Benefits You Should Know About Critical Illness Insurance

The rising pollution levels, stress, reduced physical activities, adulteration in food, excessive use of chemicals in skin and hair care products, etc., can all contribute to poor health. It is startling to know that cancer, a disease that was rare and unheard of 20 years ago, is now attacking young children and older people with the same impact. Although the healthcare system has improved a lot, and you can win over these diseases with the right treatment and medication, the cost of medical care has become astronomical in the present. It is also expected to rise in the near future.

To cover these costs and ensure that you get the right medical services at the right time, life insurance with critical illness cover becomes an essential investment.

What are some benefits of life insurance with critical illness cover?

1. They offer lump-sum payouts: Life insurance with critical illness rider can be a handy financial tool in health emergencies. These plans offer lump-sum payouts on being diagnosed with a critical illness listed in the policy. All you need to do is inform the insurance company, and you can access your entire cover amount to cater for all medical costs, such as room rent, ambulance fee, the cost of tests, the cost of medicines, doctor’s fee, and more. You get increased financial flexibility and can concentrate on healing and getting better instead of being worried about arranging for cash to pay for all your expenses.

2. They cover a wide range of illnesses: A critical illness cover offer protection from a wide range of illnesses, right from different types of cancers to heart ailments. Moreover, as stated above, the plan can be used to cover all expenses borne out of a serious illness and not just hospitalization.

3. They are cost-effective: Buying a separate critical illness plan along with a life insurance policy may turn out to be more expensive. However, a critical illness rider can be added to a life insurance plan at a nominal additional cost. Such plans provide a life cover and health insurance coverage under a single policy. This makes it easier to manage your premiums and eliminates any chances of missing premium payments dates or getting confused with multiple plans.

4. They come with a smaller waiting period: The waiting period in a health insurance plan can be high. However, life insurance with critical illness cover offers a shorter waiting period, usually lasting up to 90 days. This makes these plans much more useful and flexible.

5. They can act as an income replacement: A critical illness can affect you in diverse ways. Not only do serious ailments impact your health and mental state of mind, but they can also interfere with your ability to work and earn money. In such circumstances, you can use the payouts from life and critical illness cover as a substitute for your income. This lets you be on your own two feet and live with dignity. It also reduces your dependence on debt and keeps you afloat.

6. They offer tax benefits: Just like health insurance, you can also avail of tax benefits on a critical illness plan. Critical illness riders offer tax benefits under Section 80D of the Income Tax Act, 1961 and let you lower your tax output.

To sum it up:

Life and critical illness insurance can be your saviour in unfortunate times. These plans offer a life cover to secure your loved ones in your absence and at the same time ensure that you have a safety net to fall back on in times of medical distress. The premiums are cost-effective and offer high coverage against many of the expenses of various serious ailments. Hence, you should invest in life and critical illness cover at the earliest and be prepared for any eventuality that life may throw at you.

Know more about term plan, term insurance and life insurance at PNB MetLife.

Whether you are trying to lose weight or making a shift towards a healthy life, understanding your BMI (Body Mass Index) is one of the first necessary steps you can make. The BMI calculator can indicate your body’s fat content based on your weight and height. Once you have a clear view of this, you can go through different health insurance plans on the PNB website and secure your future financially against the growing healthcare costs.