The cost of treatment of a critical illness can run into several lakhs, and the best way to cover the expenses is to have a robust insurance cover. Read on to know more about the importance of critical illness health insurance for women.
When it comes to medical care, women have special needs. When a woman is diagnosed with a critical illness, it can cause both immense emotional distress in the family. Not to mention, the treatment cost of critical illness can run into several lakhs, and it can have a significant impact on your savings. To avoid depleting your hard-earned money, it is paramount that you purchase a women-centric critical illness health insurance policy.
What is a critical illness health insurance policy?
Critical illness is a collective term used to denote certain diseases that can lead to fatal consequences. In other words, it refers to life-threatening conditions. If you are diagnosed with any of the critical illnesses (as mentioned in the policy document), the critical illness based health insurance policy will help you cover the full treatment cost. In the purview of the rising medical expenses, a critical illness cover can be a significant financial help.
Importance of critical illness health cover for women
- The rise in the number of cancer patients
According to the ‘World Cancer Report,’ more number of women in India are diagnosed with cancer than men. One of the most popular forms of cancer suffered by Indian women is Breast cancer, and it is closely followed by Cervical cancer. It is a known fact that the treatment for cancer can be expensive, and it can drain your savings. Having health insurance with critical illness cover can help you reduce the financial burden.
- Changing lifestyle habits
Over the past few years, women are becoming more prone to various lifestyle-related diseases such as diabetes, PCOS (Polycystic Ovary Syndrome), hypertension, etc. Women not only have the responsibility of managing the homes but also have professional duties, which increases the stress among women and in turn, increases the risk of various illnesses. Having a critical illness cover can help you seek regular healthcare services and manage your finances better.
- Negate waiting period
As people age, they are susceptible to various diseases, and especially women are more prone to arthritis, osteoporosis, etc. Such diseases require appropriate medical care right at the onset; any delay in the treatment can worsen their condition. Since most health insurance policies have a waiting period clause for pre-existing conditions, it is a good practice for women to buy a critical illness health cover at an early age.
Benefits of Women-Specific Critical Illness Health Insurance
- Allows you to be financially independent
It is no doubt that women are excelling in every field. Their courage and confidence have led them to become financially independent. If you too are a working woman, you would understand that your ability to be economically independent may get affected if you are unable to work if you are diagnosed with any critical illness like cancer, or neurological conditions. A women-specific health insurance cover from HDFC ERGO can help you get complete financial independence as the insurer will provide financial aid for the treatment.
- Coverage of expenses before and after hospitalisation
Most health insurance policies offer coverage for pre and post-hospitalisation expenses, which means if you have to undergo any tests or pre-surgical procedures, the insurance will cover the costs. Similarly, certain critical illnesses like cancer require post-hospitalisation care. The insurer will cover these expenses too as per the policy terms.
- Coverage against loss of job
If you are diagnosed with a critical illness, it may be possible that you may undergo intensive treatment, which may result in loss of job and subsequently loss of income. In such a situation, some insurance companies provide compensation by paying up to 50% of the monthly salary (as per the policy terms) for six months.
- Lifetime renewability
Another significant benefit of critical health insurance is that most insurance companies offer lifetime renewability options to women policyholders. This means you can continue to renew your health insurance for long as you live and continue to get financial protection. It is an excellent benefit during old age.
- Tax Benefits
Buying a health insurance plan allows you to get tax benefit under Section 80D of the Indian Income Tax Act, 1961. You can claim deduction up to Rs. 25,000 on the premium paid for yourself, spouse, dependent children and parents. If any of your parents are senior citizens, the benefit increases to Rs. 50,000.
- Free health check-ups
Health insurance is not just about providing coverage against hospital expenses. Today, insurance companies also focus on healthy living and therefore offer free health check-ups to the policyholder to ensure early detection and prevention of disease.
- Fitness Discount
Today, most insurance companies in India offer fitness discounts to policyholders upon renewal to encourage healthy living. The discount provided is in terms of reducing the premium amount, and the percentage of discount varies from one insurance company to the other. But, generally, insurers offer up to 10% discount on the premium. So, make sure that you maintain a healthy lifestyle for a disease-free and happy life.
- Free Cancelation
Not many insurance buyers understand the significance of the free cancellation policy. If you purchase an insurance policy and you are not happy with the terms or if you think the policy does not cater to your needs, you can cancel the policy within 15 days from the date of policy issuance as mentioned in the policy papers.
Note – Not all insurance companies have a free cancellation policy. But, some of the reputed companies like HDFC ERGO allow the customers to take a free trial of the policy and cancel the same if they are unhappy with it.
A medical health insurance plan with critical illness cover can not only help you manage your finances well during medical emergencies but also it enables you to get high-quality medical care. After all, health is the greatest wealth you can possess, and a healthy woman is a truly empowered woman.