Good health is one of life’s greatest virtues that one can ask from life. Looking through your health from a very young age is extremely important because well-nurtured health will bear good consequences for your future self.
Health should be holistic, which means that you should be concerned with your physical and mental well-being because sane mental health is equivalent to a better you and best productivity. Adverse mental health will adversely affect your health, affecting and inflicting heart-related problems that can lead to heart attacks and other adverse heart-related ailments.
It is why buying a critical illness plan is mandatory in the current times. In the changing lifestyle, we are prone to other acute ailments such as cancer, heart, kidney-related issues, and many more.
This blog shall guide you and educate you in understanding,
- What is a critical illness plan?
- What are the benefits and importance of a critical illness plan?
- What is a cancer insurance plan?
- What are the advantages and importance of a cancer protection plan
- Best critical illness plan in India
- Best cancer protection plan in India
If you are ready, come, let us take a brief dip into the world of health-related insurance.
What is a Critical Illness Plan?
A critical illness plan comes into play when an individual suffers from significant ailments. This type of life insurance provides the user with a percentage of a lump sum that can be beneficial to cover the hospital cost without hampering your hard-earned savings.
A critical illness plan caters to health concerns such as cancer, stroke, and kidney failure requiring extensive treatment, which can be costly.
With escalating healthcare expenditures, critical illness coverage has become a mandate in today’s world. Critical Illness Insurance Plans offer protection against certain health conditions that requires more complex health care treatment, high expenses, and many more.
Treatment for such severe conditions may necessitate many hospital visits over a long period. In addition to hospitalization expenditures, there will be fees for doctor visits, medical expenditures, and other hospital and non-hospital-related expenses.
Now, a critical illness plan comes in handy, where the insurance company provides the life insured with a lump sum payment that can be utilized to offset these highcosts.
What are the Benefits and Importance of Critical Illness Plan
Heath cases don’t come with an invite, because of which you don’t have the time to sort and check for the finances. And, your finance reserve doesn’t need to always have double-digit lakhs available just for emergencies. Therefore, the responsibility of paying for treatment fees may fall on your family in such instances.
If confronted with critical ailments like a heart attack or undergo bypass surgeries, the life insured may also face loss of income. And in such situations families have to dig in their savings account, which was set up for either their child’s education, marriage, retirement, or other milestones in life.
- Brief Waiting Period: Such types of life insurance plans come with a brief waiting time of roughly three months, after which the life insured can begin using the perks associated with the critical illness plan.
- Waiver of Premium: When suffering from a critical ailment, it is evident that the policyholder shall face loss of income, and the insurance company understands that. Therefore, some companies offer a waiver of premium where the policyholder is free from paying the future premiums once diagnosed with the ailment.
- Easy Claim Process: It is not essential to be hospitalized to file a claim under this coverage. Based on the diagnostic reports of your condition, which an authorized doctor or hospital must issue, you can receive the total sum promised.
- Tax Benefit: You can get a tax deduction for the premium payments as per Section 80D of the Income Tax Act (1961).
ABSLI CritiShield Plan: Best critical illness plan in India
Do you want a better way to protect your savings from being drained out to treat your heart and kidney-related health crisis?
Take a back seat as this Aditya Birla Sun Life Insurance plan is weaved to protect your finances by extending liquidity if the life insured faces any of the issues mentioned earlier.
Some of the features under this critical illness plan are as follows:
Cardiac Benefit: Any heart-related hiccup in the early and major stages is covered under this carpet of benefit. Here, the plan pays out 30% of the total assured for early-stage heart ailment and 100% of the sum assured for major-stage cardiac conditions.
Renal Benefit: This is similar to cardiac benefit; renal ailments’ early and major stages are covered under this perk. The plan provides a payout of 30% of the sum assured for early-stage renal diseases and 100% of the total guaranteed money for severe-stage kidney conditions.
Comprehensive Benefits: This is the mixture of both the benefits mentioned above. Both the early and latter phases of cardiac and renal disorders are covered. Here, 30% is paid when the life insured is diagnosed with early-stage symptoms, and 100% of the sum assured is released when dealing with a major stage.
Premium Waiver Benefit: When the insurance company approves a valid claim when the life insured is diagnosed with the ailment in the early stages of heart or renal-related issues; all future premiums for the policy will be waived beginning with the next premium due date following the date of diagnosis of the early stages of the concerned health ailments. Whichever is considered the lesser for the following 5 years or anything balancing the term plan).
