Get the latest news, exclusives, sport, celebrities, showbiz, politics, business and lifestyle from The VeryTime,Stay informed and read the latest news today from The VeryTime, the definitive source.

What Is Critical Illness Cover And Why Should You Opt For It?

19
Ravi was earning well as a manager in a software company but a sudden critical illness caused a big physical, emotional and financial strain. It does not matter if you are well-earning and can pay for even the best medical care you still need insurance because of rising medical costs. Your family will find it very difficult to cope with the stressful situation of a critical illness striking the earning member of the family. However, if you had taken critical illness insurance, this problem could have been mitigated.

What Is The Protection Offered By Critical Illness Cover?

The policy will pay a lump sum in the event that you are diagnosed with a critical illness. The payment will be made 30 days after survival of the illness. Since you are getting a lump sum, the money can be used to cover for not just treatment expenses, but also expenses incurred to run the family. You can pay childrens school fees, car loan installments, credit card monthly repayment and much more with it. Getting this policy is easy because there is no need to undergo any medical tests to get it provided you are 45 years and below. It has lifetime renewal benefits. The claim process is easy as there is a 24 hours claims settlement service available to process your claims as soon as possible. Every year when the policy is renewed a discount is offered through which policy costs can be reduced.

There are various plans available from which you can choose one based on your budget and coverage needs. Before signing up for a policy, you should look into what type of critical illnesses is covered by it. There are also policy exclusions, which should be noted. This policy can be taken up an individual insurance or as a floater type. In case you take floater policy, your spouse and two dependent children are also covered by it.

Many people think that since they have health insurance, why they should opt for critical illness cover. It is necessary because a healthy policy, unless it is a comprehensive type, does not offer cover for critical illness. Also your health insurance policy will not provide you with the lumpsum compensation like the critical illness cover to meet the expenses when your life comes to a standstill.

How To Get Critical Illness Insurance?

The easiest way to get critical illness cover is by applying for it online. This saves time and efforts. It also enables you to get policy coverage quickly and easily. There is no need to spend time filling huge paper forms for getting cover. You can get coverage right from your home. There is a calculator available in the insurance companys website through which you can calculate the policy cost before signing up.
Source...
Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time

Leave A Reply

Your email address will not be published.