Medical emergencies elongate one’s duration of hospitalisation as well as necessitate a greater amount of funds. This is especially the case for someone diagnosed with life-threatening diseases, which are on the rise lately.
India has undergone a surge in cases of critical illnesses over the years. Additionally, a 2020 report by the Indian Council of Medical Research (ICMR) suggests that fatalities due to critical illnesses will only increase in the near future. Therefore, it is high time that we take due measures to safeguard your loved ones against such ailments.
Moreover, this is where fixed benefit health plans can be especially resourceful.
In the case of a critical illness policy, this health insurance plan will pay its policyholder the amount assured if the insured individuals contract any of the enlisted critical illnesses under the plan. Allow us to elaborate on this by way of an example:
Let’s say Ms. Verma signed up for a critical illness health insurance plan with an insured sum of Rs.10 lakhs. Within the policy terms, she was diagnosed with one of the critical ailments enlisted under the plan. Therefore, she will receive a lump sum of Rs.10 lakhs as a claim payout irrespective of the expenses she will incur. As she receives the total sum insured under the plan, the policy is terminated.
Furthermore, when opting for a fixed benefit health insurance plan, you should ensure that your plan effectively covers a range of likely diseases. Therefore, we suggest that you pick a plan, which covers at least some of the most common critical illnesses.
Additionally, the skyrocketing cost of medical care calls for one to be backed by a well-planned financial arrangement. Here, you can think about a fixed-benefit plan as an enhancement to your existing health cover.
It also caters to non-medical expenses that may arise due to loss of livelihood or a shortfall in earnings during hospitalisation and recovery time. Further, this plan is particularly beneficial for you if you are prone to certain medical conditions due to genetics or lifestyle, etc.