Income Benefit Opportunity: You will have the option to select this benefit at the beginning of the plan. And the condition here is that you cannot opt-out once the option is selected. A monthly income equal to 1% of the sum assured on heart or kidney illness would be paid out under the income benefit option after submitting a claim for a major stage of the concerned ailment.
To know more about the plan, click – ABSLI CritiShield Plan.
What is a Cancer Insurance Plan?
Cancer insurance is a form of coverage that provides financial support to people diagnosed with cancer (irrespective of the stage). This plan covers the costs of cancer diagnosis and treatment, such as hospitalization, chemotherapy, radiation, surgery, and other non-hospital expenses such as – travel, lodging, and so on.
According to the data derived from expert studies, cancer cases in India have climbed at an annual pace of 1.1-2% on average between 2010 and 2019. Cancer-related deaths have alarmingly increased at a rate of 0.1-1% on average throughout the same period.
According to the study conducted by the experts, over 1,392,179 people in India will have cancer by 2020. And as per the findings, the five most common sites for cancer are – the mouth, breast cervix, lung, uteri, and tongue.
With the escalating expense of medical treatments, a cancer patient’s financial duties would be severely impacted. For six months, the cost of medical diagnosis and treatment (such as – chemotherapy, radiation, and other hospital-related expenditure) is expected to cost cancer-affected souls between 5 lakh and Rs.20 lakh.
But, this type of insurance also comes with certain exceptions like – the person must not have any pre-existing cancer-related conditions, and many more. The plan’s ifs and buts entirely depend on the insurance company and their cancer protection plan.
What are the advantages and importance of a cancer protection plan?
Rising Healthcare Costs: Due to the increasing prices of healthcare services, there is a considerable increase in people purchasing cancer care insurance. The insurance offers you a financial cushion to count to fulfill the cancer-related expenditures.
Cover for all the stages: Yes, a cancer protection plan shall help the life insured to cover their hospital and non-hospital cost for all the stages of cancer. There will be pre-established percentages of the lump sum that the policyholder shall receive on getting diagnosed with cancer.
Premium Waiver: One of the critical advantages of a cancer insurance plan is that the policyholder can continue to use the cancer insurance plan without paying the future premiums (based on which stage you can avail this benefit). The future premiums shall be eliminated for 3-5 years (as per the plan offered by the insurance company.
Income benefit: Many cancer insurance plans come with this benefit. This perk provides respite to the policyholder and their family. The insurance company offers a lump payment at various intervals over a predetermined period to compensate for the loss of income experienced by the life insured.
Moreover, if the life insured meets with death, the beneficiary shall continue to receive income benefits for a certain period.
ABSLI Cancer Shield Plan – Best cancer protection plan in India
Would you want to exhaust your year-long hard-earned money when confronted with cancer or wish to sail on a safer side by having a cancer protection plan?
If you belong to the latter part, we have brought you one of India’s best available cancer insurance – Aditya Birla Sun Life Insurance Cancer Shield. This extensive plan is built to ease the life insured from incurring financial bondages due to cancer detection.
Some of the features and benefits of this plan are as follows:
Policy Benefits: If the life insured is detected with early stage of cancer, they are eligible to avail 30% of the sum assured; 70% of the sum assured can be leveraged when diagnosed major stage. However, if the life insured gets diagnosed with the advanced stage in the first test, they can avail 100% of the assured sum.
Premium Waiver Benefit: As per this benefit, if the insurance company approves this benefit (when the life insured is diagnosed with early-stage cancer), all the future premiums for the next 5 years or remaining term plan (whichever is the less). This benefit shall begin with the next premium due date post the date of a cancer diagnosis.
Income Benefit: If you choose this perk, the life insured will receive a monthly income equal to 1% of the selected sum assured on Illness for the following 5 years after getting diagnosed with the major stage of cancer. And, if the life insured dies, the beneficiary shall continue to get the income benefit from the insurer.
To know more about this plan, click – ABSLI Cancer Shield Plan.
Cancer and heart-related ailments hold the ability to tarnish your savings. Therefore, it is vital to have a safer and better financial backup to safeguard yourself and your family from such economic burdening situations.
Buying a critical illness and cancer protection plan is one of the best solutions. But, better be aware of where you are purchasing because the insurer and their specially curated plans matter.