No matter how much money you earn or your success, your financial well-being depends on your mental and physical well-being. This includes dealing with and ensuring financial security when treating not only chronic or acute illnesses but also critical illnesses such as cancer, kidney failure, heart ailments, etc. Each of these ailments can be dangerous and have a long-lasting impact on the physical and mental health of the individual suffering; thus, proper care from the right medical professionals is required as soon as possible. In 2024, with several advances in technology and investment in medicine, it is possible to treat these ailments, but the procedures are quite expensive. Even with some individuals being eligible for subsidies, the process might be out of reach for many and thus can hamper their health. This is why it is critical to obtain a reliable health insurance policy to cover expenses and get the best care for those who are the most important to us: our loved ones. What is health insurance? Health insurance is a contract between an insurance provider and a policyholder in which, in exchange for a premium, the insurer provides compensation, reimbursement, or a cashless settlement for medical expenses incurred by the policyholder. While health insurance can be a lifesaver, especially in times of need, it is essential to note that health insurance policies do not only have limitations in the form of exclusions but also do not provide protection for risks and events which are not covered in the policy document. This is why, whether the individual is suffering from a pre-existing condition or is more susceptible to critical illnesses such as cancer, diabetes, or kidney failure, it is essential to opt for a specialised critical illness insurance or cancer insurance policy to avail of the benefits of the policy. What are the types of health insurance? There are several types of health insurance policies for an individual to opt for depending on their specific needs. Individual health insurance: Covers just the policyholder/purchaser Family health insurance: Covers the entire family of the policyholder, including dependent children, parents, and spouse Critical illness insurance: A critical illness policy covers several different critical illnesses, which can result in significant expenses Senior citizen health insurance: This type of insurance is for individuals over the age of 65 Top-up health insurance: This insurance plan is beneficial to get additional coverage on top of the existing policy Personal accident insurance: This plan covers the policyholder’s medical expenses when dealing with an accident Mediclaim- This type of plan deals with the specific medical expenses incurred during the hospitalisation of the individual Group Health Insurance: This type of plan is offered to groups of individuals getting together for a common objective, such as being employees of an organisation, members of an association, or potentially users of a bank’s services Disease-specific (Corona, Cancer): This plan offers specialised coverages for diseases such as cancer and COVID-19 and specific events such as maternity. What is the difference between cancer insurance and critical illness insurance? As an individual seeking the best critical illness insurance India or the best cancer insurance plans, it is essential to know and assess the differences between the two to avail the right coverage for their needs. Whether it is the scope and extent of coverage or its benefits, here are the key differences between the two types of insurance: Cancer insurance policy A cancer insurance policy is a dedicated policy that provides comprehensive coverage for various types and stages of cancer. In case of cancer diagnosis, the insurer will provide a lump-sum payout that can be used for any related expenses. This type of policy is highly specific and addresses the unique challenges and expenses associated with cancer treatment. A cancer insurance policy typically has a lower premium than critical illness insurance, which is more generic and deals with several critical illnesses. A cancer policy is ideal for individuals with a family history of cancer or those who wish to secure themselves due to the potential risk of cancer. Critical illness insurance On the other hand, a critical illness policy covers several serious illnesses, including cancer, by offering a much wider net of coverages such as kidney failure, heart ailments, etc. Similarly, this plan provides a lump-sum payout upon diagnosing any covered critical illness and enables individuals to deal with a wide range of expenses. This type of plan is suitable for individuals who have a long family history of illnesses and wish to secure themselves from this potential, as well as for those who wish to get comprehensive coverage to ensure their health and financial well-being in the future. Due to the scope and extent of coverage, the premiums can be higher depending on the specific insurer. Conclusion Whether you are looking for the best critical illness insurance India or the best cancer insurance plans, it is essential to do your research and find the right insurance provider for your specific needs. If you wish to look for a reliable insurer who can secure your health and financial well-being from cancer and any other critical illness, consider Stashfin. A leading name in the finance industry, Stashfin’s foray into the insurance field offers more support and care to its customers by going a step further. So, if you wish to seek a reliable insurance policy and provider, consider Stashfin.
