Importance of critical illness insurance

Critical illness insurance is a health insurance plan that covers the expenses of the treatment of critical and long-lasting diseases. If the person in whose name this insurance plan has been taken develops a serious disease in the future, then the cost of his treatment is paid by the insurance company. Critical illness insurance plan usually covers cancer, multiple sclerosis and serious kidney, liver and heart diseases. However, each insurer has their own package, in which they provide coverage of the treatment of some other serious diseases as well.

Some people confuse critical illness insurance plans with normal health insurance, which isn’t correct. Therefore, before buying any insurance, one should collect enough information about it.

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Whatever be the disease or disorder, it affects our health in some way or the other. Some diseases we are able to bear and they are also easily treated, while others are much more serious and can even be fatal. These serious diseases are kept on the list of critical illnesses; their treatment is not so easy and the cost of treatment is also high. Critical illness insurance usually includes kidney failure, heart attack, severe liver damage and many other diseases, which need to be treated at the earliest or they can also take the life of the patient. Following are some of the common critical diseases:

• A major type of cancer
• Severe heart attack
• Coronary artery by-pass surgery
• Stroke or trauma
• Kidney failure
• Coma
• Paralysis
• Heart valve surgery
• Blindness (loss of sight)
• Deafness
• Being unable to speak
• Multiple sclerosis
• Fulminant hepatitis
• Major organ or bone marrow transplant
• Primary pulmonary hypertension
• Alzheimer's disease / severe dementia
• Surgery for the aorta
• Severe burns
• Terminal diseases
• HIV due to blood transfusion or occupation
• End-stage lung disease
• End-stage liver disease
• Muscular dystrophy
• Parkinson's disease
• Aplastic anemia
• Angioplasty and other surgical treatment of coronary artery
• Bacterial meningitis
• Benign brain tumours
• Viral encephalitis
• Motor neuron disease
• Apelic syndrome
• Being unable to function
• Major head trauma
• Other serious coronary artery diseases
• Polio
• Progressive scleroderma
• Systemic lupus erythematosus with lupus nephritis

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Certain critical illnesses are covered by health insurance policies like myUpchar Bima Plus. But too much of the burden of serious diseases should not be on the health insurance, which is where critical illness insurance comes into the picture. Everyone wants a healthy and happy life but some serious diseases can suddenly come into our lives like an uninvited guest. These diseases are not so easy to treat - it takes a lot of hard work, time and money. Not only this, you have to go to the hospital many times and the medical expenses keep rising with each visit. Buying a general health insurance plan is undoubtedly a good idea but taking a critical illness insurance plan has become important in today's time to help you recover from serious diseases.

There are many benefits of a critical illness insurance policy, from covering huge hospital bills to expensive medicines. Following are a few other features of critical illness insurance:

• Extended coverage: If you buy a critical illness insurance plan, you do not get coverage only on the cost of treatment and medicines but also the expenses of ambulance, chemotherapy, radiotherapy, dialysis, organ donation and many other surgical procedures are covered.
• Sudden debt: Sometimes you suddenly come to know that you are suffering from a serious illness and you may not be financially prepared for it. For example, if you are young and feeling healthy but suddenly start experiencing symptoms of a heart attack or stroke. In such cases, where you have to pay a huge amount to the hospital for the treatment of some serious illness, your savings can become completely depleted. 
• Protection from deadly diseases: You can also call a critical illness insurance plan as life-saving insurance as it helps you get treatment for life-threatening diseases. If you are suddenly diagnosed with a critical illness and you do not have the money to get treatment, then the situation can become life-threatening. Whereas, if you have a critical illness insurance plan, then by taking timely financial help, you can receive the appropriate treatment on time.
• Make life worry-free: Nowadays, almost every person is living in worry about their work and family responsibilities. Even those who are barely able to meet the needs of their family are at the same risk of getting serious diseases. In such a case, getting a critical illness insurance plan can help lead a worry-free life.
• Coverage on medical expenses of hospitalization: If you get sick and stay hospitalized for more than 24 hours, your medical expenses are covered by the critical illness insurance plan. On hospitalization, you do not need to pay any money for beds, ICU, doctor and surgeon fees or everything else.
• Daycare treatment: If you do not require hospitalization, your medical expenses are still covered by the critical illness insurance plan. There are many serious health problems that do not require hospitalization but are included in the list of critical illnesses of the insurance plans.
• Rising inflation of medical expenses: In times of sudden pandemics, the inflation rate in medical facilities and medicines has increased significantly. Along with this, new machines and techniques are coming into the hospitals, due to which the medical expenses have also increased significantly. In such a situation, it has become very difficult for a common person to get treatment for a serious disease. If you have critical illness insurance, then the situation can be made easier for you.
• Long term and higher sum insured: The tenure of a critical illness insurance plan is usually longer than that of normal health insurance plans. Some insurance companies even offer plans for life, in which you do not need to renew the policy ever. Also, the sum insured in a critical illness insurance plan is higher than normal health insurance.
• Tax benefits: Under Section 80D of Income Tax, you are entitled to a special exemption on tax if you have paid a premium for a critical illness insurance plan for your parents, spouse or children. Thus, by paying the premium of critical illness insurance, you can save around Rs 50,000 every year. However, the tax exemption generally depends on the age of the insured and the number of people insured.

All the aforementioned points indicate that buying a critical illness insurance plan is important for every individual. After buying a good insurance plan suitable for you, you can remain worry-free - because even if you fall in the grip of any disease, you can get treatment without the tension of how you’ll pay for it. Buy a critical illness insurance plan at the earliest to protect yourself and your family.

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