Facts about Critical Illness Insurance and their Coverage
PNB MetLife 10-03-2017 05:51:25 PM
With the constant shift in our lifestyle, more and more people moving to the cities and taking up the urban way of life, the prevalence of lifestyle diseases are on growing trajectory. There is never a better time to be more careful. Critical Illness Insurance is a type of policy where the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illness on a predetermined list agreed upon in the policy. Read More
It is apt to get a critical illness cover as a second financial buffer after your family health plan or basic health insurance plan. Critical Illness Insurance policies give you the additional financial benefits and provide a lump sum amount to cover the costs incurred during treatment and care, recuperation aids and even offer funds in case you are not in a position to earn money due to your health problem.
The critical illness insurance plan is advisable after the age of 40, but it is valuable to have oneself covered with the critical illness cover even before since the risk of illness is less and so are the premiums. Better safe than sorry is not just a saying in the world of financial security for your future, in the event of a health disorder that can possibly topple your life upside down, in the absence of a source of income.
In addition to your complete financial stability in the occurrence of an illness the health insurance plan also includes other advantages for the policy holder. The most evident of which would be the tax benefits one gets out of holding a CI policy under the provision of the Income Tax Act of India. Consult your tax advisor for more details on this.
This should explain to you the merits of having a critical illness cover over your family health plan. Get insured today!