Leading a healthy life is like a blessing in today’s time. However, it is always a wise decision to have adequate insurance to help your family take care of the finances if you were to get inflicted with a life-threatening disease. This is where a term insurance plan with critical illness benefit comes into play.
A term insurance plan with a critical illness benefit provides a lump sum amount if you (the policyholder) is diagnosed with a life-threatening illness. The benefit received is a predetermined percentage of your sum assured and can be used to take care of expenses arising from the treatment of the patient. Let’s discuss critical illness insurance cover in detail.
A critical illness insurance cover is an add-on benefit offered on term insurance plans in India. It is commonly known as critical illness benefit and is one of the most popular rider benefits available in term insurance.
With critical illness insurance cover on your term plan, you are eligible to receive a percentage of the sum assured amount when first diagnosed with a critical health condition. The amount received can be used as and when needed by the patient for the treatment expenses incurred.
The term insurance plans available at Finserv MARKETS offer critical illness benefit riders. It protects against 55 critical health conditions (19 minor illnesses and 36 major illnesses). The insurer pays 25 per cent of the sum assured in case of minor critical illnesses and 100 per cent in the case of major critical illnesses. Let us take a look at some standard benefits of critical illness insurance cover.
When you buy term insurance with a critical illness benefit rider, you can avail the following critical illness insurance benefits:
Usually, the medical expenses are covered under the employer’s health plan or your existing health policy. If the health insurance plan covers your treatment and hospitalisation expenses, the critical illness benefit acts as an added financial benefit.
Moreover, if you fall short on your health insurance coverage, the payout received from term insurance critical illness benefit can be used. Otherwise, the amount acts as an income replacement source to stabilise your financial situation until you recover.
As we know, our health is bound to degrade as we grow old. In extreme situations, most people acquire life-threatening illnesses that require extreme care and treatment. Considering the fact that many individuals in India are suffering from heart diseases and diabetes, it is better to have an insurance plan that covers you against it. As explained earlier, the term insurance plans with critical illness cover protect you against extensive critical health conditions that you may/may not suffer in the future.
Along with the primary term insurance tax benefits, critical illness cover provides additional tax benefits as well. So, if you have term insurance with critical illness cover, the premiums paid can be claimed for tax deductions under Section 80C and Section 80D of the Income Tax Act, 1961. The overall amount that can be claimed for tax deductions is ₹1.5 Lakh and ₹25,000 respectively for each section.
One of the main benefits of term insurance is that it is the most affordable life insurance product available in the market. You can get extensive coverage at an affordable premium price. In fact, you can use the term insurance calculator to determine the premium amount based on your chosen sum assured and add-on benefits.
For those looking for a financial benefit, in addition to the health insurance plan, to take care of the medical expenses incurred in treating critical health conditions, term insurance with critical illness benefit can be a good option too.
You can buy term insurance at Finserv MARKETS along with critical illness cover. Also, you can benefit from features such as extensive coverage, hassle-free claim process, affordable premiums, rider benefits, and more.
So, don’t wait. Get a term insurance plan to safeguard your family’s financial future today!
The ideal critical illness insurance for you is the one that covers extensive health conditions at a nominal price. The critical illness cover available on Finserv MARKETS covers 55 critical health conditions under it.
The term insurance plans with critical illness cover at Finserv MARKETS provide a lump sum amount when you are diagnosed with a life-threatening disease. You will receive 25% of the sum assured in case of minor critical illnesses and 100% in the case of major critical illnesses. However, ensure that the diagnosed critical illness is covered under your policy before you seek compensation.
Ideally, you will need age proof, identity proof, address proof and medical test report (if asked by the insurer).
Critical illness insurance plans cover various life-threatening diseases like cancer, heart attack, stroke, organ transplant, paralysis, renal failure, etc.
Some of the critical illness insurance benefits are - coverage against life-threatening diseases, tax benefits, and also, you can secure a larger coverage for a nominal price.