In matters of investment, the sooner you acknowledge your mistakes, the sooner you'll find help in getting out of the soup. To break free from biases, the first step should be to identify those biases, says, Balwant Jain,
Tax and Investment Expert.
Nowadays, heart diseases have become common in people of almost every age.
According to the latest NCRP Report 2020 (National Cancer Registry Programme) released by ICMR and National Centre for Disease Informatics and Research, the total number of cancer cases in the country is estimated to rise from 13.9 lakh in 2020 to 15.7 lakh by the end of 2025.
In order to ease the financial constraints linked to such diseases, Indians are increasingly opting for critical illness insurance plans. It offers lump sum benefits for the treatment and recovery expenses arising from specific life-threatening illnesses insured under the plan.
A critical illness plan covers diseases like cancer, heart stroke, kidney ailments, etc. Most insurers cover as many as 36 specific illnesses in a critical illness plan. Moreover, one can certainly buy multiple critical illness covers and each would be liable to pay for your illness.
As per the rule, the lump sum amount is paid if the insured survives up to 30 days after contracting the illness. In fact, critical illness cover can be bought with health insurance as well as life insurance. But one must put enough thought into certain things before buying a critical cover.
You must conduct a detailed research on several comprehensive critical illness plans available in the market beforehand. Understand the inclusions, exclusions and clauses thoroughly to eliminate last-minute surprises while trying to file a claim. Make sure that diseases that you’re prone to must be included in the cover.
Review the maximum age limit offered before buying any critical illness plan. Few of these plans restrict the age limit to 60 years. Always try to opt for plans that offer lifelong coverage. In fact, ask an insurance aggregator to explain these plans and customise them for you.
Most insurers will not provide you coverage for pre-existing diseases at normal costs. Inclusion of these illnesses may increase the overall cost of the policy. Talk to your insurer about your medical record and highlight the health ailments running in the family to pick a suitable plan.
Claim filing is easily the most burdensome and stretched part of insurance. Going through the hassle of documentation is the last thing one could ask for during a medical emergency. Hence, pick a insurer who has a proven record of hassle-free claim settlement process highest claim settlement ratio.
Notably, all critical insurance plans have a specific waiting period until which the policy benefits aren’t offered. No claim is admissible by insurers until 90 days in case of new policies. However, the waiting period doesn’t stand in case of policy renewals. Hence, keep this gap in mind while planning your emergency finances.
Reading the terms and conditions of an insurance policy is mostly avoided as people like to belive in hear-say. But it’ll cause you to pay a price you weren’t mostly prepared for. Review the sub-limits clause on critical illness policy to understand the various limitations of the insurance cover.
It’s always advised to buy insurance products as early as possible. Critical illness plans are most effective when bought early. The health risks are minimal when you’re young and will thus fetch you a low cost cover easily.
