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Critical Illness Insurance
Critical illness can strike anyone and drastically impact financial stability. Serious illnesses like heart disease, stroke, cancer, kidney failure, and liver transplant often require expensive treatments, causing significant financial hardship. Increased costs for treatments, medicines, doctor visits, and necessary lifestyle changes can be overwhelming. Investing in critical illness cover is essential, acting as income replacement and covering healthcare and related costs.
A Critical Illness Insurance policy provides financial protection if you’re diagnosed with a listed serious disease. This cover offers a lump sum amount that can be used for medical expenses, long-term treatments, and other financial needs. As a primary breadwinner, the lump sum from your policy can also serve as an income replacement for your family.
Types of Critical Illness Insurance
- Critical Illness Rider: An add-on to a term or health insurance plan.
- Standalone Critical Illness Policy: A separate policy dedicated to critical illnesses.
Key benefits of Standalone Critical Illness Insurance
- Wider Coverage: Offers protection against a wide range of serious illnesses, including cancer, heart attacks, strokes, kidney failure, liver transplants and many more whereas coverage under a rider is generally limited.
- Lump Sum Payout: Provides a lump sum payout upon diagnosis of a covered critical illness, ensuring financial stability during challenging times.
- Flexible Usage: The lump sum payout can be used for various needs, including medical treatments, daily living expenses, or even modifying your home to accommodate new health requirements.
- Sum Insured: Standalone cover offers flexibility with the sum insured, while rider sum insured is limited by the base policy.
- Waiting Period: Standalone cover has a 30 to 90-day waiting period, whereas rider coverage starts from day one.
- No Dependence on Base Policy: Unlike riders, standalone policies do not rely on a base health or life insurance policy, offering dedicated and comprehensive coverage specifically for critical illnesses.
Who Shall Buy Standalone Critical Illness Insurance?
- Individuals with a family history of critical illnesses should consider this coverage for enhanced financial protection.
- Primary breadwinners to ensure financial security for their families in case of a diagnosis.
- High-stress professionals with greater risk for illnesses like heart attacks and strokes.
- Senior citizens for health conditions associated with aging.