytime and it would only be detrimental if you are not financially equipped to face it. Besides, a steep rise in the number of health ailments, especially critical illnesses in the last few years is a sign enough to emphasise the necessity of buying a critical illness health insurance policy.

Lifestyle Change and Critical Illness

The nature of diseases affecting the recent generations vastly differs from those that affected our earlier generations. Changing lifestyles are leading to a replacement of traditional diseases caused by malnutrition, and poor sanitation with critical illnesses such as stroke, cancer, kidney failure, etc, caused by hypertension, diabetes, obesity, stress, and poor diet habits and sleep patterns. The treatment expenses of these critical illnesses that strike without notice can prove to be highly expensive and even dry up your hard-earned savings.

5 Reasons to Buy Critical Illness Insurance in Your Early 30s

Critical Illness insurance plans provide financial coverage to the insured for treatment of serious and life-threatening ailments that require complicated medical procedures. Just like a regular health insurance plan, it is important to avail a critical illness insurance policy very early on, even before the need for it arises. Here are 5 reasons why it is necessary to buy a critical illness policy as early as in your 30s:

1. No Medical Check-ups for Early Bird

   Critical illness insurance plans bought before you turn 45 do not require any medical check-ups and can be renewed for a lifetime period. The policy also covers treatment expenses of around 15 critical illnesses such as heart stroke, cancer, kidney ailments, organ transplant, and multiple sclerosis.

2. Affordable Premiums

   Health insurance premiums are priced upon the assessment of several parameters, including the policyholder’s age. The younger the policyholder, the insurer believes that the probability of the policyholder contracting a critical illness at a very young age is quite minimal. So, the premiums also become much more affordable and less expensive. On the contrary, the older the age of the policyholder, the higher are the premiums as the coverage required shall also be more.

3. Lump Sum Payment

   The expenses incurred towards the treatment of critical Illnesses can potentially drain your finances and opting for a critical illness policy entitles you to a lump sum amount in a single payment for diagnosis, treatment of critical illnesses and even post-operative care. If opted at a young age, critical illness policies ensure access to top-notch, quality medical treatment and procedures, should the necessity arise.

4. Hassle-free Waiting Period

   The waiting period for each critical illness insurance policy differs based on the type of treatment the insured has to adhere to. So, if you are buying a critical illness insurance plan at an early age when you do not need to avail of its benefits immediately, you can easily serve the waiting period as desired by the insurer. Post this, the coverage benefits can be claimed along with an eligible loyalty bonus.

5. Better Financial Planning

Buying a critical illness insurance plan at an early age helps to plan your finances better for the long term. While a critical illness insurance plan can cover your treatment expenses during a medical emergency, you can continue to invest your savings in long-term financial instruments to fulfil financial goals of your family without compromising on their comfortable lifestyle. Moreover, you can avail of a tax exemption of upto Rs. 1 lac on premium paid towards critical illness insurance plans under section 80D of the Indian Income Tax Act.

Conclusion

Critical illnesses have become a major cause of concern owing to a regressive shift in human lifestyle. Any family member suffering from a critical illness can cause a severe dent in the family's finances affecting the family's other financial goals. Picking a suitable critical illness insurance plan to cover such critical ailments can ensure quality access to medical treatment along with managing your finances better.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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