June 20, 2024


Savvy business masters

Should You Get A Critical Illness Plan?

It is a good idea to buy critical illness insurance if you consider the medical inflation and the increasing events of critical disorders. Today, liver transplantation can cost between ₹25,00,000 and ₹36,00,000 and breast cancer surgery can range from ₹14,00,000 to ₹16,00,000. If you look at these figures, you’ll realize the importance of having a critical illness cover.

What is Critical Illness Insurance?

Critical care insurance can cover you against life-threatening conditions like cancer, kidney failure and liver transplant. The compensation is given as a lump sum if you are diagnosed with a critical illness covered under the health policy. You can use this large amount to pay the medical costs related to your treatment. Usually, you get a survival period of 30 days. The claim would be settled after this period is over. 

Standalone Critical Illness Insurance vs CI Rider

Insurance providers offer critical illness insurance as a rider or a standalone cover. The benefits of a rider are much like those of a standalone plan. However, the rider costs less and covers a limited number of conditions. That is because the sum assured amounts to only 50-100% of the base plan. 

For instance, if you have a health policy of ₹5,00,000, the critical illness cover would be 50% of the amount, i.e., ₹2,50,000 only. However, a standalone critical illness policy can offer you a higher sum assured. 

If affordability is not your prime concern, you can choose a complete critical illness plan to enjoy extensive coverage. But a rider plan can be a more suitable option if you have a limited budget. After making your choice, use a critical illness calculator to check the premium payable. 

Who Should Get Critical Illness Insurance?

You should consider getting a critical health policy from a reputed insurance provider if you meet any of the following criteria: 

  • You Come with a Family History of Critical Health Conditions

This is the usual reason to buy critical illness insurance. So, for example, if you have a family history of cancer, you are at a higher risk of developing it. In that case, for precaution, you can opt for critical care insurance to secure your future and avail the best-quality treatment when needed. People who already know the medical history of their family must certainly insure themselves in advance. 

  • You Are the Only Breadwinner of Your Family

Are you the sole earning member in your family? Then it is crucial to secure your loved ones with a critical illness policy. The benefit would be that your family members need not undergo financial crisis or emotional turmoil after the diagnosis of a critical disease. Plus a critical illness plan recompenses for loss of employment in addition to the treatment cost.

Keep in mind the above factors to consider purchasing a critical plan. Choose a reputed insurer with good track record of claim settlement. Before picking a plan, remember to use the critical illness calculator to know the amount of premium payable and make sure that you can afford it.