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Critical Illness Can Disrupt Family's Financial Goals and How Health Insurance Can be Useful

A critical illness policy provides coverage for life-threatening and long-term critical illnesses which a normal health insurance doesn't cover, read the article to know more.

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Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

We all make plans for the future using various modes at our disposal. Based on our career and income, we set financial goals for ourselves and our families. But one aspect that is majorly overlooked is that to carry out our plans and keep progressing in our careers, we need a sound mind and body. If your health starts deteriorating, your ability to work may be affected, and this may lead to a loss of income. This will most definitely disrupt all the financial goals that you’d set for the future.

This is where a health insurance policy plan can become a saviour. It plays a vital in offering your financial protection against the hospitalisation and treatment costs. If you or any of your family members are diagnosed with an illness, you can get the treatment without worry about the cost. The insurance company will take care of the expenses. While health insurance has many benefits, it has its limitations.

A traditional health insurance policy may not cover critical illnesses, and it may also not cover expenses if there is no hospitalisation. For protection against critical illness, you may need to buy a critical illness insurance. You can buy a critical illness cover either as a rider or add-on to your primary policy or you can buy it as a separate policy.

What is Critical Illness Insurance?

A critical illness policy provides coverage for life-threatening and long term critical illnesses like heart failure, renal failure, cancer, etc. The insurer pays a lump sum amount to the insured on the diagnosis of the critical disease. The sum can be used to cover the exorbitant medical costs of treatment and restore loss of income for the insured.

A critical illness policy may cover as many as 36 different critical diseases. It can either be a standalone policy that you can buy apart from your regular health insurance, or it may also be available as a critical illness rider that you can add to your existing policy for an additional premium.

Advantages of Critical Illness Insurance

  • Coverage for critical illness
  • A critical illness policy covers as many as 36 major illnesses that include ailments of the heart, kidneys, lungs, brain, and cancers and tumours.

  • Lump-sum payment on diagnosis
  • The best advantage of a critical illness cover is that the payment is made as a lump sum amount after diagnosis of the critical ailment. When someone is diagnosed with a major illness, it can be a very stressful situation.

    On top of the diagnosis itself is the thought that they will need heavy financing to begin treatment. At this time, if the person is insured with a critical illness plan, they will receive a lump-sum payment that they can immediately use to pay for the high treatment costs of such diseases.

  • Restoration of income loss
  • One thing that sets apart critical illness from your usual health insurance is the restoration of loss of income. You can use a part of the lump-sum payment to replace your income if you’re unable to work and your income is affected.

    Conclusion

    A diagnosis of a critical illness can put even the best of plans in jeopardy. It can disrupt the financial planning and goals that you set for your family. Therefore, it becomes a necessity to buy a critical illness insurance plan or add a rider to your existing health insurance. This can save you a lot of trouble in unfortunate circumstances in the future.

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Ref. No. KLI/22-23/E-BB/2435

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- A Consumer Education Initiative series by Kotak Life