With the number of uncertainties that life throws on us, the only mantra that we can chant is to be prepared. Your life insurance policy might ensure the financial well-being of your family members if death happens, but, what if you are diagnosed with a life threatening critical ailment? Or what if you meet with an accident that might lead to permanent total disablement, permanent partial disablement, temporary total disablement or accidental death? What if your health insurance cover falls inadequate? It sounds quite like a spine-chilling, but, shouldn’t you be prepared for such circumstances?
Well, this is when Health Insurance add-ons such as Critical Illness plan, Personal Accident Insurance, Top-up health Insurance Plan, Vector-borne diseases Insurance, etc. would come to your rescue. Let’s find out in detail about these plans. Add-ons are nothing but valuable additional benefits that you may include to your health insurance plan.
Most of the times critical illnesses make you bedridden, thereby making you bear the cost of hospitalization along with carry on with your family obligations. Your insurance company pays you a lump sum amount on diagnosis of any of the critical illnesses mentioned under the policy terms and conditions. Heart ailments, stroke, organ failure, meningitis, multiple sclerosis, paralysis, severe burns, cancer, etc. are some of the critical illnesses usually covered under a Critical Illness Plan,(recently IRDAI asked insurers to cover it) Critical illness raised due to self-inflicted injury, cosmetic and aesthetic treatment, etc. are however not covered under this type of insurance.
An accident can be fatal leading to disabilities or even death. Personal Accident Insurance Policy acts like a saviour in case of accidents caused due to fire, collision, drowning, by air, road, rail, etc. This type of insurance covers permanent total disablement, permanent partial disablement, temporary total disablement and accidental death. A Personal Accident Insurance offers features and benefits such as family transportation allowance, loan protector, ambulance expenditure, hospital daily cash, medical expenses, etc. However, it doesn’t have a scope to cover pregnancy and child-birth, pre-existing disability or injury, non-allopathic medical treatments, accidents due to water-sports, participation in army, air-force, navy, war, etc.
There are billions of people that get infected with vector borne diseases out of which millions of them die due to the same. These vector-borne diseases are caused predominantly because of flies, mosquitoes, parasites, etc. giving rise to diseases such as malaria, zika virus, dengue, etc. Usually poor sanitation, unsafe drinking water, lack of access to adequate housing, etc. are few of the reasons why the people get infected to such vector-borne diseases. The Vector Borne Diseases Insurance Policy will offer financial coverage to any individual who is below 65 years old without having to undergo any sort of medical analysis. (Not sure if this is standard with all policies)
Escalating health care costs may have made your health insurance policy almost insignificant. This is when a top-up plan would act as a saviour. In short, top-up health insurance plans help you to cover your hospitalization expenses when your base health insurance plan exhausts its sum insured limit. The pending hospitalization amount would then be taken care by a top-up plan. It acts like an add-on for your existing health insurance policy and gives you the liberty to choose your deductible limit. You can buy your regular health insurance policy from one insurer and buy a top-up from the same or another health insurer. Top-up health insurance plans are pocket-friendly than opting to buy an additional health insurance plan to hike the sum insured. Simply put, it would be like adding a Stepney to your base or regular health insurance plan. Remember that top-up plans have high deductible limits. Therefore, higher the deductible, cheaper would be your top-up plan.
No, there is no facility of changing the sum assured during the policy period.
Yes, you will get a tax benefit under Section 80D of the Income Tax Act, 1961 for the premiums that you pay against your critical illness plan.
Mentioned below are the documents required to initiate a claim
You very well know that you’ve paid for it but are hoping to never require using it! When you file an insurance claim, you probably have suffered some type of loss or damage that is insured by your Insurer. This is when your Insurer offers you coverage and compensation for the losses covered or for the damages after validating your claim. So it is vital to be familiar with the claim process to avoid any headache at the later stage.
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