Medical emergencies are tricky life situations that must be handled carefully on every level. Along with emotional strength, these times also call for financial strength. Nowadays, when medical care facilities have also become quite expensive, having insurance for such times can be beneficial. In fact, in a few international countries, it is a must-have.
Critical illness insurance has sparked several discussions over the past few years about the different ways of availing it. Today, let’s understand its importance and the ways you can get its coverage for yourself and your family.
Benefits of Getting a Critical Illness Plan
The period of encountering a serious illness is difficult for you as well as your family. While it brings physical hardships for you, even your family goes through a tough time. However, with a suitable critical illness plan, here’s how you can get through it:
1. Financial Safety Net Upon Diagnosis
Critical illness insurance is more or less similar to your regular life insurance plan. This is because it also offers you a lump sum payout upon diagnosis. This coverage benefit is offered when any of the covered critical illnesses are diagnosed. It’s an independent payout, which means it’s separate from any other health insurance claims you might file. It acts as a financial buffer, helping you manage various expenses that may arise due to the illness.
2. Additional Coverage Other Than Hospitalisation Costs
A critical illness policy is different from regular health insurance when it comes to the coverage part. Here, you shall receive a lump sum payout, which you may further use for several purposes, such as:
- Specialised treatments: During times of critical illnesses, you could need a specialised treatment that’s not covered by regular health insurance completely. Therefore, to ensure the continuation of your treatment and get you the best possible care, this payout can be extremely helpful.
- Loss of Income: Critical illness is one of the life’s situations that often lead to a temporary or permanent income loss. Now, this includes the period of illness as well as the recovery. However, with a critical illness policy, you can rest assured that it will compensate for your lost wages and ensure your family’s financial stability.
- Modified Living Expenses: Critical illness can be life-changing, and at times, it may necessitate modifications to your lifestyle as a part of your recovery phase. Here, critical illness coverage can be used for such adjustments without any financial strain.
3. Flexible Use of Coverage Benefit
An integral benefit of critical illness insurance is its payout flexibility. Unlike a few other insurance schemes, the restrictions are little to no on how the funds are being utilised. It’s an advantageous factor to prioritise your needs and make the best financial decisions in such a challenging time.
4. Tax Saving Benefits
In India, every insurance scheme has one or the other tax benefit. As for critical illness insurance, the premiums paid qualify for tax deductions under Section 80D of the Income Tax Act 1961.
5. Protection Against Disabilities
Some critical illness insurance plans offer an additional rider for disability benefits. This rider can provide financial support in case a critical illness leads to a disability that may prevent you from earning an income.
Two Ways to Opt for Critical Illness Policy
There are two ways in which you can opt for insurance to cover critical illness benefits. They are:
Critical Illness Plan
The foremost method of getting insured against critical illnesses is investing in a separate dedicated insurance plan. Its benefits are extensive, including disability protection, income security, flexible benefits coverage use, etc.
Term Life Insurance with Critical Illness Rider
Did you know a critical illness plan can also be added to your regular term life insurance as a rider benefit? Yes, it is true and this way, you will get to have a three-fold benefit, which includes life insurance coverage, critical illness coverage, and tax benefits.
Get Critical Illness Insurance Today!
Critical illness can be challenging. However, having a critical illness plan, whether separate insurance or a rider benefit under term insurance, is very helpful. Now, all that is necessary to ensure coverage is a reliable insurance provider like Canara HSBC Life Insurance.
They have a specialised iSelect Smart 360 Term Plan available online that you can opt for. It covers over 40 different critical illnesses, which makes it the same as having critical illness insurance.
Visit their official website to learn more about it and get insured against critical illnesses today!
