Changing lifestyles and global scenarios have increased the incidence of critical illnesses in the life of a common man. A critical illness is uncertain, incurs high expenses, and takes away the peaceful life of the family. And the financial crisis that starts eventually extends to a longer time, completely disrupting the financial well-being of the household. So, finally, it is your hard-earned money that goes for a toss!
 

And, if the illness leads to death, the financial future and well-being of your family remain uncertain.
 

So, what is a solution in such cases? How can you secure not only the high medical expenditure but also the financial future of your family?
 

Have you been introduced to the critical illness benefit in term insurance? It is a reasonable solution for your medical financial needs. Let us understand it in detail.
 

What is the Critical Illness Benefit?
 

A critical illness benefit is an additional rider^# option available with life insurance plans for financial assistance to handle medical expenses when diagnosed with a critical illness. You can opt for the rider^# option while purchasing the term plan or during the policy anniversary. It is available at an additional cost. However, it is definitely worth the investment made. The rider^# option has flexible features that help you customise the benefit as per your requirement.
 

How Can You Benefit From the Critical Illness Cover?
 

The critical illness benefit in term insurance is useful for reducing financial stress in many ways. Here are a few pointers to explain that in detail:
 

1. Protection against major and minor critical illnesses - The rider^# option protects against specified illnesses. These illnesses include a wide variety of diseases prevalent in the world today.
   
   For example, it can provide financial support when diagnosed with a critical illness such as cancer. Some of the major covered illnesses are major head trauma, benign brain tumour, kidney failure requiring dialysis treatment, major organ transplant, etc.
   
   It can also include minor illnesses such as the small bowel transplant, cirrhosis of the liver, severe osteoporosis, etc. The insured amount gets payable when you get diagnosed with a critical illness for the first time in life.
   
   
2. Flexible payouts - The critical illness benefit in a term policy provides a range of payout options.
   
   For instance, our critical illness protection available as riders^# provide the option to receive the payout as a lump sum, regular income for a specified period, or a combination of lump sum and regular income. The lump-sum benefit will prove beneficial when you are diagnosed with a critical illness covered under the policy that requires surgery or any similar major medical expense.
   
   On the other hand, if the illness requires consistent medical attention, the regular income option will help you pay for it every time you need it.
   
   
3. Multiple utilisation of the benefit - You can utilise the insured amount that gets payable on the diagnosis of a critical illness for multiple purposes.
   
   For instance, you can use it to pay for your hospitalisation charges and other medical expenses. And, if you have a sum left after spending for your treatment expenses, you can use it to pay for your debts or accomplish a family financial commitment.
   
   There may be a situation where you would have gone unemployed during the treatment, leading to a huge financial crisis within the family. In such cases, the payout benefit will help you overcome the debts and set you financially free. 
    

What are the Advantages of the Critical Illness Benefit?
 

If you have decided to purchase the critical illness benefit, you have a few advantages over regular choices made to handle medical expenses in life.
 

1. It can preserve your savings amount that has been reserved for your future short-term and long-term financial commitments.
2. It is convenient and cost-efficient to manage such multiple benefits in a single term plan for all your financial needs.
3. It is a source of income if you have chosen the regular income benefit when you get diagnosed with a critical illness.
4. It can help you account for the increasing medical costs in the current global scenario.
5. It is over and above the life cover benefit. Therefore, the sum assured is over the base life cover payout provided to your nominee if you meet an unexpected demise.
6. It will help you receive the treatment you need so that you recover faster.
    

Who Should Purchase the Critical Illness Benefit?
 

The critical illness benefit is a major requirement for the following people:
 

1. Having a family medical history of critical illness - If your family has a history of getting infected or affected due to a critical illness, the critical illness benefit is important. It will provide the necessary financial assistance for quick recovery when diagnosed with a critical illness.
   
   
2. Having many family commitments - If you are the sole earning member in the family and have increased family commitments throughout life, such a critical illness rider^# with the term plan will help you save finances while ensuring your treatment is done.
    

Conclusion
 

The critical illness benefit is an additional rider^# option available with term plans to enhance the protection to cover critical illnesses. It covers a range of major and minor critical illnesses. You can get the sum payable for your treatment on the first diagnosis of the critical illness. It helps you get treated while ensuring your savings funds are not affected at any time!
 

Therefore, if you are the sole earning member in the family or have a family history of critical illnesses, then purchase the critical illness benefit at an additional premium to receive the right financial assistance as deemed necessary.
 

L&C/Advt/2022/Nov/2720