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Friday, September 27, 2019

Why You Should Get a Critical Illness Plan Early


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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