Thinking of Getting Insured? Learn About Critical Illness Policy First
Updated On Feb 10, 2021
India is, fortunately, one of the cheapest health insurance markets across the world that offers comprehensive health insurance plans at fair prices. But on the contrary, the nation is still one of the least insured ones in the world with only 20% as the health insurance penetration rate. But the time is now to prioritise healthcare as a fundamental public good.
A thing here to understand is that as important as getting a standard health insurance plan is, equally important getting covered under a critical illness plan is. This is because where a standard health insurance plan provides comprehensive health insurance coverage including hospitalisation expenses, a critical illness insurance plan covers life-threatening diseases such as Tumour, Cancer, Stroke, Permanent Paralysis, etc.
Purchasing a critical illness health insurance plan is a reliable way of securing yourself against critical illnesses. It provides you a lump sum amount on diagnosis of specified critical illness. Also, a policyholder can enjoy tax benefits on the premium paid for a critical illness health insurance policy. Under Section 80D of the Income Tax Act, 1961, tax exemption of up to Rs. 25,000 can be availed for such plans. But there is good news for senior citizens, as they can avail tax benefits of up to Rs. 30,000 on the same.
Anyone and everyone can purchase a critical illness policy even if they are already covered under a standard health insurance policy. A major proportion of critical illness policies are offered by private insurers. Some of the leading health insurance companies in the market that offer critical illness plans to the customers at reasonable premium amount are-HDFC Ergo, Max Bupa, Religare, Star Health, Universal Sompo, etc.
Modern lifestyle is a major cause of illnesses that includes critical illnesses too. And a critical illness not only has the potential to reduce your ability to earn but can even lead to you not being able to work at all. Therefore, it is imperative to purchase a critical illness health insurance policy to avoid a financial crisis before it is too late.