It is very important to have a mediclaim. A mediclaim policy provides cover for your hospitalisation costs, which means the costs that you incur after you are admitted in hospital. In this case, you can either reimburse or you can avail for a cashless benefit. The treatment for a critical illness like cancer, heart disease, major burns or a kidney failure could last anywhere from 2 weeks to a month depending on the severity of the critical illness. Now as mentioned earlier your mediclaim policy will only pay for hospitalisation bills and not for other expenses incurred. Post hospitalisation, you’ll need to take rest at home for at least 3 months before you resume work.
So for 3 months or more you could be without any income or with limited income. This may lead to you exhausting all your savings or being financially dependent on your relatives or friends. What happens if you are the only breadwinner of the family? Who’ll pay for your EMIs or day to day expenses? A critical illness can lead to a financial setback because your mediclaim will only pay for your hospitalisation bills and not for the other expenses. One such insurance plan that can help you during this trial phase is a critical illness insurance. A critical illness insurance will provide a lumpsum amount on the diagnosis of a critical illness which has been covered under the policy.
This lump sum amount can be used as per your wish. You could use this amount to pay your home loan EMI’s and also for things like physiotherapy, day to day expenses, advanced treatment abroad, etc. that may not be covered under your mediclaim policy.
Now there are multiple critical illness policies in the market. Some policies cover cancer whereas some offer it as a rider along with other plans. A plan like Edelweiss Tokio Life – Criticare+ covers multiple illnesses and is a stand-alone plan. It covers 17 critical illness like cancer, heart disease, chronic kidney failure, organ transplant, burn injuries, limb paralysis, etc. Since this is a stand-alone plan and you are not forced to buy another plan in order to be covered against critical illnesses. Even though it’s a stand-alone plan it’s reasonable and provides a high sum assured which is up to Rs 1 crore. The best feature of this plan is that it provides a multiclaim option which means if you further suffer another critical illness in the near future you can still claim under this option. This option allows you to claim up to 3 times during the policy tenure. Also, post the first claim, the premium on your policy is waived off and the policy continues to provide cover.
The approved claim is not contingent to any conditions of hospitalisation; in listed hospitals or presentation of hospital invoices etc. The policyholder can utilise the said sum in whichever way he deems fit. You can also avail the tax rebates under both section 80D and 80C. This plan is ideal for both working men and women. One cannot control the incidence of a critical illness but it’s advisable to be financially prepared to bounce back from a critical illness.