The probability of you acquiring any lifestyle diseases is higher than ever. Reports suggest that the cases of non-communicable diseases like cardiovascular diseases or cancer have increased drastically over the last decade. Paralysis is one such critical illness with the potential to put the patient in a coma for years.
Paralysis is a state in which an individual is not able to move their body parts, it happens when the communication between the limb/muscle and brain gets hindered. The main cause of this ailment is an accident or serious illness. Paralysis can be temporary, permanent, partial, or complete. The two distinct types of paralysis based on their consequences are Flaccid, which makes muscles weak and Spastic, which tightens the muscles.
Paralysis is a chronic disease, and a patient needs a lot of time to recover from it. Therefore, it is categorized as a critical illness and hence is not covered in your basic health insurance plan. However, you do not have to worry about the treatment cost as you can get it covered with a rider.
A rider is an extra benefit that one can avail by adding it to their basic insurance policy and in return, you must pay some additional premium. Today, there are various riders available like room rent or hospital cash or personal accident rider or critical illness.
Important Update (Dated May 30, 2024) – Good news for Health Insurance policyholders! According to the Master Circular on Health Insurance Business 29052024 rolled out on May 29, 2024 by IRDAI, insurers are to decide on the request for cashless claims within 1 hour of receiving the request. Also, the final claim is to be granted within 3 hours after the policyholder’s discharge from the hospital. Insurers have been directed by IRDAI to establish necessary systems and procedures for this process by July 31, 2024.
The Master Circular on Health Insurance Business 29052024 circular is available here - https://irdai.gov.in/document-detail?documentId=4942918
A person suffering from paralysis needs regular medical attention, starting from full diagnosis followed by full treatment and till complete recovery. The treatment cost of the ailment varies according to its severity, for instance, if the whole body has been affected by the paralytic attack the cost will be higher, whereas, in the case of a particular body part getting affected, the cost incurred will be lesser.
Either way dealing with paralysis is not easy. The mental breakdown along with the financial crunch has always proven to be disruptive. And hence, in such cases, taking a critical illness cover beforehand can be extremely helpful.
The indemnity health insurance policy that you buy or the one that your employer provides does not give adequate protection to your finances in cases of critical illness. Therefore, it is highly advisable to add on a critical illness rider. With this policy handy, you can start with the diagnosis as soon as it is prescribed by the doctor and can focus entirely on the recovery rather than the treatment cost.
Here are some benefits of the lifesaving critical illness cover:
1. Tax Benefit – The premium paid for the cover of a critical illness allows you to get tax benefits under section 80D
2. Lumpsum Amount – After the waiting period, a lumpsum amount is paid to the insurer once he registers a claim. He can use the amount to substitute for the regular income or can pay off the debts, etc.
3. Tax-free Claim – The amount you receive under critical illness cover as a claim is tax-free, under the IT Act 1961
4. Mental Peace – Once you have figured out the inflow of cash for the treatment you can sit back and relax. Focus only on the taking care of the patient and their recovery
The plan does not cover any treatment cost for the accident the policyholder incurred during any adventure sport.
There is no cover for the already existing diseases and ailments stated by the insurer.
The plan does not cover any cosmetic-related surgery.
The claims made within the initial waiting period (which varies according to the insurer) would not be approved.
It does not provide any coverage for any war or defence activities related injuries or ailments.
Life is, as we all know it, unpredictable and in order to survive all the unprecedented incidents, we must be financially ready. Taking critical illness cover is just one step towards the goal. Because having one comprehensive plan can save you and your dependants from difficult financial burdens.
