How to Select the Best Critical Illness Health Insurance Policy?

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Investing in a health insurance plan has become the need of the hour. Given the surging medical inflation, making out-of-pocket expenses to cover hospitalization costs is an expensive affair. In absence of emergency funds, you may have to borrow from your social circle of friends and family. That is when a health insurance plan comes to the rescue.

You may consider purchasing theActiv Secure – Critical Illness Plan, an insurance policy offered by Aditya Birla Health Insurance Co. Limited (ABHICL). Such a policy provides the much-needed assurance that your medical bills will be taken care of and helps you focus on your speedy recovery.

Understanding critical illness insurance

Activ Secure, a critical illness health insurance policy, offers coverage against serious diseases such ascancer of specified severity, open chest Coronary Artery Bypass Grafting (CABG) surgery,surgery kidney failure requiring regular dialysis, deafness, loss of speech, third-degree burns, Parkinson’s disease, and blindness, among others.

In an unfortunate event that you are diagnosed with any critical illness covered by your policy, you are sanctioned a lump sum amount. This amount received can be used to cover medical expenses as well as day-to-day costs. You may, therefore, receive quality treatment, without having to worry about exorbitant medical costs.

Features of a critical illness health plan

The Activ Secure plan, a critical illness health insurance policy, has three benefit options, which you may choose as per your requirements.

  1. Plan 1

This plan provides coverage against 20 critical illnessesand offers 100% payout upon diagnosis of a life-threatening disease.

  1. Plan 2

This plan covers 50 critical illnesses and provides 100% payout in case you are diagnosed with any of the critical illnesses mentioned in the policy document.

  1. Plan 3

This plan offers comprehensive coverage against 64 critical illnesses. You may enjoy 100% payout in case you are diagnosed with any of the 50 critical illnesses under List A. List B covers any of the 14 critical illnesses wherein you are entitled to receive 50% of thesum insured. This critical illness plan continues to provide coverage for other illnesses covered under List B even though a payout has been made for one critical illness under the same list. A major advantage of this plan is that you may receive a maximum of 150% payouts of the sum insured, for more than one critical illness.

The Activ Secure plan also offers optional covers to its customers. You may avail of the benefit of a wellness coach, who will provide guidance on fitness, nutrition, and lifestyle habits. Besides, you may also seek a second opinion from the company’s panel of medical practitioners for critical illnesses.

Benefits of a critical illness health plan

Life is unpredictable. It is therefore important to be well prepared in caseif an unforeseen event were to occur. By investing in a critical illness health insurance policy, you may protect yourself from such unexpected circumstances.

Following are four major benefits of the Activ Secure plan.

  1. Provides complete protection

Exorbitant medical expenses may wipe out your lifetime savings, thus burning a huge hole in your pocket. The Activ Secure planprovides coverage against 20, 50, or 64 critical illnesses, thus ensuring that you recover without any financial burden. You are entitled to receive a lump sum payout on detection of the critical illness.

  1. Offer higher sum insured amount

You may avail of enhanced protection through the various sum insured options up to INR 1 crore made available by the Activ Secure plan.

  1. Acts as an income replacement

In an event of diagnosis of a critical illness, there are chances of loss of ability to earn income. The sum assured provided by the Activ Secure plan acts as an income replacement by helping you meet your medical costs and other financial obligations quite easily.

  1. Provides tax benefits

The good news is that premiums paid fora critical illness planis deductible under Section 80D of the Income Tax Act, 1961. Besides, the lump sum amount received upon diagnosis is also tax-free.

Making the right choice

You may purchase the Activ Secure plan after analyzingits features and benefits. You may go ahead andbuy critical illness health insurance online or by visiting your nearest branch, thereby securing your financial future in case the unexpectedwere to happen.

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