Critical illness is a type of insurance policy that offers a lump sum amount to the policyholder on the diagnosis of a pre-specified critical illness during the policy term. The policyholder can use this tax-free payment in any way he/she deems fit.
Critical illness strikes when you least expect it. These diseases are often long-term, and their treatment needs a lot of money and patience. Taking proper care and getting adequate medication without worrying about finances is essential when diagnosed with a critical illness. The best way you can save yourself from the mental trauma, and physical hassle is by having an insurance plan that covers this specific condition. Never wait for a psychological or physical trauma to knock your door! Stay prepared with a critical illness policy. It is just the right insurance to protect you and your family against such unfortunate possibilities.
Listed below are the reasons why you should buy a critical illness insurance policy-
Lump-sum payment on diagnosis of critical illness
If the policyholder gets diagnosed with a critical disease, a lump sum amount is provided to him/her. This sum allows them to meet their medical bills or any personal financial commitments that may occur due to the adversities. This tax-free amount ensures you have sufficient funds to manage your medical expenses without having to dip into your savings.
Your financial liabilities can seriously interrupt your healthy life apart from impacting your credit history. Obligations like utility bill payments, home loan EMI's, children's school fees shouldn't default. When you get the lump sum payout from the insurance plan, you can afford to pay the bills and fees without facing any disruptions.
Out-of-pocket medical expenses
It's good that Indians are getting acquainted with health insurance and have started taking health policies seriously. However, only having a health insurance policy is not enough. You must have a critical illness policy to treat critical conditions like cancer, heart attack, etc. without burning a hole in your savings. These ailments are life-threatening, and their treatment requires a considerable amount of money, which a regular health policy cannot fulfill.
Lifestyle maintenance and stress-free recovery
We get used to a specific lifestyle depending on our income. When a severe condition like critical illness comes into the picture, it can impede your income, thereby distressing your lifestyle. To avoid this emotional distress for you and your family, you should get a critical illness policy. With a financial back-up in place, your family will be at peace. This will allow you to recover peacefully. If you are the only breadwinner of the family, the absence of a financial cushion will force your family members to find a job to run household expenses. With a critical illness plan by your bay, your family can be stress-free throughout your recovery.
Treat a critical illness insurance policy as a boon as it provides returns in the form of peace of mind to you and your family. Don't wait anymore! Protect yourself and your family against critical illness today.