Owing to the hectic lifestyle of today, there has been a gradual increased in the severity of illnesses. Some of these illnesses can prove to be life-threatening too. This has made life pretty uncertain.

While there isn’t much that you can do about the illnesses, you can at least protect your finances. Medical treatments can get pretty heavy on the pocket. Thus, you must have yourself covered when it comes to finances. The critical illness policy will help you do so.

Critical Illness Policy

In the following article, we will take a look at the details of the critical illness policy.

What is a critical illness policy?

A critical illness insurance policy is a cover that offers financial protection to the insured against some of the most life-threatening illnesses such as heart attack, cancer, organ transplants, etc. This critical illness plan provides the coverage in the form of a lump sum at the time of diagnosis of a covered illness. The received lump sum can then be used to pay bills of the treatment.

Once you get through the treatment and survive for minimum recorded days, you can then avail for the policy benefits. These benefits are received as per the terms and conditions cited in the policy.

What are the illnesses covered in the policy?

A critical illness policy ideally covers all common diseases and illnesses. However, coverage for significant ailments differs from policy to policy. Some of the severe illnesses covered in this policy are:

  • Heart Attack (Myocardial Infarction)
  • Stroke
  • Kidney failure
  • Cancer
  • Major organ transplantation
  • Paralysis
  • Primary Pulmonary Arterial Hypertension
  • Benign Brain Tumour.
  • Alzheimer’s disease
  • End-Stage Liver Disease
  • Multiple Sclerosis Aorta Graft Surgery Multiple Sclerosis
  • Aorta Graft Surgery

Why should you purchase a critical illness policy?

There are plenty of reasons and ways in which a critical insurance policy will help. Some of them are mentioned below:

  • To pay for your critical illness medical services that may otherwise be unavailable.
  • To pay for the treatments that are not covered by a traditional policy.
  • To pay for daily living expenses, enabling you to focus your time and energy on getting well, rather than getting worked up about how to pay the bills, at the end of the treatment.
  • To cover your transportation expenses, which includes getting to and fro from treatment centres, retrofitting vehicles to carry scooters or wheelchairs, and installing lifts in homes for critically ill patients who can no longer navigate staircases.
  • To finance you when you are on a temporary medical break. Example – often, the terminally ill patients or those who require a restful place to recuperate, can use the funds received from critical illness policy to take a vacation with friends or family.

With that said, the critical illness policy certainly seems like a cover you should have.