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Critical Illness Insurance Cover for the Self-Employed
Health insurance is one of the most important requirements in today’s day and age. Given the alarming rate at which the cost of medical treatment is increasing, not to mention an increase in lifestyle-related diseases, it is important to ensure that you have a critical illness insurance cover policy that protects you against all kinds of scenarios.
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- Critical Illness Insurance Cover for the Self-Employed
It is particularly critical that self-employed individuals acquire adequate insurance, since they lose out on business, if they fall seriously ill. Furthermore, matters get only worse if they are the sole bread winner for their family. They can find themselves heavily in debt, with their family having to deal with mounting day-today expenses as well.
This is why self-employed individuals should either acquire a basic health plan with a critical illness rider or a critical illness insurance cover plan in itself. With a critical illness insurance cover, the amount paid by the insurer has no relation to the expenses incurred. All an insured needs to do is to provide proof of critical illness and they are paid the amount due.
So, how does one choose an insurance cover that not only pays for medical treatment but also safeguards a self-employed individual against a financial crisis caused due to illness? Here’s what you need to know while buying a critical illness insurance cover plan:
The type of Critical Insurance plan
There are two types of plans one can choose from – a standalone plan or a rider in addition to a basic health plan. While buying a critical illness policy, it is recommended that you go for a standalone critical illness plan as opposed to buying a rider in addition to a basic health plan. This is because a standalone critical illness policy covers a wider range of diseases and offers a wider cover. Furthermore, a critical illness plan that has been bought as a rider expires as soon as the basic health plan does.
Choosing the Right Cover and Duration
Critical illness policy covers health emergencies like heart attacks, multiple sclerosis, liver disease and cancer, just to name a few. Before taking up a critical illness plan, you need to check the diseases covered and whether it takes into account, various scenarios like treatment costs, recurring costs and unforeseen health emergencies. Furthermore, if you buy a critical illness plan for a longer duration, then you can enjoy discounts on premiums. Max Bupa, for example, provides a critical illness policy that covers 20 diseases, with discounts on the purchase of a policy for 2 years.
Age and medical history also play an important role while determining the sum insured. This is because the older the person gets, the more likely they are to develop chronic ailments. It is thus advised that one gets a critical illness insurance cover when they’re in their 20s. You should ensure that you take up a plan for the maximum duration, as the older you get, the tougher it gets to purchase a health insurance plan.
Read More: Why Should You Buy Critical Illness Plan
Sum Assured
Before settling for a plan, you must do well to check the sum assured and calculate it against the amount required to treat serious ailments, since treatment for most critical diseases cost a lot.
Lump Sum Payout
What’s beneficial about a critical illness policy is that it does not just cover medical expenses. Many insurers provide a lump sum amount to the policyholder when a claim is made. This enables the insured to deal with not only medical expenses but the daily expenditure as well. The critical illness insurance cover is disbursed to the insured, irrespective of whether they undergo a treatment or the total cost incurred in the treatment.
Over to You!
If you’re a self-employed individual, you’ll definitely agree that regular income is not necessarily a guarantee. And that’s why it becomes all the more important for you to get a critical illness insurance cover to protect your loved ones in the case of a health-related financial crisis.
Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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*We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.
*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.
*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.
**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.
*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.
*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases
*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.
*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.
*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.
*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.
*The scope of coverage may vary from plan to plan.
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Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.
STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
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