Working professionals are always at the receiving end of an irregular lifestyle. Sedentary jobs, long working hours, immense pressure to win the rat race and unhealthy eating habits eventually take a toll on your body. This may give rise to life-threatening lifestyle disorders like stroke, heart attack, cancer, etc. in the near future. Hence, having health insurance has become nearly mandatory for working professionals. During such contingencies, critical illness insurance makes life for you and your family easier to a large extent.
Many insurance companies and financial companies provide critical illness cover and provide a lump sum amount to meet the medical expenses of critical illness.
What is a Health Insurance?
Health insurance is a form of legal agreement between the insurance company/lender and the policyholder under which the insurance company agrees to pay all the medical expenses of the policyholder as and when needed. The insurance company does it through:
- i) Cashless treatment
- ii) Reimburse the amount as per the bills
Moreover, the policyholder who pays the premium for the insurance enjoys tax benefit on the amount of the premium paid. Many big companies or employers provide health insurance to their employees. However, it does not offer a lot of coverage. Hence, having an additional critical illness policy is highly advisable.
Why is Critical Illness Insurance Important?
- Critical illnesses not only take a toll on your health but also cause a major setback to your family emotionally as well as financially. Critical insurance cover safeguards your family against the heavy financial burden
- It is a big help for all those employees who are not provided a comprehensive insurance cover by their employees.
- It helps you survive the critical time despite lacking major savings
- Prevents you from going to the lenders or asking for money from the extended family; enables you to lead a respectable life despite atrocities.
Critical illness Insurance Benefits
Easy Application Process
Various insurance companies and financial companies provide the facility of critical illness policy online. As an applicant, all you need to do is to fill the proposal form and medical declaration form. Once through with online application, you can avail the policy online by paying the premiums in installment. Companies like Bajaj Finserv provide a four-step easy application process for the convenience of their customers:
- Choose your preferred insured amount
- Provide your personal & medical details in the form
- Go for pre-policy medical examination
- Renew the policy on an annual basis
Based on the diagnosis, the policyholder can avail the benefits of the policy immediately as the policy does not have the minimum survival period. Critical Illness Insurance provides 100% sum assured as and when the medical illness is diagnosed, unlike other insurance covers that settle claims based on a host of metrics.
No Prior Health Check-Up Required
You can apply for and avail of this policy without any prior health check-up, if your age is below 45 years. However, applicants who are between 45 and 65 years of age need to go for a thorough medical check-up. Only then can they apply and avail this facility.
Critical Illness Insurance plans provide you with one-time lump sum amount of the sum insured during the first diagnosis or procedure of any critical diseases or medical ailment. You can utilize the benefit amount in whichever way you think is right.
Accidental Death or Permanent Disability
Critical Illness Insurance covers all the major medical illnesses, their tests, and procedures. Apart from this, the policy also offers compensation to the nominee in case of accidental death or permanent disability of the policyholder. The benefit amount can be used for various purposes:
- Meeting expenses of the family
- Generating income
- Treatment cost
- Nursing cost
- Loan payment, etc.
Hence, if you are a working professional, opt for critical illness insurance at a young age to avail more benefits.