How to Choose the Best Critical Illness Cover for YourselfREAD MORE
Good health is essential for a good life, and good health is also required towards securing you and your family’s future, as well as getting their life goals done.
To realize your families long term financial goals, you need to carefully plan keeping in mind that it should not only provide the dual advantage of Protection and Growth, it should also allow the flexibility of investing in a range of options, give you the benefit of market upsides for staying invested even during periods of uncertainty and ultimately ensure that your family achieves all the financial goals you have planned for them.
We all have goals in life that we want to achieve. Be it long term or short term, each one of us need to have a concrete plan to get our Life Goals Done. The burning desire to accomplish our life goals is stitched in to our culture and society. Whether it is, funding a start-up or child's education in the best medical college, travelling around the globe or purchasing a home, proper planning of life goals become very important to achieve them.
You might be making regular investments for your various life goals, be it your dream vacation, establishing your start up or your child’s higher education. However, the progress can come under threat with health emergencies, especially critical illnesses.
Expenses associated with critical illness treatment are only increasing in the country. Medical or health insurance is essential to cope with these expenses, however, they may not be enough to manage the financial burden that comes along with a critical illness, especially if the illness strikes the breadwinner of the family.
With the onset of any such illness, most of the Indian population generally dips into accumulated savings for various life goals or other investments to meet their expenses arising due to illness. You or your family members may even need to take loans. This is why you need a provision for financial protection and support in case of medical emergencies.
The good news is that you can protect your and your family’s life goals from getting derailed due to unanticipated health emergencies with critical illness health insurance plans. Such plans offered by life insurance companies provide Lump sum benefit on detection of covered critical illnesses. In the process, they ensure that your health doesn’t come in the way of achieving your life goals.
Illness always come unexpectedly and as a result affect our life and financial situation adversely. With change in lifestyle the chances of anyone getting affected by critical illness have also increased drastically. Recovering from such illnesses can be both expensive and time consuming.
Studies show that the average cost of treatment of critical illnesses today could vary anywhere from 3 Lakhs to 30 Lakhs (Source: World Health Organization (WHO). Moreover an individual diagnosed with a critical illness has to factor in various other factors like loss of income, day-to-day expenses, and costs arising due to changes in lifestyle etc, which are not covered under hospitalization plans.
Hence the need of the hour is an insurance policy that pays a lump sum, irrespective of your treatment cost and covers a wide range of critical illnesses.
Most Critical illness health insurance plans provides policyholders and their families with a Lump sum amount on diagnosis. As a result of this, investors can secure his and his family’s life goals by not dipping into his savings to manage the expenses arising due to critical illness.
Additionally, one can save tax, since the premium payable under this policy is eligible for tax benefits under Section 80D of Income tax Act 1961.
Due to change in lifestyle, problems like high blood pressure and diabetes and other lifestyle diseases have increased exponentially. Hence, the chances of heart attacks, strokes and other type of illness which were earlier considered rare, now affect many. Simultaneously, with the rise in medical care expenses such as doctors' visiting fees, hospitalization charges, expensive medicines, diagnostic tests, etc. any sudden or critical illness may leave you financially crippled. Hence, an effective critical illness family health insurance plan will help you and your family focus more on treatment rather than the costs involved and safeguard your investments and savings at the time of medical contingencies.
By paying health insurance premiums regularly under this critical illness health insurance plan, you can avail tax benefits on health insurance premium under section 80D of the Income Tax Act, 1961 and amendments made thereto.