There are many beneficial types of health insurance these days. The critical illness policy is one of them. When you buy critical illness health insurance, you are assured of getting an additional sum insured when you get diagnosed with a critical illness such as cancer or stroke. This amount helps you to deal with the situation. There are many benefits of getting a stand-alone critical illness plan over and above a regular health insurance plan. Let us see what they are:
- Extra Payout
As mentioned above, you get a specific sum insured when diagnosed with a critical illness. This amount is, in no way, related to the insured amount of your stand-alone health plan. In order to receive the amount, you need to get diagnosed with any one of the critical illnesses listed by the insurance company from whom you buy the plan. The common critical illnesses covered by the top health insurance companies in India include cancer, heart attack, stroke, organ failure, bypass surgery, kidney failure, multiple sclerosis and so on. As you can see, these are all serious illnesses that are also very expensive to treat. Having financial backing to deal with them proves to be very handy.
- Free to Use Money in Any Way
A major benefit of critical illness insurance is that you are free to use the insurance money in any way you wish. You may spend it to go abroad and get the best treatment. You can use it as an income replacement if the illness forces you to stop working. You can also use it to clear your debts and mortgages and not leave any burden for your loved ones after your demise. There is absolutely no restriction on what you can do with the sum you receive from a critical illness health insurance claim.
- Doesn't Compromise the Health Cover
Often, some critical illnesses and their treatment can wring dry your entire health insurance cover. This can prove to be very dangerous. If you have a family health insurance plan and your whole family is insured under a single cover, using up the entire coverage on yourself can leave them medically uninsured as well. This is where a critical illness plan comes in handy. You can keep the health insurance cover intact and still get the financial means to deal with the critical illness.
- Tax Benefit
You can get an added tax benefit when you buy the best critical illness insurance plan. You get a tax deduction of up to INR 25,000 under Section 80D of the Indian Income Tax Act. If you are above the age of 60, you get a tax benefit of up to INR 50,000 a year for the premium you pay for your critical illness insurance plan.
- Widely Available
And last but not the least, the critical illness plans are widely available. All of the leading health insurance companies in India offer critical illness insurance. You can buy a critical illness mediclaim policy offline or online. The online plans are inexpensive and easy to get. You can log in, compare and buy the best critical illness insurance plan instantly.
You can choose to buy a critical illness rider along with a medical insurance plan. However, if you have a family history of some critical illness, it is advisable for you to buy a stand-alone critical illness policy over and above the health plan. The reasons above tell you why that is an important thing to do. The plans are not expensive and offer a vast range of benefits.