Securing your Future with Critical Illness Plans
PNB MetLife 22-11-2016 05:00:26 PM
Planning for a secured future is one of the priorities in life. A critical illness can disrupt your carefully laid plans in an instant and cripple your future. A critical illness policy offers you stability when your family needs it the most. Read More
Do Normal Health Policies Include Critical Illness Cover?
Acute illness can mean loss of income, large costs for medical care, and a drastic change in lifestyle. If one is diagnosed with a critical illness, usual governmental health care and governmental mediclaim policies have only limited pay-outs for doctor fees and treatment costs. There is also a cap on expenses, such as medicines, prosthetics, and ICU bills. Usually policy owners end up paying a chunk from their own pockets.
A major illness premium back plan offers financial and emotional support, providing coverage against critical illnesses related to the brain, heart, kidney, organ transplant, and many more.
Buying as a Stand-alone or Rider?
A critical illness policy can be purchased as an independent and stand-alone policy or as a rider.
Stand-alone – With an independent policy, one can claim the entire amount. It’s an annual contract that covers a higher variety of diseases. A health insurance plan covering critical illnesses offers the security of a guaranteed amount.
Riders – These are additional provisions separate from the main policy. They come at an additional cost, but also bring along additional benefits. One must check the number of illnesses covered in the rider, along with the life insurance cover and premium. Remember that riders come with a base policy – in case the base policy is discontinued, the rider will lapse too.
Advantages of a Critical Illness Policy
- As a lump sum amount is assured and paid out immediately, treatment can be planned accordingly
- It can be combined with a traditional life insurance policy
- The sum is paid within 30 days of the diagnosis
- On diagnosis, the sum paid is tax-free for the insured individual
- Huge expenses for donor and transplant are covered too, as they are usually not part of a medical insurance
- A critical illness policy is much cheaper than indemnity plans, as the latter only pays a part of the total charges while the former pays a lump sum with full coverage
- Covers care cost, recuperation aid, and free health check-ups
Safe Investment – You Get Your Money Back
Another advantage of Critical Illness Plans is that in case no claims are made during the policy term, all the premiums are returned to the insured person.
Although a more comprehensive critical illnesses cover can result in a higher premium amount, knowing that your family’s future is secured can provide you with a peace of mind.
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
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