Download
1 / 4
50 likes | 57 Views
Know what is a critical illness insurance cover & who should opt for this policy. Further, know the benefits of this plan & factors to keep in mind while opting for it.<br>
E N D
Critical illness insurance cover the basics :- • Simply defined, critical illness insurance is a plan that will offer you some level of financial protection in the event that you are diagnosed with a serious disease. If you have a serious disease and are diagnosed with it, this coverage will pay you a predetermined amount. This money is also entirely tax-free. • Life insurance and critical insurance coverage are typically offered in combinations. However, there is one restriction: in an emergency, you can only make one claim. You can choose the duration of essential insurance coverage when you choose it. You must continue to pay premiums throughout the duration, and once the term is over the protection offered by the insurance expires as well.
Benefits of Critical illness plan : There are several critical illness benefit policies. Some of them are: • Covers medical expenses and hospitalization: If you are diagnosed with a serious disease, paying for medical care might be a major financial strain. • Covers loss of income: In order to receive treatment, you may need to take repeated breaks from work. This loss of income will be covered by a critical sickness policy. • Income replacement: In the event of a serious sickness, not only you but also your family would suffer financially. A critical illness plan provides a lump sum payment that can be used to pay for household and medical expenditures. • Tax benefits: Critical illness insurance offers tax advantages since, under Section 80D of the Income Tax Act, the payout is entirely tax-free. • Peace of mind: When you're coping with a condition, your attention should be on medical care. Your financial obligations for the treatment or missed workdays are taken care of by critical sickness coverage. • Covers a range of expenses: If you are found to have one of the illnesses covered by the policy, a lump sum payment will be made. You have complete discretion over how to use the funds. It can be used to cover hospital bills, living expenditures, loan EMIs, child care costs, and any other costs. • Covers treatment in a foreign country: If your treatment is being provided abroad, your critical illness insurance may still be able to provide coverage.
