The last decade witnessed newer forms of illnesses among which many were life-threatening. These life-threatening diseases are generally classified as critical illnesses. They not only take a toll on the patient’s health but also translate into huge financial costs for its treatment.

A health insurance cover is the safety net that helps you manage your finances where you are already concerned about recovery. But at times a standard health cover may fall short to cover such expenses and it is prudent to purchase critical illness insurance.

Why should add a critical illness policy to your insurance portfolio?

A critical illness insurance when clubbed with your standard health insurance policy, pays a lump sum amount in case the insured is diagnosed with any of the mentioned illnesses as per your policy’s terms. Having health insurance in India is necessary as a typical treatment for critical illness ranges between Rs 1 lakh to Rs 10 lakhs. These expenses can further increase depending upon its severity.

Generally, heart attack, lung diseases, cancer, paralysis, heart failure, major surgery of the aorta, repair of heart valves, open-chest CABG, end-stage lung disease, third-degree burns, end-stage liver disease, major head trauma, loss of limbs, benign brain tumour are some illnesses that are covered under a critical illness policy.

Standard health insurance when combined with critical illness cover offers benefits of both, hospitalisation and other expenditures. These include the diagnosis charges as well as post-treatment costs.

Standalone policies offer the advantage of cashless health insurance. Also, you can select a higher sum assured depending on your requirement. However, when combined with critical illness insurance, it has greater benefits as compared independently. Here are some of the reasons why you should consider buying a critical illness cover with your standard health insurance.

#1 Lump-sum payout

On selecting a critical illness policy, you will be compensated with a lump sum payout upon detection of the critical illness covered by your insurer. This amount can then be utilized as per your requirements ranging from medical expenses, auxiliary costs and even as temporary financial supportif the breadwinner is diagnosed and unable to earn.An added bonus is that since you are availing the critical illness policy, your base health insurance policy’scumulative bonus is retained.

#2 Tax concession

The premiums paid for health insurance plans are available as a deduction under section 80D of the Income Tax Act, 1961. Various limits are set for the deduction depending on your age which can go up to a maximum of ₹1,00,000.

#3 Coverage for medical expenses

With an increasing number of ailments, the treatment costs are also steeply increasing. Also, it is uncertain about when an individual will get affected by critical illness. So to avoid paying hefty treatment costs, it is wise to invest in a health insurance coveralong with a standalone critical ailment policy.

#4 Increased chances of survival

Critical illness can be of severe intensity such that at times it can be fatal. To ensure you receive the right treatment without the need to worry about the finances, it is advisable to purchase critical illness policy. It not only increases the chances of survival but also ensures adequate financial assistance is available when required.

To sum it up, a critical policy when combined has large benefits as described above. Make the best use of them and stay worry-free about finances.