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Importance of Critical Illness Health Insurance Policy during COVID-19

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The pandemic situation across the world today has highlighted the importance of having a health cover. The changing lifestyles, poor dietary habits, working pressures, etc., have taken a toll on everyone’s health. People as early as in the mid-40s are encountering health problems that were earlier known to develop at the age of 60s! Thus, with the demand for quality medical care becoming prominent and the simultaneous rise in the cost of health care has made it essential for everyone to be covered by a health insurance policy.

The health insurance policy provides essential financial protection when you get sick or meet with a sudden accident. There are many policies available that provide a comprehensive package covering basic and extensive medical expenses, doctor’s visit, day-care treatments to hospitalisation costs. However, for life-threatening illnesses that necessitate long-term medical expenses, a critical illness insurance is a must. This cover can be combined with your existing policy as an add-on.

Let us delve into the important features of a critical illness policy:

Features of Critical Illness Health Insurance Policy

• Single-large Payment: Here, regardless of the hospitalisation cost, a pre-decided lump sum compensation is provided to the insured. The lump sum amount is offered once the disease is diagnosed. For example, if the sum insured for the policy is INR 50 Lakh, an individual can claim this sum as soon as the illness is diagnosed with one of the serious diseases endorsed under insurance provider’s critical illness list. The amount can be used not only for the treatment, but also for the restoration expenses, changes to be made if any in the lifestyle, etc.

• Tax Benefits: You can avail of tax benefits from the premium that you pay towards a critical illness policy. Under Section 80D of the Income Tax Act, 1961, you can claim up to INR 25,000 for the insurance of yourself, wife, and children. Also, if you are also paying the premium for your parents, then you can claim deduction up to INR 30,000.

• Hassle-free Claims: The claim process is faster and convenient. Most of the insurance providers also offer cashless claim settlement if you are being treated in a hospital in their network.

Why HDFC ERGO health insurance policy is the right fit?

Now to get the best health insurance policy and critical illness cover, you need not search too far with HDFC ERGO offering comprehensive health plans customised to suit various requirements. The health plans offer various advantages such as:

• Instalment Benefit**: In times of financial uncertainty, paying health insurance premium in instalments is a boon in disguise. This health insurance policy offers you the convenience of paying the premium in instalments.

• Sum Insured Rebound Facility: This feature becomes important when you exhaust your existing health cover. It will recharge the cover, which you can use to meet hospitalisation costs for any new disease or illness.

• Cashless Home Health Care: If your doctor recommends home care, then you can avail of the cashless home health care facility.

• Pre & Post Hospitalisation Expenses: Not only does this health insurance cover hospitalisation costs, but pre and post hospitalisation costs are also covered. So expenses before 60 days of admission and 180 days after discharge will be covered.

• Day-care Procedures: With medical advancements, many surgeries and treatments like cataract, embolisation, etc. get completed in less than a day. These are also covered in the health insurance policy.

• AYUSH Benefits: Alternate therapies like Ayurveda, Unani, Siddha, and Homeopathy are also covered under this plan. Our plans cover hospitalisation expenses under AYUSH treatment as well.

• Recovery Benefit: If the treatment requires you to stay in a hospital for more than 10 days at a stretch, then we have specific plans that cover other financial losses incurred due to you be hospitalised.

Conclusion

To conclude, a basic health insurance plan only provide cover for certain ailments. If you want to cover critical illnesses like cancer, it is important that get a critical illness policy. For example, if you are diagnosed with lung disease or require an organ transplant, your usual medical insurance policy will not be sufficient to bear the high cost of such treatments. Thus, as a safety measure to protect yourself financially against these conditions and situations, you need to add a critical illness policy too. Further, if you have a substantial critical illness cover, you can claim the maximum sum insured and use that money to pay for treatment and for maintenance as well.

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

**With my:health Suraksha you can choose from monthly, quarterly, half-yearly, and annual premium payment option. ^Subject to change as per Tax Laws in India.