In an unpredictable environment, prioritizing our wellbeing and securing ourselves from unexpected occurrences has become important. Among the number of challenges, we face, one specific problem that is important is healthcare. As the incidences of critical diseases such as cancer, heart disease, stroke, and organ failure continue to rise, it is imperative to take key measures. These illnesses not only affect our physical health but also can disturb our financial stability.
The financial burden related to medical and hospital bills can be huge, leaving individuals and families overwhelmed and under pressure financially. This is where critical illness insurance pops up as an advantageous safety network. It reduces all your stress and worries related to financial consequences. In this blog, we will explore the different aspects associated with critical illness insurance.
Critical illness insurance, also known as critical illness cover, is a plan that enables the insurer to provide a lump sum cash payment to the policyholder in case of a diagnosis of specific illnesses on a predetermined list as part of an insurance policy. It offers supplementary coverage against conditions like cancer, heart attacks, and strokes.
The rising prevalence of critical illness, along with increasing healthcare costs, has made it crucial for people to buy a critical illness insurance plan. A breast cancer operation today can cost anywhere from Rs. 14 to 16 lacs. A liver transplant might cost anywhere between Rs. 25 and Rs. 36 lacs. These figures make critical illness insurance almost unavoidable.
According to Polaris Market Research, the critical illness insurance market was valued at USD 215.60 billion in 2022 and is expected to obtain USD 376.57 billion with a CAGR of 5.93% during the forecast period.
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To wrap it up
Based on geography, North America witnessed the largest critical illness insurance market share in 2022, and the Asia Pacific region is projected to show remarkable growth in the market. Overall, in this ever-changing world, the market continues to grow to meet the different requirements of people. Such policies offer individuals piece of mind that comes from being protected against the financial uncertainties that critical illnesses can bring.
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