Getting a health insurance policy has become important in recent years. Due to the hectic lifestyles of people in Indian cities, they are prone to be affected by chronic illnesses. But a healthy dose of exercise every day and a critical illness insurance policy can thwart most of those dangers. One kind of insurance policy that specializes in covering people with chronic illnesses is the critical illness insurance policy. But many people have wrong ideas about this insurance policy. This blog will debunk myths that exist on critical illness insurance.
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Critical illness insurance is only for old people
One of the most common myths on health insurance is that people think that only senior citizens are prone to serious health complications. However, even young people can be afflicted by critical illnesses. Yes, the immune system of young people is strong but it is not infallible. They may develop chronic diseases as well. The simple thing is that critical illness insurance is for everyone—old and young people alike.
Critical illness insurance is the same as regular health insurance
The second myth: critical illness and health insurance is the same thing. A regular health insurance policy protects the policyholder against a medical emergency due to any sickness. It covers the hospitalization costs and other expenses. A critical illness insurance policy covers the cost of treatment and medication of critical illnesses mentioned in the policy agreement only.
Critical illness insurance premiums are very expensive
The insurance premiums of any insurance policy depend on many factors. Some of those factors depend on the policyholder’s age, family health history, lifestyle choices, and so on. For instance, if you are young and lead a healthy lifestyle, and do not have any vices that harm your health, then your critical illness insurance policy premiums will be lesser than that of those people who do not lead a healthy lifestyle.
Critical illness insurance is not eligible for tax benefits
The Indian government, under section 80D of the Income Tax Act, 1961, has given tax exemptions on the premiums people pay towards their insurance policies. Now, it is a common misconception that policyholders only get tax benefits on their health insurance policies. However, policyholders with critical illness insurance policies are also eligible for tax benefits.
Finding critical illness insurance is time-consuming
Finding the right critical illness policy does take effort. However, you do not have to worry about this as a good insurance company would make it a point to ease the process of buying insurance policies for their customers. They would have an organized website where you can learn about all their insurance policies and buy one online itself. You can also get in touch with insurance advisors who will help you buy the right critical illness insurance policy.
So, we have debunked 5 myths about critical illness insurance policy for you. Please consider these facts thoroughly before buying a health insurance policy of any kind. Have a nice day!
