26 AUG 2016
Advantages of critical illness insurance
Why should you buy a critical illness insurance plan?
Let us understand four clear advantages of a critical illness plan which answer the question above.
No depletion of savings
If you don't have a critical illness cover, your savings will get depleted as you will be utilising them for meeting your day-to-day expenses when dealing with a critical illness. These savings may be meant for your children’s marriage or education etc. This may disrupt your life. For instance, your daughter's marriage is due in the next 6 months and the money that you had set aside for the same gets used up during the period you are recovering from the critical illness. You may have to look at taking an expensive short-term or intermediate-term loan to meet the expenses of the marriage which may disturb your financial plans.
Funds for any purpose
This sum may help you to pay your home loan EMI's and allow you to maintain the same lifestyle that you were enjoying if you'd have received a regular monthly salary. The best part about this plan is that the claim is submitted on the basis of a simple diagnosis report of the hospital or doctor. The claim, if approved, is not contingent to any conditions of hospitalization in listed hospitals or presentation of hospital invoices etc. The life assured can utilise the said sum in whichever way he deems fit. There are a lot of illnesses that are covered in these plans from first heart attack and stroke to partial blindness and kidney damage requiring dialysis.
Some critical illness insurance plans like Edelweiss Tokio Life – CritiCare+ have a multi-claim option with a waiver of premium principle after the first claim. This means that you can claim multiple times during the policy tenure, provided the illnesses belong to different groups of illnesses. In addition, after the first claim, you need not pay the premium and the policy still remains intact.
If you are the lone breadwinner in your family, a critical illness forcing you to take a break from work may cripple the household financial position. Critical illness insurance ensures that you have a financial back-up. The income that you used to draw from your employment could be replaced by the pay-out from a critical illness plan. This will help you with your utility bill payments, children's school fees, EMI's and other expenses.
Take a critical illness plan and reap the advantages of the same.
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