Critical illness is a necessity in today’s times with rising costs of healthcare. Critical Illness benefit provides coverage against specific life-threatening diseases. Treating such critical illnesses may require multiple visits to the hospital over a long period. In addition to the hospitalisation expenses, there will be other costs like fees for doctor visits, medical expenses, and more. A Critical Illness benefit pays a lump sum amount that can be used to cover these high expenses. The good thing is that this lump sum payout is in addition to any of your mediclaim or health insurance policy.

Health problems, in most cases, strike unexpectedly. In such cases, the burden of paying for treatment costs can fall on your family. There could also be a loss of income due to the illness. Most of the time, the family dips into their savings kitty built for either their child’s education or one’s own retirement to overcome these expenses. But a critical illness benefit can offer the required funds at the right time.

Why should one buy a Critical illness benefit?

A Critical Illness benefit can help you cover expenses like doctor consultation fees, the cost of medicines, and more. You can use the money from a critical illness benefit to cover ambulance costs and room rent along with pre and post-hospitalisation expenses. Besides, if you have any outstanding loans like a home loan or a car loan, the payout can help with dealing with the EMIs. The payout can also be used by your family as a substitute for your income that may be compromised due to an illness.

If you do not have a Critical Illness benefit, you may have to dip into all the hard-earned money that you have saved. The high cost of treatment can erode years of savings in just a few months. However, a critical illness benefit offers the financial support you need at the time and helps keep your other savings intact for their respective objectives.