Will it hurt you if you wear a sweater and a jacket in Delhi’s winter? No, right?
There is always a purpose when you have something in the backup. Similarly, it does make sense to have dual health insurance coverage in your kitty, especially when the world is adopting different lifestyles, adopting new habits, and growing physical inactivity has increased the number of cancer cases, critical illness cases, and other diseases.
If you have more than one plan, the total amount paid by them will never be more than 100 percent of the cost. It’s critical to grasp the distinction between main and secondary insurance.
Payment allocation between health insurances determines which insurance plan shall first pay for a claim.
This blog will help the readers in understanding,
- What is dual health insurance?
- What is a critical illness plan?
- Best critical illness to buy in India
- What is a cancer insurance plan?
- Best cancer insurance policy in India
- Benefits of dual health insurance?
Want to attain some best possible ways to safeguard your health and savings? Then continue to read.
What is Dual Health Insurance Coverage?
Having dual health insurance means having a balanced health backup for yourself and any unforeseeable health crisis. Here, the cost is bifurcated between primary and secondary health insurance.
Primary Health Insurance: Let us consider a critical illness plan as primary insurance. Here, when the life insured is confronted with any critical health buffer such as heart and renal related, you will have a unique plan tailored to deal with such situations. As it is a critical illness plan, it is designed so that it can hold the costs for such pricey treatments and other hospital-related expenses.
Secondary Health Insurance: You can consider this as cancer health insurance designed to cater to the cancer-affected souls and cover the pricey hospital and non-hospital costs without any compromise over the life insured’s hard-earned savings. It is a special plan because critical illness or regular health insurance plan isn’t designed to handle the cost of cancer.
Having several health insurance policies may provide further assistance with medical bills, as dual coverage allows consumers to utilize two plans to cover medical costs. Having two or more health insurance policies might help you maximize your benefits and potentially receive more excellent coverage than if you only had one.
What is a Critical Illness Plan?
Do you think you can manage your necessary medical expenses from your pocket? If yes, that means you will be earning more than 3 lakhs in a month or might have a pretty extensive financial reserve. But, if you don’t belong to either group, you are just behaving ignorantly.
Earlier, having health insurance was enough, but with changing times and growing health-related crises, one should own a critical illness plan in their kitty to safeguard themselves and their family from falling into the pit of economic burden.
A critical illness plan offers protection against specific life-threatening conditions. And to treat such health conditions, it will cost in lakhs which isn’t necessarily available in your pocket every time an emergency arises. There are multiple factors where spending needs to be done, such as surgery, bed cost, medication, consultation, tests, and many more. A critical illness plan provides a lump-sum payment that can be utilized to offset these significant costs.
In most cases, health problems occur suddenly. The responsibility of paying for treatment fees may fall on your family in such instances. And there are times when you face loss of income, and that is when the majority of the time, the family delves into their savings account, which was set up for this purpose.
ABSLI CritiShield Plan: Best critical illness to buy in India
This plan by Aditya Birla Sun Life Insurance is designed to cater to those dealing with heart and renal-related issues. Some of the features of this ABSLI critical illness plan are as follows:
- It covers you for all the stages of renal and heart disease.
- When you are diagnosed with either heart or renal illness at an early stage, you will be eligible for a 5-year premium waiver.
- Moreover, suppose you are diagnosed with any of the diseases mentioned above at the major stage. In that case, the life insured has the opportunity of receiving monthly income for the next five years.
- Suppose the policyholder is diagnosed with early-stage cardiac illness. In that case, they are eligible to avail 30% of the sum assured, whereas if diagnosed at the major stage, they can receive 100% of the sum assured (exempting any benefit paid in the early stage).
- Similarly, if the person is diagnosed with renal disease early, they will get 30% of the lump sum from the sum assured and 100% from the sum assured when diagnosed with a major stage.
- Waiver of Premium Benefits: When the insurance company accepts your claim for cardiac or renal illness at the early stage, all future premiums are waived off for 5 years or the remaining years until maturity (whichever comes before).
- Income Benefit: Here, the user can avail 1% of the sum assured for renal or cardiac problems when the insurance company approves your major stage detection of the illness. And, if you have opted for a more comprehensive plan that includes both the disease, you are eligible to receive 1% of the guaranteed sum as monthly income.
To know more about this plan, click – ABSLI CritiShield Plan.
What is a cancer insurance plan?
