By Ronni Peel
We never know when we might face an unforeseen critical illness like cancer, lung tumour, kidney failure, etc. It drains our loved ones and us both emotionally and financially in such situations. Moreover, we all know that medical treatment costs are rising day-by-day. Therefore, it is imperative to be financially prepared to ensure that we do not face any financial constraints in such unforeseen situations. This will ensure that we do not face any financial roadblocks and are able to access the best treatments for our illness.
Investing in a critical illness plan has seen a rise in the past few years as means of financial security and a lump sum amount of cover to manage the expenses of the illness. This plan not only financially secures you in case of an uncertain critical illness but also lets you be at peace of mind and live your life seamlessly.
Let us first understand what a critical illness plan is.
What is a Critical Illness Plan?
A critical illness plan is an life insurance plan that provides financial security to the policyholder if he or she gets diagnosed with an unforeseen critical illness, such as lung diseases, heart attack, cancer, etc. The critical illness plan provides the policyholder with a lump sum amount of coverage which will cover the cost of medical treatment of the critical illness.
In today’s time, various critical illness plans are available for us to choose from. Therefore, it is imperative to choose the critical illness plan that suits us the best in order to have a seamless life and to be able to fully focus on our recovery in case we get diagnosed with a critical illness.
Choosing the right critical illness plan can sometimes be of a hassle. Therefore, to help you choose the critical illness plan that suits you the best, we have mentioned a few features and benefits below.
- Lump-sum amount of coverage
A critical illness plan provides a lump sum amount of coverage if you get diagnosed with a critical illness. This covers the entire cost of the illness, such as doctor’s fee, hospitalization charges, medicines expenditure, etc. With this, you do not have to worry about financial constraints and completely focus on your recovery.
- Tax Benefits
Another advantage of investing in a critical illness plan is tax benefits. The premiums you pay for the critical illness plan are eligible for tax benefits under Section 80D of the Income Tax Act. You can claim up to Rs. 15,000 of tax benefits in one year. However, tax laws are subject to change from time to time.
- Covers Majority of Critical Diseases
A critical illness plan covers more than 20 critical diseases, such as a tumour, kidney failure, cancer, heart attack, etc. With this, you can be at peace if you get diagnosed with any critical illness.
- Peace of Mind
Investing in a critical illness plan gives you peace of mind and lets you live your life seamlessly without having to worry about financial constraints. Instead of focusing on financial constraints, you can fully focus on your recovery.
Wrapping Up
Life is unpredictable and full of uncertainties. We never know when an uncertainty might knock on our doors. We further know that the cost of medical treatment is touching the sky. Therefore, investing in a critical illness plan has become imperative to save us from any financial constraints in case we get diagnosed with a critical illness.
