The Necessity Of Critical Health Insurance Policy For Life-Threatening Disease

Critical health insurance policy

Have you ever thought about the people who suffer a lot because of not buying a critical illness cover? Somewhere dealing with the basic medical expenses is easy but dealing with the expenses critical illness is out of reach. A middle-class family simply cannot afford this expense. Treatment of critical illness takes out a minimum of 5-8 lakhs rupees at once from your saving. So, purchasing a Critical health insurance policy is the best way to pass from the side of these expenses. Sometimes these ailments are pre-known but most of the time these are completely unpredictable. Your family member definitely knows about your respiratory problems or asthma. But if we talk about a heart attack or paralysis then these diseases are unpredictable.

Types of Critical illness insurance plan

The insurance company has divided the critical illness insurance policy into two different parts. It also helps the company to make easy calculations of the premium.

  • Family floater critical illness policy:

    This policy is perfect for a family of more than 2 people. If your family member is suffering from any hereditary disease then you can purchase this policy. Likewise, you can purchase a critical insurance plan, if you live in the surrounding where people are more prone to get diagnosed with any critical disease. This policy has a higher premium depending on the members and criticality of the disease.

  • Individual/personal critical illness policy:

    A policy purchased for a single person is known as an individual critical illness policy. This has a comparatively low premium as of family floater critical illness plan. Only a single person can take the benefits of this policy.

The proportion of deaths caused due to critical illness in the world

As per a report of WHO, we have received data that show the seriousness of these life-threatening diseases. Every year a lot of people died due to lack of treatment.

Around 1.7 million people die every year due to cancers, 1.4 million dies due to Chronic diseases, and 567 000 die due to respiratory infections. Apart from these, there are many other critical ailments that need a lot of money for treatment. But a Middle-class person cannot pay for the expenses of these diseases, the result of which they have to give their life.

The WHO has reported 2.5 million deaths in a year due to Stroke and 2.3 million people died in a year due to Ischemic heart disease. Further, in the coming years, this data is going to increase for sure. So, it is high time to think for critical health insurance coverage that pays for the treatment of your critical illness.

How can you choose the best critical health insurance policy?

Your responsibility doesn’t end just by purchasing any critical illness plan. There are 31 health insurance companies currently serving in India with multiple health products. Out of which most of the companies are providing critical illness cover. So, it becomes very difficult for an individual to choose among 31 companies. Also, as per a survey we have found that only 40% of people opt for a health insurance cover that too for basic security. But in the coming years, the criticality of life taking ailments are going to increase by 40%.

  • Decide for an adequate sum insured:

    It is very necessary to decide a range of amounts that is sufficient for you and your family. The policy buyer has to analyze the requirement of their family before purchasing a critical illness plan. The shortage of sum insured at the time of making a claim will be more problematic. Just think that you have pre-assumed that the insurance company is there to pay the bills. But suddenly you get to know that your sum insured has become null then what will you do?

  • Choose a premium that you can afford:

    Generally, critical illness insurance policies have high premiums. It gets even more expensive when you purchase it for more than one person. So, calculating your needs will help you to manage your premium prices. You can also consult an insurance agent about customized critical illness plans. Additionally, you can also choose to cover some selected diseases to reduce your premium. Don’t go for the too high a premium that you later cannot afford to pay.

  • Check for the covered critical ailments:

    Make sure to check the list of the ailments that are covered in your critical illness health policy. The policy documents have all the details about the terms and conditions of the policy. Under which circumstances your disease is covered, and many more. Sometimes it also happens that customers take treatment and after the time of payment they get to know that this treatment is not covered in the policy. At that time, it turns out to be a disaster for them because they have to pay the entire expense. So, experts always advise checking the policy documents carefully.

  • Claim ratio of the particular insurance company:

    The credibility of an insurance company completely depends on the claim settlement ratio of the company. If the company has less than 80% claim settlement ratio then customers don’t prefer to buy a policy from them. Companies with a high claim settlement ratio have more happily satisfied customers.

Last but not the least, the prime and the most significant part of choosing the best critical health insurance policy are to compare them online. All 31 insurance companies have different ailments covered in them at different premiums. A few of them provide high discounts while others provide great facilities with additional benefits. If you miss comparing various critical insurance plans online then you will surely be in a loss. You can visit any online website to check and compare multiple insurance policies. Customers can purchase a critical insurance plan as a stand-alone policy and also as a rider with a basic health plan.