How Important Is A Critical Illness Insurance Plan In India?

Critical illness has a debilitating effect on a patient’s life, starting from huge medical expenses to daily financial requirements. Certain medical conditions usually happen unplanned. The only plausible thing you can do is to be prepared against all the uncertainties that may come up. In the case of medical issues, a critical illness insurance scheme comes as a rescue.

It guarantees you financial security when you need fund for medical emergencies, thus, supporting your family in the process.

What is a critical illness insurance scheme?

This insurance policy comes with a lump sum amount of coverage against serious illnesses. The list of critical illnesses covered under a health insurance plan is pre-determined by the insurers. It usually covers hospitalization charges and medical expenses along with assisting the patient’s family to cope up with their day-to-day expenses.

Availing a critical illness plan from Bajaj Finserv can be a good option. The policy comes with substantial coverage to deal with medical emergencies like heart attack, stroke, paralysis, and other life-threatening illnesses. You can get coverage up to Rs. 50 Lakh to avail top-notch treatments across the country.

Moreover, this critical health policy provides flexibility in using the assured sum to consult experts, cover a medical treatment expense or pay for costly medicines.

Who needs this insurance scheme?

Critical illness policy is especially beneficial for those who have a medical history of critical ailments. Furthermore, if the primary earning member of a family suffers from a severe illness or have any genetic disease running in his family, he can benefit from this insurance policy.

This critical health insurance policy proves beneficial to those who lack sufficient savings and do not have employee benefits packages which cover an extended medical leave. In most cases, the family members of policyholders also receive coverage under a single plan, as mentioned in the policy.

Why is this policy important?

A critical illness insurance scheme provides numerous benefits such as:

  1. Funda vital medical treatment which might otherwise be impossible.
  2. Bear the expenses of a treatment that are not covered by a regular insurance policy.
  3. Pay for daily costs allowing terminally ill patients to focus on healing rather than working to pay off their bills. 
  4. This insurance policy also covers expenses like availing wheelchairs and transportation charges to treatment centers by ambulance. 
  5. Terminally ill patients who need a peaceful place to recuperate can utilize this health insurance coverage fund to go on a therapeutic family vacation.

Apart from these features, there are some added benefits such as:

  • Easy documentation
  • Hassle-free settlement for claims
  • Several options for premium payment
  • High sum assured and convenient policy tenure

To avail the benefits of this insurance policy, an individual must be in the age of 18 years to 65 years.

How to apply?

Follow the below steps to buy an insurance plan easily:

  • Visit the official website of your insurance provider
  • Fill in an application online with the necessary details
  • Submit the KYC documents like PAN card, Aadhaar card, etc.
  • Pay the premium as per your plan

As the rising cost of treatment is one of the causes of bankruptcy in India, protecting yourself with a critical illness insurance scheme, particularly if a terminal illness is running in your family, is essential. This policy can remove your financial worries during a sudden or probable medical issue. 

Alternatively, you can also avail a family health insurance plan from Bajaj Finserv. This policy covers your family against hospitalization charges, medicine fees, and other associated expenditures.