2020 was a year full of uncertainties. A newly-discovered virus brought the whole world to a standstill. And just when things seemed to be getting better, a new strain of the virus is adding to the uncertainty. As we are nearing the possible end to the whole crisis with the vaccination drive having been started in the country, perhaps it is a good time to have a look back. In just over one year since its discovery, the COVID-19 virus infected around a 100 million people, killing over two million of them[1]. Only in India, over 10 million people were infected by the deadly virus, with over 1.5 lakh deaths[2].
What is even more worrying then, is that only around four per cent of COVID-19 patients in India had health insurance coverage[3]. The magnitude of this pandemic has once again brought the emphasis on the need for medical insurance. However, one must remember that a medical emergency can come at any stage of your life. As per the Indian Council of Medical Research (ICMR)[4], there are expected to be around 17.3 lakh new cases of cancer in India in 2020 with over 8.8 lakh deaths due to the disease. This is a rise from 14.5 lakh cases in 2016. The cases of heart diseases are also rising in the country and its prevalence, along with stroke, has increased by over 50 per cent between 1990 and 2016[5]. It is then imperative that you must have a plan in place to ensure that your other goals are not compromised due to a medical emergency.
Why Critical Illness Cover?
While a regular health insurance plan is a must for everyone, it is equally important to have coverage for critical illnesses as a standalone plan, or as an additional rider with your regular mediclaim policy. The difference between regular health insurance and a critical illness plan is that while the former covers only the medical expenses incurred due to an ailment, a critical illness insurance pays a lump sum amount, up to the sum insured, on being diagnosed with a serious ailment such as cancer or stroke. The lump sum payment can not only be used to pay for the medical expenses but also to pay off debt, replace lost income or any other requirement of the insured or his/her family. This amount can also pay for medical costs not covered by traditional health insurance.
Most serious ailments like heart attack, cancer, stroke, kidney failure or paralysis are covered under any critical illness cover. You can choose between the options of a new standalone policy or you can also opt for a critical illness rider that comes with your regular health insurance plan or term plan.
Importance of Critical Illness cover for women
Studies have shown that health insurance is often not considered a priority for women in India with only around 22 per cent of women voluntarily opting for a health cover[6]. This needs to be addressed at various levels. To bridge this gap, many insurers are now offering women specific health cover plans especially to cover those critical illnesses that women are vulnerable to. According to a study by the World Health Organisation, about one lakh new breast cancer cases are diagnosed every year in India with over half of the patients succumbing to the disease[7]. Moreover, cervical cancer remains a significant cause of mortality among women across the world, according to ICMR[8]. There are several other such ailments specific to women. Getting a critical illness cover designed specifically for the needs of women can provide financial security if one is ever diagnosed with such a critical illness.
Where to buy women-specific critical illness plan
Not many insurers in India offer insurance plans specifically for women. However, insurers like Bajaj Allianz General Insurance have curated a special health insurance plan to pay homage to those women who play many important roles in our lives, be it as a grandmother, mother, daughter, sister or wife. Their “Women Specific Critical Illness Cover” is designed exclusively for women to help them tackle critical illnesses that they might face.
This plan provides protection against the risk of 8 life-threatening conditions including breast cancer, fallopian tube cancer, uterine or cervical cancer, ovarian cancer, vaginal cancer, permanent paralysis of limbs, multi-trauma and burns. The plan by Bajaj Allianz also comes with congenital disability benefit where 50 per cent of the sum insured would be payable if the woman gives birth to a baby having a congenital disease.
Moreover, if the insured woman loses her job within a period of three months of the date of diagnosis of any of the critical illnesses covered in the policy, she would also receive an amount of Rs 25,000 towards loss of employment as well as Rs 25,000 towards the future education of her children.
With a proven track record of several years in client servicing and frictionless service through the online channels, Bajaj Allianz Health Insurance plans can be easily analysed and opted for. The provision of determining your premiums prior puchase is also offered with the assistance of an online health insurance premium calculator.
In the 21st century, women are becoming fiercely independent. With women now also earning for their families, they often contribute more to a household than their male counterparts. It is then only fair that their health needs are also taken care of. A critical illness insurance plan that covers ailments that they are susceptible to can be a good start towards that goal.
Source:
[1] https://www.worldometers.info/coronavirus/
[2] https://www.worldometers.info/coronavirus/country/india/
[3] https://timesofindia.indiatimes.com/business/india-business/less-than-4-of-covid-19-patients-in-india-have-insurance/articleshow/76195688.cms
[4] https://bsmedia.business-standard.comnciindia.aiims.edu/en/cancer-statistics#:~:text=Indian%20Council%20of%20Medical%20Research,lakh%20new%20cases%20in%202020
[5] https://www.thehindubusinessline.com/news/science/heart-disease-stroke-among-top-killers-in-india/article24935985.ece
[6] https://economictimes.indiatimes.com/are-women-only-health-insurance-policies-a-good-buy/tomorrowmakersshow/69426581.cms
[7] https://www.indushealthplus.com/breast-cancer-on-rise-in-metro-cities.html
[8] https://main.icmr.nic.in/sites/default/files/reports/Cervix%20Cancer.pdf