What is Critical illness insurance?
Critical illness insurance is also known as critical illness cover or a dread disease. CI is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy.
Critical illness insurance was founded by Dr Marius Barnard, with the first critical illness product being launched on 6 October 1983 in South Africa, under the name dread disease insurance.
Critical illness will provides you a one-time lump-sum benefit if you diagnosed with any critical illness condition which mentioned in the policy contract &if Life insured will survive within qualified time frame according to the policy, then life insured will get Lump sum benefits of Critical illness. Usually a survival period is typically 30 days after diagnosis of one of the critical conditions covered by the plan. You can use the benefit payment any way you wish. Benefits will be available Tax free basis. It is available for 10yrs, 20 yrs and upto age 75 years.
Critical illness insurance can help you:
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- Reduce debt and other financial concerns while you cope with your illness
- Replace any reduced or lost income for you and your spouse, who may wish to take time off work to care for you
- Bring in additional help at home for you and your family
- Consider new medical treatments and medications not covered by private or government health insurance plans