Health

Why Is It Important For A Self-Employed Individual To Avail A Critical Illness Insurance Cover?

Health Insurance

It is an era of an ever-increasing rise in expenditure towards healthcare and more chances of suffering from a lifestyle disease. A critical illness insurance cover is, therefore, necessary to shield you against an unanticipated medical emergency. It is crucial to be prepared, physically and mentally when a mishap occurs.

A medical emergency gives rise to such an abrupt situation. It tests your patience, tolerance, and monetary worth. If you fail in any of these aspects, things go out of control. A critical illness health insurance cover is one of the options to save you from financial hassles at the least.

Exploring the significance

A health insurance policy is a bare essential for every individual to remain protected financially. It is an absolute necessity for self-employed individuals as their line of business often includes inherent risks. In case they face healthcare issues, it becomes difficult for them to run the business and meet the daily expenditure along with squaring the medical bills.

It is important for a self-employed individual to avail a comprehensive critical illness health insurance scheme. Such policies can provide the necessary assurance of stability in case of potentially fatal ailments.

A critical illness insurance plan makes way to a lump sum pay-out that can be utilised to meet medical expenses including those for transportation or ambulance charges, extra bed charges, etc.

Critical health insurance, in other words, safeguards a self-employed individual from unplanned lump-sum expenses. Apart from offering adequate health coverage, another great attribute of critical health insurance is that the amount a policyholder pays to avail the scheme is negligible considering the coverage provided.

Specific additions available

A critical illness health insurance scheme will differ across some specific pointers from any other average policy. Critical illness plans include standalone coverage for multiple critical ailments which are not specifically covered under general health schemes.

As a self-employed, you should have such an insurance policy in place. In case you do face such a scenario, your general health scheme may not cover such pointers dedicate, which a critical illness scheme will.

Zeroing in on the right selection

One must have an overall understanding of the various critical illness coverage plans available in the market. Here are a few considerations to make the deal more straightforward for you –

  • The insurance policy must cover the common yet life-threatening medical conditions such as stroke, cancer, heart attack, kidney failure, paralysis, organ transplantation, and so on.
  • Assessment of age benefit is also an important aspect to consider during the selection of the plan.
  • Check if the scheme comes with an add-on feature.
  • A thorough evaluation of the sum assured should be done, and it should be assessed against the actual cost applicable to treat critical diseases as the price for the individual therapies and surgeries is ever-rising.
  • The cover must come with a lump-sum pay-out option towards a treatment undergone or the total expenditures incurred for treatment purpose.
  • The premium rates involved in the insurance scheme should be competitive and affordable for you.

Besides these, you must check the eligibility requirements to seek such insurance covers. The basic requirement is to be within the age group of 18 to 65.

You can opt for a critical illness plan offered by Bajaj Finserv. It will offer you the ease of recovery minus all the stress about arranging funds as you will be able to avail up to Rs. 50 Lakh to avail adequate treatment facility for the major critical illnesses.

You can also enjoy up to Rs. 60,000 of income tax benefits on this scheme under section 80D. Settle the claims easily with no involvement of third parties. You can also avail family health insurance plans from Bajaj Finserv for an extended coverage of your whole family and guarantee financial security for all.

Also read – Spine Conditions & Pains: When to see a doctor?

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