What will happen to you and your family if due to any serious illness you would not be able to make your living? On top of that you will need to incur medical expenses also. Here comes the critical illness health insurance which will give you lump sum amount if you’re diagnosed with serious illnesses covered by insurance policy. Apart from this, other benefits offered by critical illness policy are –
- Include cost of care and recuperation aid
- Tax benefits under section 80 D
- Free health check-ups
The need for a critical illness policy is now more than ever. The 21st century sedentary lifestyle is giving rise to all kinds of illnesses, most of which are critical in nature. All studies indicate a steady rise in the instances of people falling prey to critical illnesses. While the number of cases of critical illnesses is increasing, the age of people developing such illnesses is consistently decreasing. This only goes on to show that one is now more vulnerable than what the earlier generation was in their working years.
A critical illness policy offers peace of mind to the insured and his or her family by providing financial assistance on the diagnosis of a critical illness. The lump sum amount in a critical illness insurance plan can be used for the treatment of the medical problem or even paying off a mortgage, home modifications, etc.
Critical illness Insurance cover is a good option if
- You don’t have any savings to help you if you seriously fall ill
- You don’t have employee benefit packages to cover a period of time off work due to critical illness