What is a Critical Illness Rider?
With healthcare costs on the rise, a critical illness rider is now essential. The Critical Illness Benefit offers protection from particular life-threatening conditions. Such serious illnesses could call for numerous hospital stays spread out over a long period of time. There will be additional costs in addition to the hospitalization bills such as copays for doctor visits, medical expenses, and more. These significant costs will cover a lump sum payment made under a critical illness benefit. The good news is that this lump sum payout is in addition to your health insurance policy.
Most often, health issues come unexpectedly. Your family may be responsible for covering the price of the treatment in such circumstances. The sickness might also cause you to lose income. To cover these costs, the family typically draws from the savings account that they have set up for either their child’s schooling or one member’s retirement. Yet, a critical illness benefit may be able to provide the money when you require it.
Why should one buy a Critical illness benefit?
You can use a critical illness benefit to pay for things like medical consultation fees, prescription costs, and more. A critical illness benefit can be used to pay for pre- and post-hospitalization expenses as well as ambulance and lodging costs. Additionally, the payout can aid in managing the EMIs if you have any outstanding loans, such as a home loan or a car loan. Your family may also use the payout as a replacement for your potential loss of income due to illness.
You might have to use all of the hard-earned cash you have saved if you do not have a Critical Illness benefit. Years of savings can be wiped out in a matter of months due to the expensive treatment. However, a critical illness benefit provides the immediate financial assistance you require and aids in maintaining the integrity of your other savings for their respective goals.
Features of Critical Illness Rider
1. Lump sum payment option: After a critical illness is identified, the insurance provider pays the policyholder a single sum of money to cover all treatment-related expenses.
2. A hassle-free experience: Policyholders can benefit from a seamless, user-friendly experience when buying, renewing, or filing claims thanks to the digital age.
3. Salary per month: A portion of the sum assured is paid out upon a critical illness diagnosis and can be used to replace a monthly salary.
4. Coverage for critical illness benefits: 34 major critical illnesses are covered under the policy, giving the cover a broad and extensive scope.
Why should you buy a critical illness rider?
Nowadays, it’s crucial to have a critical illness rider. A few days of illness can result in astronomical hospital bills, making it challenging to maintain a high standard of living. You can be sure that your loved ones won’t struggle to pay for hospital bills, doctor visits, and other expenses if you have a critical illness benefit. The payouts following the disease’s diagnosis are immediately credited to your account and can be used to pay for a variety of expenses.
