The old adage ‘health is wealth’ is one of the most common lessons we learned from our elders. No one’s immune to falling ill to health issues or deterioration, even those who think they are fit and strong. Therefore, it is always a good practice to take care of yourself by taking care of your health.
Nonetheless,one of the most important protection you need against this invisible enemy is a health insurance policy. You never know when you are diagnosed with a severe and critical illness. Do you really want to trouble yourself and your family members to pay for your treatment? With the rising healthcare costs, it is only prudent to get critical illness insurance to avoid the need to deal with two issues at the same time – your failing health and financial burden.
It is considered to be the perfect plan to pay for your medical treatment without hurting your savings. The only way to understand the importance of this policy is by educating yourself about the features of critical illness insurance.
A critical illness policy is a health plan that secures the policyholder against the cost of treatment incurred towards an illness listed in the policy document. As a common practice, one can opt for it as a rider or along with your health insurance plan. You can also get customized plans that meet your needs as well as that of your family members.
Here are some of the reasons why you need to add critical illness insurance or rider to your investment portfolio today.
- Affordable Premiums
Insurance premiums are based on a number of factors, such as the age of the policyholder. If you are young and healthy, you can get critical illness insurance at a lower premium because you are less likely to develop any form of critical illnesses.
However, the older a person is, the higher the premium they may have to pay. This is because, with age, there is an increased chance of developing critical illnesses. Therefore, it is easier to apply for such policies early and leverage the low premiums when you are still in your 20s and 30s.
- Lumpsum Amount
Critical illnesses are often costlier to treat. That is the reason insurers developed critical illness policy to help policyholders pay for their treatment without worrying about the costs.
So, when you file for a claim after your diagnosis, the insurance provider will give you a lumpsum amount of sum assured that can be used to pay for your treatment and all the other associated costs. This amount is often enough to pay for all the medical expenses and post-operative care.
This is an important feature of critical illness insurance because a lot of people avoid quality treatments due to the costs associated with it. But when you are covered with this policy, you will be able to afford the best care for yourself.
- Can Be Used To Cover Related Expenses
A critical illness, such as cardiovascular diseases, may require the patient to take time off work or travel to a different city to get treatment. There are many such additional costs that are associated with the diagnosis and treatment of a critical illness. The amount you receive as sum assured will help you cover all these costs as well.
- No Need To Alter Family’s Lifestyle
When someone falls critically ill, especially the breadwinner, it affects the entire family and their lifestyle. Everyone has to work towards providing funds for the person’s recovery, and they may have to compromise on certain comforts to pay for their treatment. However, with a critical illness insurance cover in your financial portfolio, they would not be required to do any such thing.
Moreover, your family will not have to cut corners to afford your medical expenses associated with the disease. They can continue to live their lives normally and while taking care of you and your needs.
- Tax Benefits
As is with every other health plan, critical illness insurance, too,provides you with tax-saving benefits. The premiums paid towards your policy are eligible for tax rebate under section 80D of the Income Tax Act.
- Acts As Income Replacement
A person diagnosed with a serious health condition will undergo series of physical and emotional changes. As a result, they may have to take time off work to concentrate on their recovery and treatment.
Needless to say, this can have an impact on the family’s finances. But with a critical illness policy, you can attain peace of mind knowing that your medical bills will be taken care of, and the amount you receive can be used to pay for other household expenses as well.
Critical illness insurance is an important addition to your financial portfolio because it provides you financial protection against serious ailments. However, like all other insurance policies, it is important to avail of the plan long before the need arises.
You can check out insurance provider websites, such as Max Life Insurance, to look for suitable plans that meet your requirements. Don’t forget to compare the policies and read the offer document carefully before making the investment.
