Life is a long journey and leading life is not that easy. It is full of joy when you are healthy. If you are not healthy, life becomes hell. A personís wish to live dies merely by imagining a life without sound health. If imagining alone can give a person setback, then you can easily think of how difficult life is for those who go through the pain each second. It does not end here as there is always a need of lot of money for the treatment.
With the introduction of mediclaim policy and critical illness insurance, many like you have taken a sigh of relieve by buying the policy. They have stopped worrying about paying medical expenses and staying without any support during critical situations. This is because the critical illness insurance as well as mediclaim supports them and promises them to help recover from worst situations.
Mediclaim Policies covers hospitalization expenses for the treatment as per the terms and conditions of the policy. This policy may include both pre hospitalization and post hospitalization expenses. The insurer provides reimbursement to the insured during hospitalization. Mediclaim policy is a contract which covers expenses right from diagnosis of illness to surgeries, medications and medical aid that might be needed.
The biggest advantage of being a mediclaim policy holder is that it supports financially in conditions of disease, illness, etc. it offers better financial help in case of medical emergencies. Also, the mediclaim policy holder gets tax benefit and he or she can save tax. Broadly, critical illness policy can be classified into two categories namely individual mediclaim and family mediclaim.
In individual mediclaim, person chooses a sum insured that suits his or her requirement. Throughout the policy period, the chosen sum provides cover to the individual. This insurance policy can be chosen for all family members as well. So, one can insure entire family under one plan. In this, there is only a single policy coverage of fixed amount i.e. sum insured. This can be claimed for any member of the family. Premium is decided considering the highest age and size of the family. No family discount on the premium in given.
Critical illness is expensive to treat and is often without any signs and symptoms. Critical illness insurance policy mostly covers illnesses like cancer, bypass surgery, kidney failure, stroke, paralysis, arterial hypertension, major organ transplant and first heart attack. The best advantage of critical illness insurance is that it protects you and your family if diagnosed with any valid critical illness.
The critical illness policy pays tax free lump sum which can be used freely for treatments. It helps in mortgage payments. Family receives income throughout the critical time. This is one of the most beautiful aspects of critical illness policy that patientís beloved need not worry about the money for treatment. They need not run here and there for arrangement of money when the patient is bed ailing. Thus, critical illness insurance policy can give the policy holderís soft landing by taking care of financial side. The only precaution to be taken is that the proposer must thoroughly go through these policies and select the plan best suited for him. In short, itís just not buying a policy it is gathering happiness and living better each moment.
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Pranav Sharma is an insurance agent based in Mumbai; Pranav assists individuals and corporates in purchasing the right Critical illness Insurance & often shares his insights about the Mediclaim industry on internet.
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