If you think
that a term insurance plan is adequate for your safety and security, you are
wrong. Considering the rising cost of healthcare and increasing cases of
illnesses across the country, it is important to invest in a health insurance
plan. The health insurance cover will work as a shield in times of a medical illness
or hospitalization. If you buy a health insurance cover at a young age, you
will benefit from a low premium amount because you will be fit and healthy. In
addition, it is advisable to invest in a critical illness plan for extensive
coverage.
A critical
illness insurance policy is a cover over and above the health insurance plan.
It will provide coverage against specific critical illnesses or diseases, which
are mentioned in the policy. A critical illness can be very expensive to treat
in terms of medical costs and hospitalization. This is why a separate cover for
the same is necessary. Here are a few compelling reasons for buying a critical
illness insurance policy early in life.
·
It works as a replacement
of income
When a
life-threatening illness is diagnosed, you will be paid a lump sum by the insurer
company. You can use this amount to get medical treatment or you could use it
to meet your monthly expenses like payment of utility bills and school fees for
children. When an individual is diagnosed with an illness, he loses his job and
this could cause deep financial trouble to the family. This is where health insurance for critical illnessmakes
all the difference.
·
Double tax benefit
The benefit of
tax exemption is available under Section 80C and Section 80D. Hence, you can
save tax while you cover yourself with a critical illness insurance policy.
·
Wider coverage
When you buy a
critical illness cover in addition to a term plan, you enjoy a wider coverage.
The critical illness cover is over and above the term plan.This means that you
get an additional cover for life-threatening illnesses and diseases.
·
Lower premium
When you get a critical illness insurance policyat an
early stage in life, you can enjoy lower premiums. This is because you are
healthy and fit and there are no illnesses or diseases associated with you.
Hence, you can get a comprehensive cover for a low and affordable premium
amount.
It is important
to note that there is no minimum survival period with regard to a critical
illness plan. The sum assured will be paid immediately on the diagnosis of an
illness. In addition, with this cover, you can enjoy the best quality
healthcare and treatment available for the illness. Health Insurance companies have hospitals empaneled with them.When you approach these
hospitals for treatment, your claim will be settled within no time and you will
receive excellent treatment as well.
It is important
to identify the critical illnesses that you are susceptible to and then choose
a cover over your term plan. There is never a question between buying a term
plan or a critical illness cover. A term plan is an absolute must but a
critical illness plan should ideally be purchased for comprehensive coverage.
It will give you complete protection from the life-threatening illnesses that
can cause financial trouble in your life.
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