While you might have an emergency fund to manage medical emergencies, what if someone in your family is diagnosed with a critical illness? Will your emergency fund be adequate to manage the high treatment costs? The critical illness policy from HDFC Life can be beneficial in such cases. Read this post to know some of its top benefits.
When you have a family to take care of, it is necessary to have an emergency fund that can take care of unexpected expenses. For instance, if someone in your family is diagnosed with a critical illness like cancer, heart attack, cardiovascular diseases, etc. You may not have enough funds to take care of the expenses.
While you, your spouse, children, and parents might be healthy now, there is no saying as to what might happen in the future. To help eliminate financial risk, HDFC Life offers critical illness policy for individuals and families. Let us have a look at some of the top benefits of this plan.
- Protection Against 19 Major Critical Illnesses
With the critical illness policy, you and your family members get financial protection against as many as 19 major critical illnesses. This includes first heart attack of specified severity, cancer of specified severity, open heart replacement or repair of heart valves, and other major conditions.
If anyone from your family suffers from such condition, the treatment cost can be very high. The availability of critical illness policy can help ease the financial burden. Moreover, it will also give you the freedom to select the best medical care for your loved one.
- Lumpsum Payout Irrespective of Actual Expense
Based on the sum assured selected, the insurance company will provide a fixed lump sum payout irrespective of the actual expenses required for the treatment. For instance, if the actual treatment cost is Rs. 6 lakhs but the sum assured is Rs. 10 lakhs, you will receive Rs. 10 lakhs.
Moreover, the payment will be made as soon as any illness covered under the policy is diagnosed. This ensures you can easily manage the medical treatment. In many cases, immediate medical care is required in such cases. Critical illness policy ensures that you can take timely measures to get the best medical care and accelerate recovery.
- Hospitalisation Benefit
Apart from the lump sum payout, there is also a hospitalisation benefit option. If you select this option, you will receive a lump sum amount daily for managing the day-to-day hospital expenses. In case if the patient is in ICU, the hospitalisation benefit can be up to 2% of the sum insured. For a non-ICU patient, it can be up to 1% of the sum insured.
However, there is a cap on maximum hospitalisation benefit and on the total number of days for which this benefit is available.
- Multiple Claims Allowed in a Year
You can file multiple claims for the same or different critical illnesses in a year with the critical illness plan offered by HDFC Life, as long as the sum insured is not exhausted. If you purchase the policy for your family, multiple family members can file claims until the sum insured exhausts.
Moreover, you also get to select the indexation benefit so that you are always ahead of the medical inflation. Just like other health insurance plans, you also get income tax benefit under Section 80D of the IT Act.
Keeping Your Family Protected Against Critical Illnesses
Critical illness policy is a must for every family, especially if you have senior family members as they are more likely to suffer from such conditions. With all the valuable benefits discussed above, it is not difficult to understand why the policy offered by HDFC Life is one of the best in the market.
You can purchase the policy offline by getting in touch with an insurance advisor of HDFC Life or even online from the official website of the insurance provider.
