What is Critical Illness Health Insurance?
A critical illness refers to an illness that is life-threatening. Critical illness insurance provides a lump sum amount if you are diagnosed with a serious illness after you buy the policy. Consider the skyrocketing costs of medical treatment for any major illness, such as cancer, and it becomes evident that buying a critical illness policy can be a great financial help. One can use this money for anything: from treatment to paying off debts or putting it away for the future. Health problems are unpredictable and are often unplanned. In such cases, the burden of paying for treatment costs can fall on your family. A family may also lose income due to the illness. Most of the time, a family dips into their savings kitty to cover these expenses, thereby losing funds set aside for other important goals such as their child’s education or for their own retirement. Critical illness insurance can provide the needed funds at the right time and ensure one does not erode lifetime savings.
With women-specific critical illness insurance, women can feel confident about their health. This women-specific critical illness plan guarantees lump sum cash payment for the best treatment for a life-threatening disease. The plan offers coverage to women against 8 specific critical illnesses.
How to buy a Women-Specific Critical Illness Cover?
You may have to do a little research to find an insurance company that offers a women-specific critical illness plan. Once you select your insurer, visit the company’s website to buy online health insurance. Buying online health insurance helps you buy the policy at the best price, and you can also compare its features and benefits with other plans.
Here are a few of the top women-specific insurance products on the market today:
Women Specific Critical Illness Insurance:
- Breast Cancer
- Fallopian Tube Cancer.
- Uterine/Cervical Cancer.
- Ovarian Cancer.
- Vaginal Cancer.
- Permanent paralysis of limbs.
- Multi trauma.
Two of the children are covered by the Congenital Disability benefit. If the insured person gives birth to a baby with any of the following congenital diseases/disorders, they will receive 50% of their premium:
- Down’s syndrome.
- Congenital cyanotic heart disease:
- -Tetralogy of Fallot.
- -Transportation of Great Vessels.
- -Total anomalous pulmonary venous drainage.
- -Truncus Arteriosus.
- -Tricuspid Atresia.
- -Hypoplastic Left Heart Syndrome.
- Tracheoesophageal fistula.
- Cleft palate with or without cleft lip.
- Spina bifida.
There is also a Children’s Education Bonus, where the insurance company will pay Rs. 25,000 in total towards the education of one or both children (total Rs. 50,000).
There is also a clause that protects the insured woman in case she loses her job – If the insured person loses her job within 3 months of being diagnosed, selective insurance companies will pay Rs. 25,000 towards “loss of employment”.
Women-Specific Critical Illness Plans: Features and Benefits
- Women between 21 and 65 can purchase this plan
- The benefit of lifetime policy renewal
- Sum insured options ranging from Rs.50,000 to Rs. 2 Lacs
- 30 days of permissible grace period at the time of policy renewal
- Tax Benefits under Sec/80 D of the Income Tax Act
- Additional periodic cash payouts (available with the Premier and Elite options).
- Partial withdrawals can be made to meet contingencies.
- Annual premium payments can be made.
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