I agree with Ursula K. LeGuin for critical illnesscould strike anyone at anytime and in any place with the modern trend of risein lifestyle diseases that call for prompt and costly medical care.
Ursula K. LeGuin quotes The only thing that makeslife possible is permanent, intolerable uncertainty; not knowing what comesnext.
Iagree with Ursula K. LeGuin for critical illness could strike anyone at anytimeand in any place with the modern trend of rise in lifestyle diseases that callfor prompt and costly medical care. The necessity of critical illness insuranceor health insurance with critical illness riders was strengthened with myfriend Mr. Karthik being diagnosed with multiple blocks in his heart thatinvolved a treatment of 3lac. Then one more friend told us all about thenecessity of critical illness insurance and health insurance with criticalillness.
Understanding Critical Illness Insurance:
Understanding all about critical illness insuranceand health insurance with critical illness insurance riders would tell us thatmost such health insurance policies would cover 12 critical illnesses besidesothers. They could include heart attack, coronary artery bypass surgery (CABG),cancer, kidney failure, stroke, coma, liver failure, primary pulmonary arterialhypertension, multiple sclerosis, major organ transplant, aorta graft surgeryand total blindness.
These diseases and surgical procedures could be wantedby anyone, at any time and anywhere and hence cannot be neglected at all.Health insurance companies generally undertake to pay a lump sum for thetreatment of these diseases irrespective of the amount spent. Some companiesmay include such coverage on payment of additional premium every year. Thiscould vary from company to company and also between companies dealing in lifeand general insurance.
Features of Critical Illness Insurance
Ø It is quite possible to takeup critical illness insurance policies or health insurance with criticalillness insurance riders. When a critical illness insurance policy is taken theentire amount of the sum assured is paid on treatment of the critical illnessinsurance irrespective of the amount actually spent. Such a policy is a benefitplan.
Ø The benefit payment underthe Policy will generally be paid to you on survival for more than 30 days onpost diagnosis of the critical illness.
Ø However critical illnessinsurance will not cover ordinary hospitalization and medical expenses. Whilehealth insurance policies with critical illness riders would offer extraprotection against critical illnesses with payment of additional premium. Theywould also pay the lump sum on the treatment of the critical illness.
Ø However one needs tounderstand that critical illness insurance does not have any maturity value andjust offer cover in case of critical illness. Such amounts may lapse on theirnot occurring. Life insurance policies offering critical illness insuranceriders have a maturity value but no maturity value is allotted for riders.Riders merely cover the risk of critical illness insurance. However this neednot deter one from taking up critical illness insurance, as it is well worth tocover risk of high expenses with critical illness.
Ø Having a look into thepremium on Critical Illness Insurance policies would give us information thatthe amount of premium on critical illness insurance and riders for criticalillness would vary depending on the age of the insured and the illnesses thatare covered.
Ø Critical illness insurancecould have exclusive coverage for all critical diseases or for only some, theterms and conditions varying from company to company. A check would proveuseful before taking up a critical illness insurance or life insurance withcritical illness riders.
Ø Tax benefits under Sec 80D or Sec 80C of the Income Tax Act are available.
Get critical illnessinsurance today
Caution is a most valuableasset in fishing, especially if you are the fish.
Iam sure you would not prefer to be the fish that is not cautious, for life isso sweet and short. Mr. Karthik and his family are now out to advice familieslike them, for they believe their experience could educate others too.
What are you waiting for to take protection today? Informationis nothing more than mental garbage if it doesnt transfer an individual.Unimplemented knowledge is a burden. Our problem is not ignorance; butinaction. Dont fall into this trap.
One of these days is none of these days; today isthe day to start the big job. Just browse the net, discuss with financialplanners for better understanding of the coverage required and product clarity,and get quotes and rest in peace with the best critical illness insurance foryou.