Thursday, January 21, 2021
Home Business Term Plan with Critical Illness Benefit

Term Plan with Critical Illness Benefit

There are many plans for term insurance available in the market that provide such benefits

In the event of an untimely demise, one should have an appropriate plan to keep his/her family safe and prosperous. A Term Plan to ensure the financial stability, proper treatment and peace of mind in case of misfortune is a much-needed asset. Plans with critical illness benefits can provide a lump sum amount to the insured’s family if he/she is diagnosed with a critical illness. There are many plans for term insurance available in the market that provide such benefits.

There has been a surge in the number of individuals opting for plans with critical illness benefits. Illnesses such as paralysis, lung disease, heart attack, heart failure, and cancer are included in these plans. With the kind of surge, we are witnessing in these critical diseases, it’s always better to have a plan at hand.

Let us have a look at some of the essential reasons to take up Term Insurance for critical illness:

Follow NewsGram on Quora Space to get answers to all your questions.

Same Premium Amount

When you apply for insurance with critical illness benefits, then you will have to pay the same premium through the policy term. In simpler words, we can say that even if you are diagnosed with a critical illness, the premium amount will not increase. Upon diagnosis of a critical disease, insurance providers also waive any future premiums.

Term Plan with Critical Illness Benefit
The amount of up to INR 1.5 lakhs paid towards premium are deductible from your taxable income. Pixabay

Tax Benefits

The premium you will pay for a term plan is entitled to tax benefits under section 80c of the Income Tax Act, 1961. The amount of up to INR 1.5 lakhs paid towards premium are deductible from your taxable income and gains received from a critical illness plan enjoy exemption under the Income Tax Act section 10(10D)

Medical Expenses Coverage

The cost of healthcare in India has been seeing an upward trend in recent times. One must have a secure vault for paying off such expenses in case of a critical illness diagnosis. Without an insurance plan, the expenses can cause devastating effects on your financial standing as the treatment of most critical illnesses runs into lakhs. With the insurer’s lump sum amount, you won’t have to worry about covering the expenses.

High Chances of Survival

We have already discussed that the insurance company’s lump sum amount to the insured person can be highly useful for covering the treatment expenses. In the absence of such a plan, most individuals find themselves avoiding proper treatment. This can lead to further complications of a critical illness ending up in an untimely death.

Also Read: Here’s How to Take Care of Your Hair This Monsoon

Term Plan with Critical Illness Benefit
Most life insurance companies can provide a separate term plan, or they can be added as a ride to a base plan. Pixabay

A burden of medical expenses affects the pocket, the mind, and, ultimately, overall health, so one must strive to avoid these issues and get proper insurance with critical illness benefits.

Most life insurance companies can provide a separate term plan, or they can be added as a ride to a base plan. However, a different critical benefit plan will have many terms and conditions, along with restrictions.

It is always better to go for a separate plan from a health insurance company to avoid complications. A Term Insurance for CI benefit plans can be brought as individual plans or as a family floater depending upon your need.

(Disclaimer: The article is sponsored, and hence promotes some commercial links.)

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

Rise In Obesity Rates Due To Brain Pressure Disorder

A brain pressure disorder called idiopathic intracranial hypertension is on the rise, and the increase corresponds with rising obesity rates, a new study suggests. Idiopathic...

Prostate Cancer Can Be Detected By AI Through Urine

A novel Artificial Intelligence (AI)-based technique may help in diagnosing prostate cancer from the urine within only twenty minutes with almost 100 percent accuracy,...

Heart Disease Risk: Women Under 55 With Diabetes

Women, who are under 55, with Type-2 diabetes are at greater risk of developing coronary heart disease, a new study suggests. The study indicates...

Women Sailing Crew To Fight Against Marine Plastic Pollution

The Commonwealth Secretariat has signed a Memorandum of Understanding with 'eXXpedition', a non-profit organization that runs all-women sailing expeditions to research the causes of...

A screening Tool To Diagnose Depressive Symptoms In Early Pregnancy

Researchers have identified a screening tool that may help diagnose depressive symptoms and other mental disorders in early pregnancy. The study, published in the...

AI To Read The Facial Expressions Of Women In Distress

The Lucknow police are deploying facial recognition technology backed by security cameras that will read expressions of women in distress and alert their nearest...

Queer Spaces To Check Out In Philadelphia

In 1965, four years before the Stonewall Riots in New York ignited the worldwide modern gay rights movement, a group of protesters began an...

Maldives The Most Preferred Holiday Destination For India

India has always been a key market for the Maldives. Since the reopening of the borders, the arrival statistics have shown gradual and constant...

Recent Comments