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Buying Critical Illness health insurance plan in advance will make your financial burden lighter

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Published on March 31, 2021. EST READ TIME: 3 minutes

Knowing that health insurance needs to be on top of financial planning is important. What is equally important is to know which policy to buy. To save money, many people ignore buying a Critical Illness policy. But, the cost of healthcare facilities is steadily increasing and if unfortunately diagnosed with a critical illness, it can eat up all your savings and even force you to borrow money to meet the medical expenses. So, buying a critical illness insurance plan in advance will make your financial burden lighter. Let’s discuss further.

>1. What is a critical illness insurance plan?

A critical illness insurance is your safety guard when you are diagnosed with life-threatening diseases. A critical illness plan is an additional cover that provides a lump-sum amount, which can be used for treatment of a specific critical illness and its recovery. In critical illness, the payout is fixed, which means, you get that amount regardless of hospital expenses. If you are left with a surplus amount a fter paying the medical expenses, you can utilise to pay off any debt.

We cover up to 15 critical illnesses like cancer, First heart attack, stroke, paralysis, kidney failure, multiple sclerosis and major organ transplant. In such critical times, to ensure you stay away from financial worries and focus only on health, we pay the sum insured in one go. The policyholder also gets the flexibility of buying our critical illness plans for 1 or 2 years as per the convenience and requirement. You can choose between the Silver and Platinum Plan

In critical illness coverage, the policyholder gets the sum insured after a survival period of 30 days* after being diagnosed with the listed illness. A Claim is admissible after a waiting period of 90 days since the inception of the first critical illness policy. It is a one-time plan and lapses once the insurance cover is used by the policyholder.

2. How is it different from usual health cover?

A health insurance policy covers hospitalization expenses in case of a medical emergency. But a critical illness insurance provides a sum insured to cover the treatment of a critical illness as well as its recovery. This policy also covers any additional or overrun expenses that are incurred as a result of long-term critical illness.

Apart from this benefit, the critical illness insurance policy also takes into consideration any loss of income or lifestyle changes due to long-term illness. And in cases when the entire sum insured is not used for the treatment, the remaining amount can be used to pay off debt.

Hence, with a critical illness cover, one does not need to worry about loss of income and exhaust one’s savings when diagnosed with specific illnesses. Your insurance policy has it covered for you.

3. Why it is a good add on if you have a corporate health cover ?

Though corporates provide a health insurance policy for their employees and immediate family members (mostly parents), the sum insured is limited and hence several times there are situations, especially in cases of critical illnesses, where one has to pay much beyond what the insurer offers.

Corporate health policies offer limited coverage and do not cover additional expenses incurred in cases of long-term Critical illnesses. But if you have a critical illness cover along with your corporate health cover, the insurer will take care of the medical expenses without draining your hard-earned savings.

Another important reason to have an add on Critical Illness policy is that a corporate health insurance covers you only during your job tenure. Once you move out of the company, you lose your health insurance benefits.

Conclusion

No doubt health insurance is a must to protect you and your family during a medical emergency. But critical illness insurance provides additional financial protection when diagnosed with a critical illness. So, why wait for a critical illness to knock your door and then take the policy? Buying critical illness insurance well in advance is a wise option to lessen your financial burden. Our critical illness policy offers lump sum benefit up to fifteen critical illnesses It comes with lifetime renewal and sum insured ranges between INR 5 lakh to INR 10 lakh.

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

* option to choose a survival period of 15 days , terms and conditions apply HDFC ERGO General Insurance Company Limited. Registered & Corporate Office: 1st Floor, HDFC House, 165-166 Backbay Reclamation, H. T. Parekh Marg, Churchgate, Mumbai – 400 020. Trade Logo displayed above belongs to HDFC LTD and ERGO International AG and used by HDFC ERGO General Insurance Company Limited under license. For more details on the risk factors, terms and conditions, please read the sales brochure/prospectus before concluding the sale. UIN: Product Name Critical illness insurance HDFHLIP 21464V022021. IRDAI Reg. No.146 CIN: U66030MH2007PLC177117. UID- D2-64