Critical Illness Insurance; Who should buy Critical Illness insurance?

 During trouble times, Critical illness Insurance is important

Critical illness insurance:

If you or a loved one are at risk of developing a critical illness such as renal failure, cancer, or a heart-related condition, purchasing a critical illness insurance policy may be quite helpful against the same.

People's health has been negatively impacted by the modern way of living. The likelihood of contracting a life-threatening illness has risen exponentially in recent years. Air and water pollution, Junk food and increasing day to day tensions have negative health effects. Malignant tumors and heart-related illnesses are also quite common these days.

However, the cost of treating these disorders is also higher. The average person typically cannot afford this. A critical illness plan may be preferable in such cases. With this policy, you can get protection from life threatening illnesses. Cancer, paralysis, heart attack, tumors, and renal failure are among conditions that are taken care of. It pays for treatment of terminal conditions. Critical Illness Policy provides a lump sum payment in the event of a covered critical illness.

Essential Elements of Insurance Policies

1.   It covers 36 major conditions, including tumors, cancer, renal failure, significant cardiac issues, and more.

2.   The insured illness is paid for in a single, lump payment.

3.   There is minimal hassle involved in filing a claim.

4.   After the first enrollment period ends, coverage can begin.

Tax advantages

In accordance with the Income Tax Department Act of 1961, policyholders who have critical illness coverage are excluded from paying taxes on the premiums they pay. In addition, you can claim further Rs.15,000 under section 80D of the Income Tax Act of 1961. Benefits of up to Rs 20,000 are available for the elderly here.

Following are the deceased which are covered under critical illness insurance:-

1. Advanced-stage cancer

2. Cardiovascular Disease- Heart Attack (First Time)

3. Open-Heart Bypass Grafting of the Coronary Arteries

4. Repair of the heart's valves or an open heart surgery

5. Severe coma as defined by the criteria

6. Dialysis-dependent kidney failure.

7. Stroke

8. Transplantation of Bone Marrow

9. Transplantation of Vital Organs

10. Paralysis of the limbs, permanent

11. Neuromuscular Disorder

12. Multiple Sclerosis

13. Aplastic Anemia

14. Meningococcal disease, or meningitis, caused by bacteria

15. Foolish Pun

16. End stage Liver failure

17. Terminal lung disease

18. Infectious Hepatitis

19. Big Burns

20. Muscular dystrophy.

Currently there are so many insurance plans which provide inbuilt critical illness coverage.

Who should take critical illness insurance?

Now the question arises who should take the critical insurance? The answer to this question is that there is no one who can say they will not get suffered either by cancer or heart diseases so everyone should go for critical illness cover. If you still wants more elaborations below are the persons which must take the critical illness insurance:-

1.   Family Genetics:-

It has been found that the most critical illness is genetics. This means that if your family members suffered from critical illness in the past then there are very chances that it may occur to you as well.

2.   Sole bread earner:-

If you are the sole bread earner for your family then you must opt for critical illness insurance as if you suffer from any critical illness and you have taken the required insurance then you need not to worry about the monthly expenses as this insurance will provide the required benefits.

3.   High blood pressure problem:-

It has been observed that persons suffering from high blood pressure problems or persons doing their job in tension then there will be much possibility that person may suffer from critical illness. So people should take critical illness insurance.

In India following a person have to spend to treat the critical illnesses:-

1.   Cancer- 15-20 Lacs

2.   Heart Surgery- 5-10 lacs

3.   Brain Tumor surgery- 5-10 lacs

So you can see how expensive is treatment of critical illnesses so you must go for buying the critical illness insurance.