In the current times, managing financial risk is of utmost importance as we all have witnessed the Covid-19 phase in our lives. This pandemic has guided each and every individual that life is unpredictable. However, two essential insurance products designed to ease down such risks are loan protection policy and critical illness insurance. At Stashfin, you can avail of both of them with just a single tap. Today, in this article, let's dive deep into these policies and understand their perks. Loan protection insurance It is largely an insurance plan that tends to cover mortgage repayments during emergency conditions. For example, in case you die, emerge as disabled, or lose your task, it guarantees that payments are made for a hard and fast duration. This protects your credit score, eases the load to your family, and allows you to be cognizant of restoration. Even though it's miles evident that there may be a value, the peace of thoughts this insurance offers is quite invaluable. Peace of Mind Knowing that your debt obligations will be met even if you encounter financial difficulties offers a sense of relief. This allows you to focus on recovery or job hunting without the added stress of unnecessary worrying about online fast loan repayment. Family Protection In the unforeseen event of death or critical illness, loan protection plan ensures that your family is not left with any financial burden. This can be particularly important if you have dependents who rely on your monthly income. Credit Score Protection If, by means of any risk, there's a default on mortgage reimbursement, it affects the credit score of the borrower in a very bad manner. Therefore, this sort of coverage ensures that the debtors preserve very good credit records. Critical Illness Insurance It is a type of health insurance that provides a lump-sum payment if the policyholder is diagnosed with a severe illness listed in the purchased policy. This payment can be used to cover medical expenses, supplement lost income, or handle any other financial needs that arise due to the illness. Financial safety This is one of the top benefits. It is a well-known fact that when suffering due to an illness, medical bills can quickly pile up. Therefore, insurance provides a lump sum payout upon diagnosis, regardless of the actual treatment cost. Peace of Mind This is manifestly a disturbing scenario. However, whilst you are conscious that you have monetary protection due to the critical illness insurance policy, it considerably reduces your stress and anxiety. Tax Benefits In our country, premiums paid toward crucial infection insurance are tax-deductible. This falls under the Section 80D of the Income Tax Act. Why Stashfin? We at Stashfin have one goal in mind: to offer the utmost ease and accessibility to all our potential customers. Our application is available on both the Play Store and the App Store, and we are also one of the leading personal loan providers. However, here is a step-by-step guide on how to avail these insurances from us: Visit our official website On the home page, click/tap on the Insurance section Choose the Insurance type which you want to avail Click/Tap on Buy Now You are good to go! So, if you want to avail the best critical illness insurance policy or loan protection insurance, then visit our website today! Final thoughts All in all, both these policies offer unmatched valuable protection but cater to different needs for obvious reasons. LPI safeguards your instant loan in case of unforeseen events, while the other policy i.e. the critical illness policy provides a financial buffer during a critical illness.
Health is wealth! However, within the current generation, due to the pampered way of life, clinical emergencies can strike any person at any time. Critical ailments like most cancers, coronary heart attack, or kidney failure now not most effective pose a serious fitness threat but also include a hefty economic burden at times. This is where Critical Illness Insurance steps in, that is surely one of the developing markets within the Indian coverage sphere, imparting a decent economic net in such situations. Today, in this blog, allow us to dive deep into knowledge about essential insurance, its coverage in our country, and its normal advantages. As the term indicates, it is a coverage plan that offers a lump sum charge upon analysis of an contamination indexed within the coverage. Unlike your everyday health insurance, this facility can pay a fixed amount regardless of the remedy cost. This lump sum amount may be used for numerous functions, together with covering remedy costs, lack of profits at some stage in restoration, or maybe helping way of life changes within the future due to the illness. Furthermore, here are the important thing features of this coverage: Coverage The number of critical illnesses covered by a policy can vary significantly. However, common injuries include cancer, heart attack, kidney failure, and others. Keep in mind that it’s essential to compare plans and ensure they cover the illnesses you’re most concerned about. Waiting period This is the time period you need to wait after purchasing the best critical illness insurance policy before becoming eligible to make a claim. The waiting period typically varies between 30 and 90 days. Sum assured This is the maximum amount the company tends to pay upon diagnosis. The sum assured should be sufficient to cover your anticipated cost of the treatment as well as potential income loss. Claim Process The claim process typically involves submitting medical reports proving the diagnosis. Don’t forget to understand the complete claim process before purchasing a policy. Top advantages of critical illness insurance policy Financial safety and security This is one of the top benefits of this policy. When diagnosed with an illness, medical bills can quickly pile up. Therefore, insurance provides a lump sum payout upon diagnosis, regardless of the actual treatment cost. Peace of Mind This is manifestly a disturbing scenario. However, whilst you are conscious that you have monetary protection, it considerably reduces your stress and anxiety. This permits you to focus on your health and healing without disturbing approximately the economic burden. Tax Benefits In our country, premiums paid toward crucial infection insurance are tax-deductible. This is beneath Section 80D of the Income Tax Act, making vital contamination policies a tax-green manner to shield yourself financially. Which is the best critical illness insurance India? We at Stashfin offer coverage of up to Rs 1,00,000/-. It includes illnesses such as Cancer, Kidney Failure, Nerve Damage, Organ/Bone Marrow Transplant, Heart Surgery, Stroke, Paralysis, Accidental Death, and Permanent Total Disability. Furthermore, the following items are covered in this policy: Complete protection of your outstanding loan up to ₹1,00,000. In the case of the illness below. Cancer of specified severity. End Stage Renal Failure requiring dialysis. Multiple Sclerosis with Persisting Symptoms. Major organ/bone marrow Transplant. Open Heart Valve Replacement/Repair. Open Chest Coronary Artery Bypass Graft. Stroke resulting in permanent symptoms Permanent Paralysis of Limbs. Myocardial Infarction (First Heart Attack of specific severity) Final thoughts This critical illness policy is essential in offering a safety net during a medical crisis. The lump sum payout offers much-needed support for covering treatment costs, and it also tends to provide peace of mind and help you focus on your recovery.