Our life is surrounded by many risks and uncertainties like risk of life due to an accident, death, illness or disability. Though we may not be able to avoid such eventualities but to be prepared for such unpleasant surprises is a good way to secure yourself and your loved ones.
There are certain illnesses which are severe in nature like cancer, heart stroke, kidney failure,etc.which may have a deterrent impact on your health and on your finances. Treatment for such critical illnesses are expensive and getting them treated will require a big amount of money which may destabilize your savings and investments.
The occurrence of such illness may cause loss of your regular income due to zero working capacity. Have you ever wondered that if you are a sole earning member of your family and unfortunately suffers from a critical illness, then the entire world ill go topsy turvy in that scenario. With no regular income flow the financial vacuum will be created and it will impact your loved ones financial independence and lifestyle due to burdened expenses for the medical treatment and hospitalization.
So it is imperative to secure yourself by buying a Critical Illness Health Insurance Plan. Critical Illness health insurance plan is a fixed benefit health plan where the insurance company will give you a lumpsum amount equal to the sum insured opted under your policy. The benefits are not indemnity based which means the payout is not dependent on the actual expenses incurred by you, rather the payout is based on your sum insured of the critical illness, health plan. IT is an ideal plan to combat the treatment cost of treating the critical illnesses and ensure a financial back up in such unfortunate times keeping your savings and investments intact.
Critical Illness plans pay out the benefit on survival of 30 days (may vary from insurer to insurer) from being diagnosed with a listed critical illness in your policy contract.The insurance company will pay the lumpsum amount and you may use the proceeds to pay out the treatment costs, to manage your household expenses (As there may be a stoppage in your regular income due to illness), to pay off your debts or to pay for your kids school/college fees.
It is an ideal plan which will rescue you and your loved ones from financial crisis in the event of illness which may lead to traumatic financial and health conditions.The common critical illnesses covered are Cancer, First Heart Attack, Coronary Artery Disease, Coronary Artery bypass surgery, Heart valve surgery, Surgery to Aorta, Stroke, Kidney Failure, Aplastic Anemia, End Stage Lung Disease, End Stage Liver Failure, Coma, etc. It may vary from the insurance provider to insurance provider.
Another add on advantage to buy a critical illness health insurance plan is that the premium paid towards the policy will get tax benefits under section 80 D of the Income Tax Act,1961.
So it is always better to be safe than sorry. Get your critical illness health insurance plan now and avail benefits and mental peace of having a financial security.
