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In today’s unpredictable world, the potential for medical problems is ever-present. Dealing with such medical problems can cause a lot of financial burden in the case of treatments. Furthermore, loss of income during the recovery period can become a further burden in an already stressful time.
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One such type of medical problem is critical illness. Let’s learn more about critical illness and how to reduce its financial burden.
Term Plans
Critical illness refers to a severe health issue and comprises the following list of illnesses:
Motor neuron disease
Chronic liver disease
Multiple sclerosis
A major head trauma
Chronic lung disease
Third-degree burns or major burns on the body covering at least 20% of the surface of the body
Permanent or total deafness
Permanent or total blindness
Permanent loss of speech
Parkinson’s disease
Coma
Terminal illness
Chronic persistent bone marrow failure, which leads to anaemia
Muscle dystrophy
Permanent paralysis with the complete and permanent loss of one or all limbs or is also known as paraplegia
Major transplantation of an organ such as heart, kidney, lungs, liver, or bone marrow
Heart attack
Heart valve replacement because of abnormalities or defects in the body
Aorta surgery with the help of laparotomy or thoracotomy
Various other serious coronary heart diseases are caused due to the narrowing of the lumen of the three major arteries - the Circumflex, RCA (right coronary artery), LAD (Left Anterior Descending artery)Fulminant viral hepatitis, which is massive necrosis of the liver caused by a virus that may lead to liver failure
Kidney failure
Stroke
Cancer
Benign brain tumor
Encephalitis
Poliomyelitis
Bacterial meningitis due to inflammation of brain membranes or the spinal cord
Craniotomy or brain surgery
Degenerative brain disorder or Alzheimer’s disease
Full-blown AIDS
AIDS contracted by medical staff, where it is caused due to an injury or an exposure to contaminated blood
If the victim has contracted AIDS due to blood transfusion when receiving infective blood
The universal necrosis of the brain cortex or Apallic syndrome
It is important to note that this list is not exhaustive, and other illnesses may be included.
Critical illness coverage provides financial support financially if you are diagnosed with one of the conditions mentioned in the policy. In this, a lump sum payment is made when the policyholder is diagnosed with one of the specified illnesses.
Critical illness can become a huge financial burden for you and your family. The costs of medicines, doctors and treatments can be skyrocketing. However, what can even be more dangerous is the loss of any income for your family in case of your death. If you unfortunately do not recover from your illness, you risk your family being financially unprotected. This can cause a lot of problems for them and deteriorate their standard of living.
This is where life insurance becomes really important. Life insurance acts as a safety net for your family by providing them a sum assured amount in case of your death. You just need to select a coverage plan and pay regular premiums.
Any person is advised to buy a term insurance plan, but here are a few categories to whom it is highly recommended:
People with a Illness History: Some people have a hereditary issue of illnesses that are passed from generation to generation. Since they are already prone to illnesses, getting a critical illness cover should be their top priority.
Earning Members: If you are the earning member of your family and your family is dependent on your income, getting a term plan becomes really crucial.
Aged People: Aged people are generally at a higher risk of developing chronic illnesses, so buying a critical illness policy is a must.
A critical illness rider is a popular rider that helps policyholders in providing financial support in case they are diagnosed with a critical illness during the plan term. A critical illness rider is an additional option available for life insurance policies meant to expand your financial protection. When included, this rider permits the policyholder to receive a portion of the death benefit upon diagnosis of a critical illness. This sum can be utilized for ongoing care, medical bills, or other financial obligations as needed. The term insurance with critical illness rider can be bought during the inception of the policy or any other subsequent policy year of the base plan. This additional benefit can be availed by including the term rider in the base plan at nominal premiums payable with the base premiums.
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The eligibility criteria may differ from insurance to insurance however there are some common factors that insurance companies look at for eligibility criteria as follows:
Age: Most term insurance policies have a minimum age limit of 18 years of age and a maximum age limit of 70-75 years of age.
Medical Examination: Insurance companies perform medical examinations to gauge the health conditions of the policyholder that might affect the policy. Family history and previous medical conditions are also checked for.
Insurability Risk: Insurance companies assess the level of risk involved in providing coverage to an individual by considering different factors. These factors may involve the person's lifestyle preferences, involvement in dangerous activities, visits to risky places, or participation in adventurous hobbies. These aspects could influence the amount of premiums charged or determine whether coverage can be offered at all.
Understanding critical illness is crucial in today's uncertain times, where medical emergencies can impose significant financial strain. We now understand the diverse range of severe health conditions that fall under critical illness, emphasizing their potential impact on both health and finances. It highlights the importance of financial protection through products like life insurance with critical illness cover, which can safeguard families from the stressful financial burden.
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
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
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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