How a Critical Illness Plan Can Make a Difference - Make Money Online

Header AD

How a Critical Illness Plan Can Make a Difference

Many people have a misconception that investing in a medical insurance plan will suffice when a medical emergency arises. However, keeping the number of diseases in mind, a basic health insurance policy is not enough at all. A critical illness could add a financial strain in your monthly expenses and this is when health insurance for critical illness comes into play. 

What is a critical illness plan?

Critical illness is a life-threatening disease, which requires significant expenses for medication and hospitalization. Anybody could be diagnosed with a critical illness and this is why there are critical illness plans. Such plans offer coverage against specific critical illnesses or diseases. A critical illness insurance policywill act as a cushion and help you combat the financial difficulties you face while treating an illness. It can help you with huge medical bills, as well as, the daily expenses, which constantly increase when you are getting treatment for a critical illness. The policy will stand by you and will ensure that you need not borrow from anyone else in times of difficulty.

How will the plan make a difference?

Once you understand the difference between a traditional medical insurance plan and a critical illness insurance policy,you can make the right choice.

   A critical illness plan will give you the entire sum assured as a lump sum if you are diagnosed with a critical illness
    The plan has an option of periodic payouts, which vary according to the stages of the illness
   Most plans generally come with a longer tenure of about 15 years and more

Why should you invest?

Let us look at compelling reasons for you to invest in a critical illness plan.

1.Therise in the number of lifestyle-related diseases

Illnesses like stroke, cancer, paralysis, and many others are on the rise. The cost of treatment of such illnesses could disrupt your finances. Hence, a critical illness insurance policy ensures that your finances are safeguarded incase a major illness strikes.

2. Quick access to lump sum money

When you have a critical illness cover, you will receive a lump sum at the time of diagnosis of an illness. This ensures that the diagnosis of an illness does not affect your savings in any manner.

3. Look after your finances

A crucial illness could leave you in deep trouble. This is when regular expenses like utility bills and children’s fees could be affected. The amount from a critical illness policy will ensure that all your expenses are taken care of.

4. Tax benefit

Any premium paid towards a critical illness policy will be deductible as per Section 80D of the Income Tax Act, 1961. This means you will be able to get a cover at a lower premium as compared to a regular medical insurance plan and enjoy a tax deduction on the premium amount.

Different insurance providers offer additional benefits to policyholders in case of diagnosis of a critical illness. This varies from one insurance provider to another. A medical emergency will not come with a pre-warning and this is why it is ideal to invest in a critical illness insuranceplan at the earliest. It will not only provide for the cost of hospitalization and medical treatment but will also ensure that your finances are safeguarded and you do not end up in a pile of debt. Compare different plans and choose the one that fits your current needs.
How a Critical Illness Plan Can Make a Difference How a Critical Illness Plan Can Make a Difference Reviewed by RAWAT on 2:12 AM Rating: 5