You are sitting for hours on end at your desk, working hard to build your family’s welfare, and saving up to give them a secure future. But little did you know that your stressful work life is increasing your chances of debilitating diseases such as cancer. Did you know that most lifestyle disorders are a work of stress? Can you imagine a life for your family where you are no longer around to take care of their needs?
Thanks to poor lifestyle, inadequate work-life balance, and deficient dietary habits, life-threatening diseases have become a norm. Even people in their 20s and 30s are being diagnosed with conditions like cancer, diabetes, and cardiovascular diseases.
Therefore, investing in the best critical illness insurance plan is not just a tax-saving move but a necessity. You should especially plan to invest in a critical illness policy if:
Importance of Critical Illness Policy: Health issues can arise unexpectedly, resulting in a financial burden for you and your family. In the absence of the best critical illness insurance, you will be at the mercy of your savings that will quickly deplete due to expensive treatment costs, medical tests, and costly medicines. In this situation, your family is not only burdened with both treatment and lifestyle expenses due to your illness. All of these things can quickly add up and put immense pressure on you and your family to overcome the financial difficulties that your diagnosis has created.
This is the reason it is advisable to invest in a critical illness insurance policy so that you can stay afloat, even in the face of the loss of income during your recovery period and increased expenses due to frequent visits to the hospital.
Mediclaim Vs Critical Illness Policy: A Mediclaim policy will only pay for the hospitalization costs. Still, a critical illness cover will pay for all the expenses associated with your illness, including the doctor’s fee, cost of medicines, medical tests, hospitalization, and more. In addition to that, you can also use the critical illness payout to pay for other expenses such as ongoing EMIs and daily expenses.
If you do not invest in the best critical illness insurance, then you risk eroding your life’s savings within a matter of months just to pay for your treatment!
Standalone Policy Vs Rider: Some of the best critical illness insurance plans offered by reputable insurers, such as Max Life Insurance, provide prominent benefits both as riders and as standalone policies. While the features of a rider and the policy are mostly the same, the former comes at a lower price because it only covers a certain number of illnesses. However, if you were to invest in a standalone policy, you will pay a higher premium, but the policy cover also offers a higher sum assured.
Therefore, you must assess your budget before investing in a critical illness insurance plan. If you already have a term insurance plan, then you should know about term plan variants. You can consider adding a critical illness rider to expand the scope of your insurance and get an additional cover against life-threatening diseases such as cancer. However, it is essential to note that the sum assured ranges from 50 to 100 percent of the base policy amount.
Benefits of Critical Illness Insurance Policy
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