Significance of Critical Illness Insurance Policies in India

You are fine and working hard to fulfill your future plans. But, a small symptom can turn your life completely. Any type of critical illnesses can hamper your standard of living as well as create a financial burden for the entire family.
Due to unhealthy lifestyle, younger generations are at higher risk of suffering from critical illnesses. As medical sciences are developing very fast and hence, the chances of surviving a patient with any critical illnesses is reasonably more.
As compared to death, costs of medical treatments could be more expensive. You need to prepare yourself to spend heavy expenses on medical treatment, medicines, medical tests and specialist’s consultations.
It gives you a fixed lump sum benefit, irrespective of what expenses you have actually incurred. This payable benefit is available on diagnosis of the ailment and hospitalization is also not required. If the policyholder complete the survival period mentioned in the insurance, then only the benefit is paid.
Every bread winner in the family must covered himself/ herself with a critical illness policy. Policyholder who has dependents such as parents, spouse or dependent children must be insured under this plan. Generally, riders are considered as standard and cover a narrow list of ailments.
You can get a wider list of ailments covered at a similar amount of premium if you buy this policy as a standalone plan. It is better to get rider instead of zero cover. If you are planning to buy a life insurance, it is good to buy the rider. The cost of critical illness plan is based on the number of ailments, policyholder’s age and years.