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5 Reasons Why You Should Get A Critical Illness Plan
24-June-2021 |
The pandemic scenario has inflicted huge mental stress related to managing health, emotions and finance. It has proved that an acute disease can become common in any person's life and their financial status will be affected. Moreover, it will cause a financial crisis in the whole family if it leads to the death of the sole earning member. Hence, it becomes very important to do adequate financial planning to accept such scenarios and manage them wisely.
A comprehensive savings insurance plan or a guaranteed1 returns plan with a critical illness add-on cover can be the best way to organize your finances to secure your family and manage your medical bills as well. Here are five reasons that make a critical illness plan important in your life.
Before we understand the reasons, let us take a few steps to know the savings plan with the critical illness benefit.
What is Savings Insurance or Guaranteed1 Return Insurance?
Guaranteed1 return insurance is a comprehensive life insurance plan that provides a life cover and additionally assured returns. The life cover can be extended by availing of the critical illness rider# benefit. The savings plan provides flexible premium payment and payout options.
Based on your steady flow income and financial requirements, you can choose to pay the premium amount monthly, quarterly, half-yearly or yearly. Also, you can get the payout as a lump sum, regular monthly income or a combination of both.
What is a Critical Illness Plan?
In the ambit of life insurance plans, a critical illness add-on rider# will provide financial assistance to manage the medical expenses during the policy term. The critical illness cover pays out a predecided sum assured in case of diagnosis of a listed critical illness. The list of critical illnesses covered is provided in the policy brochure. So, ensure that you go through the list before purchasing the rider.
Five reasons why a critical illness plan is important
A critical illness plan is significant for many reasons to resolve the financial crisis in a family. Here are a few to mention:
Financial assistance for the medical expenses: The critical illness plan will provide a lump sum amount for handling your medical expenses once you are diagnosed with a critical illness for the first time in your life. You can utilize it to pay for your hospitalization charges and other treatment expenses.
As the payout is prompt, you can take the necessary actions effectively. Also, the critical illness rider# provides different payout options. You can receive it as a lump sum or as a regular income. If your family has a medical history of cancer, for example, you might require a fraction of the amount every month to undergo chemotherapy treatment. The regular payout option can help you during such situations.
It is also so likely that you get addicted to alcohol or smoking, which means the probability of you getting affected due to a critical illness is extremely high. In such cases, you must purchase life insurance with the critical illness rider# as a precaution to manage the financial requirements.
Managing financial liabilities: With the savings insurance plan with a critical illness rider#, you can use the lump sum provided on diagnosis for paying off debts as well. For example, if you get a lump sum amount of ₹4 Lakh for the critical illness and the entire treatment cost is ₹3 Lakh, you can use the leftover ₹1 Lakh left to pay for any other financial liabilities, such as post-operation care, need for special care at home and so on. It can certainly reduce the financial burden to a great extent.
Ensuring family's financial security: With a critical illness and the associated medical expenses, the income for your family to manage the daily expenses will get affected. The critical illness plan can negate such a scenario by paying for the medical expenses and providing the necessary income if you cannot continue working for a while.
In addition to that, you can use the assured returns as per the base plan available on maturity for fulfilling financial goals such as your child's higher education, marriage etc. Therefore, it will ensure protection to your family's financial future.
Tata AIA life insurance policies have comprehensive features in different plans to help you save money, provide protection to family and handle the expenses related to your critical illness simultaneously.
Peaceful recovery: If you get affected due to a critical illness, the financial crisis resulting from that and the assistance required to recover can introduce additional mental stress. It can delay your recovery time as well. You are ascertained for a peaceful and swift recovery if you have an exclusive critical illness cover in place. It will increase your morale to cooperate in the recovery process.
Comfortable claim procedure: The critical illness cover can provide the lump sum just after the diagnosis. There are certain terms and conditions specific to the insurer. For example, the insured amount will become payable if the policyholder survives 30 days post the diagnosis. However, it is subject to change if the case is very critical. It doesn't require any hospital bills for proof. Also, after availing of the lump sum benefit, you can use it even for taking up a medical treatment abroad.
Conclusion
Critical illness is a very common problem that can strike the lives of any person. It has to be purchased to get financial assistance if you get affected due to a critical illness, manage financial liabilities, ensure family's financial security and recover peacefully. The claim procedure is very simple. You can avail of the benefits even without submitting the hospital bills. You can utilize the fund provided by the insurer to take up treatment for your choice in India or even abroad. If you have a family history of critical illness or have developed the habit of drinking alcohol or smoking, guaranteed1 savings plans insurance with the critical illness rider# benefit is a necessity more than an obligation!
L&C/Advt/2021/Dec/2092