Cancer insurance is a type of insurance plan designed to assist you in managing the risks of cancer. It aids your spending over cancer and covers both hospital and non-hospital-related ailments. Cancer treatment can cost a person anywhere between 5 lakhs – 35 lakhs. These numbers might vary depending upon the treatment and other things included.
These numbers are pretty high for anyone to handle (apart from millionaires). It is why owning cancer insurance has become mandatory in recent times because the number of cancer cases is increasing all over the globe due to changing lifestyles and other factors.
Rather than pushing your family into financial exhaustion, it is better to spend Rs. 120 a month and own an ABSLI cancer shield plan.
Apart from holding your hand through the tiring economic times, a cancer protection plan also comes with other perks such as – waiver of premium benefit, income benefit, lump sum at different stages of cancer, and many more (features might vary depending upon the insurance company and their plan).
Some of the benefits of a cancer insurance plan are as follows:
- Safeguards the Savings: Cancer is like an uninvited guest that knocks on your door with mercy. It knows no boundaries, age, gender, and socioeconomic status. Treating cancer is a pricey affair and becomes a financial burden when you have to use the money you were saving for some other purpose. Therefore, having the right cancer insurance plan helps set aside your savings from being spent over cancer-related expenditure as it covers all hospital and non-hospital related expenses.
- Waiver of Cancer Insurance Premiums: You may be eligible for a waiver of cancer insurance premiums under certain cancer policies. It means if you are diagnosed with cancer, you will not be required to pay any premiums. It entirely depends upon the plan and the cancer stage as prescribed under the plan.
- When you are diagnosed with cancer, you are entitled to a lump-sum payment under the terms of your cancer insurance policy. This price fluctuates depending on the diagnosed cancer stage, and the opted cancer insurance.
- You can also save money on taxes by deducting the premiums you pay for a cancer insurance plan as per Section 80D of the Income Tax Act, 1961.
Why should you have dual health insurance coverage?
Protect Against Claim Rejection: When an insurance company denies claims, it can be disastrous because paying from your pocket might create a hole in your pocket because both critical and cancer-related treatments are expensive. Therefore, if a health insurance claim is denied by one insurer, it may be accepted by another, and it builds a chance that the entire claim amount is not lost. As a result, having numerous health insurance policies is an effective stopper against claim denials.
Personal Health Policy and Critical Illness Plan: A regular health insurance shall shield you against common health emergencies and might turn out to be more expensive (in terms of premiums) as compared to a critical or cancer protection plan. Having dual health insurance will widen your option, lending you a better and extra-economic cushion to battle medical-related monetary buffer.
Lower Premiums: Purchasing many health plans with limited coverage tends to result in significantly lower premium amounts when compared to investing in a single policy with a larger cover. Furthermore, smaller covers from many plans add up to more extensive coverage without burning a hole in your budget and meddling with your savings.
ABSLI Cancer Shield Plan: Best cancer insurance policy in India
Why will you opt for an average cancer shield when you have the ability to spend 120 a month and avail yourself of Rs. 10,00,000 cancer shield plan that comes with a bunch of benefits, and they are as follows:
- This cancer insurance policy caters to all three stages of cancer.
- Premium Waiver Benefit: All future premium payments will be declared annulled for the following 5 years or the remaining policy term if the life insured is diagnosed with early-stage cancer. It will begin with the next premium due date following the cancer diagnosis date.
- The benefits payable under this plan are subjected to a 180-day waiting period beginning with the policy’s inception date or the date of policy reinstatement.
- Payout: If the life insured is diagnosed with early-stage cancer, they are liable to receive 30% of the sum assured, whereas 70% of the promised sum shall be given to the policyholder on detection of advanced stage. And, if the life insured gets diagnosed with a major stage in the initial diagnosis, they can have 100% of the sum assured as a lump sum benefit.
- Income Benefit Option: If the insurer approves the claim made by the life insured during the major stage, they shall receive a monthly income amounting to 1% of the sum assured. This monthly income perk shall be paid for 5 years, and the payout for this benefit shall continue, and the beneficiary shall receive the amount after the policyholder’s death.
To know more about this unique ABSLI cancer protection plan, click – ABSLI Cancer Shield Plan.
Conclusion
It’s better to safe than sorry, and owning dual health insurance is the answer to avert such a situation. But, don’t let any plan dictate your financial and medical aid in a hard time.
When investing, always go for the best in the market rather than compromising quality.
