As we insure our house and a car, a Critical illness insurance plan is meant to insure or protect
ourselves from any serious illness that can cause us or any of our family members. These insurance plans give enough security and guarantee to you cash sum in case something unexpected happens to us or our family member or if they are diagnosed with some serious health problems.Generally critical illness insurance plans are offered at affordable premium rates. The premium amount which we pay is exempted under section 80D of Income Tax Law. The person insured can claim the amount anywhere between Rs 1,00,000 and Rs 50,00,000. All kinds of illness are covered through these insurance plans including Cancer, Kidney failure, First heart attack, Paralysis, Organ Transplant, Multiple Sclerosis, and so on. An insurance cover which take care of critical illnesses is particularly important these days as the medical cast is sky rocketing with every passing day.Certainly we would not like to helter -skelter during the time of emergencies.
Today many insurance companies are in the market who are willing to offer us these covers provided us meet their terms and conditions. While life insurers provide these covers as a rider that is combined with life insurance policy, general insurance companies offer them as individual policies.
The sum guaranteed for the insured person will be payable within a set period after the diagnosis of the critical illness.This usually ranges between 30 to 90 days.Before buying one such cover from a non-life or a life insurer,we should check out for the illnesses that are covered by them. It will be better if we we can buy a policy that will cover those illnesses we and our family more frequently than others.
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