Everyone wants to protect the health of their family, including their parents, partner, and children. At every age and each stage of life, your family members have different dreams and goals.
 

Your parents probably desire a happy and secure retired life while you and your partner may be seeking financial security at work and in life, in general. Your children could be aiming for better education and access to specialised academic courses that can help them achieve their professional goals.
 

To protect these goals and aspirations, you need to start a life insurance savings plan. A savings plan is a life insurance policy that enables you to save your money over the course of the policy term while also offering you and your family a protective life cover.
 

By choosing a savings investment plan, you can fulfil your goals as well as those of your family with the regular stream of income you receive during the income period of the policy. Furthermore, in the case of any eventuality, your family will be financially safeguarded in your absence.
 

How Can a Life Insurance Cover Protect Your Family?
 

A life insurance savings policy provides comprehensive protection to you and your family by offering you a life cover along with the long-term benefits of building a corpus for the future. This financial corpus can be utilised to fulfil your daily needs as well as major expenses such as your child’s higher education and career ambitions, the necessary care for your parents, a family holiday, purchasing a new home, etc. Saving for such huge expenses well in advance can make it easier for you to achieve these goals without having to struggle for the funds later on.
 

However, despite having a robust savings investment plan, certain medical emergencies can threaten to disturb the pursuit of your family's goals and aspirations.
 

Think of it this way: Even though you may have already planned your long-term goals with a certain amount of money set aside for any potential minor illnesses and injuries, something as grave as a critical illness can easily deplete your financial resources considerably and at a rapid pace.
 

Though the aforementioned depletion is in the form of a monetary loss, it can severely affect your family’s dreams and goals as each of them are reliant on your life insurance savings plan to fulfil at least some of their aspirations.
 

Therefore, having a life insurance savings policy with a critical illness benefit can be a great way to chalk out a comprehensive financial plan.
 

A regular income plan with a critical illness cover option enables you to receive your savings corpus on a monthly or annual basis during an income period that can last 20 to 45 years. This means that your savings plan can easily help you receive regular income for yourself and your family’s needs for as long as you need. Our critical illness plan provides coverage for up to 40 critical illnesses, including cancer, cardiac diseases, and injuries.
 

Safeguard your Family’s Aspirations with a Critical Illness Cover!
  

Having a critical illness cover with your life insurance plan ensures that your family is financially supported at a time when you cannot provide for them. The cost of covering the medical costs of a critical illness can be quite high, depending on the type and severity of the critical ailment. Moreover, the future cost of covering such an emergency is bound to be higher, given the rise in medical and retail inflation alike.
 

It is important to understand that the cost of handling a medical emergency will not be the same 10 years from now. The cost of getting to the hospital, being admitted, getting treated, and post-hospitalisation care can lead to substantial expenditure.
 

Therefore, you should not rely solely on your savings or your life insurance plan to take care of these medical costs. If you do so, you risk taking away your family’s means of sustenance in your absence. A critical illness cover is designed to protect you and your family from critical illness-related emergencies. Hence it is a prudent option instead of having to rely on your saved funds.
 

Our critical illness cover with life insurance provides a lump sum amount if you are diagnosed with a critical illness during the tenure of the policy. You may probably be aware that a critical illness is unlike other illnesses that go away soon; critical ailments not only bring a lot of pain and discomfort before the treatment, making you inactive in your professional life but also entail a long and slow road to recovery. This means that even post the treatment of the illness, not only is there a loss of income due to your inability to work, but there are also post-treatment medical expenses to be taken care of.
 

The lump-sum amount from A critical illness policy covers the treatment costs and the post-treatment expenses. Additionally, your family remains financially safe and sound, and the loss of income does not force them to compromise on their basic daily expenses and needs. As a result, the regular income you and your family receive need not be spent on covering any expenses for the critical illness.
 

Furthermore, during the term of the critical illness, additional financial aid comes in the form of a waiver of the future premiums on your life insurance policy while your family stays protected by the life cover since the policy continues to remain in effect.
 

Conclusion
 

You must be aware of how expensive quality healthcare is and the way medical costs can affect your savings, investments, and income gravely. While you cannot predict when a medical emergency, more specifically, a critical illness, can engulf you, it is possible and also quite simple to add a critical illness cover to your life insurance plan so that you are better prepared to help your family financially during such times. And the earlier you do it, the more at peace you can be about your family’s safety.
 

L&C/Advt/2023/Jan/0251