An insurance policy is taken to protect against adverse unforeseen events that could affect our lives. These could be in the form of an illness, accident and theft leading to loss of property or life. Insurance comes in varied types and can be tailored to meet your requirements. Insurance companies in India now offer the complete gamut of policies that are available in other parts of the world. Did you know that you can even buy insurance against Alien abduction?
Most people buy an insurance policy for their vehicles because the government has made it mandatory. They also opt for a life insurance policy because it provides them tax benefits. However, there are some specialized insurance policies that can greatly benefit you but is not availed by most the population. One such cover is Critical Illness Insurance.
What is Critical Illness Insurance cover?
In such an insurance product, the insured person gets a specified amount of money at periodic intervals if he is diagnosed with a critical illness like cancer, blindness, stroke and kidney failure to name a few. All the above illnesses disrupt a person’s life economically.
Growing Rates of Detection in India
The Indian population is being increasingly diagnosed with critical illnesses. According to the World Health Organization(WHO) the rates of cancer detection is going to increase by 500% by 2025 in India. The same trend is being witnessed in kidney failure due to diabetes and other major illness.
The increase is partly because of unhealthy lifestyle habits and stressful living in cities. The pollution levels in large parts of the country makes thousands ill every day. The content of lead and other carcinogenic elements has increased multi-fold because of industrialization. Because of these adverse developments, Indians must now consider opting for critical illness coverage.
Before you finalize your critical illness plan do find out the following aspects about your policy:
- Diseases List – Find out the complete range of illnesses that are covered by policy. Many of the policies have stringent requirements to be eligible for benefits. So, do your homework before you buy your policy.
- Size Of Insurance Cover – As the cost of hospitalization has increased manifold over the decades, it is important to opt for a large size of coverage. As treatments become more effective and hi-tech costs are going to increase multi-fold in a few decades, keep this in mind.
- Buy A Policy With High Limits – Many critical illness covers have an upper limit on the payouts for your illness. Find out what is the maximum you can claim for your illness.
These are three salient points every policy holder must evaluate while buying and renewing his coverage. As the Indian market for critical illnesses is still new there is not much flexibility in the offerings. This will in the coming decades change as new companies and channels increase the competition in the sector. Till then it would be wise to keep your policy renewed.