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All You Need to Know About Buying a Critical Illness Insurance Cover

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Published on March 18, 2021 | Est Read Time: 3 min

Critical illness insurance can be a real life-saviour if you are diagnosed with a chronic illness. Treatment costs for such diseases typically run in lakhs. Without a critical illness cover, you may have to borrow from relatives, withdraw existing investments, and the like. There are many critical illness insurance plans in the market, but ours offers many unique benefits. Here is why and when you should consider buying a critical illness insurance policy:

Reasons you should buy a critical illness insurance policy

Lump sum Payment: Critical health insurance policies pay a lump sum amount if the policyholder is diagnosed with a covered critical illness. The amount offered goes up to the sum insured. The lump sum amount can be used for:

• Covering treatment costs

• Paying off debts

• Recuperation aids

• Making up for any lost income due to loss of ability to work because of the illness

To make life easier for you, we disburse the lump sum amount in a single transaction. This way, you do not have to worry about receiving the required funds. Additionally, it is not just enough to buy a policy covering you. You may also want to consider a critical illness cover for your family. We provide the flexibility of letting you include a critical illness insurance cover as an add-on benefit to a base health insurance plans for family. 

Vast Critical Illness Coverage: A critical illness health cover gives you the lump sum amount upon the first diagnosis of a chronic illness covered under the policy. Given the unpredictability of contracting such diseases, it is ideal to have a policy covering the maximum number of illnesses. Based on your choice of plan, our policy can cover up to 15 illnesses. The coverage can extend to-

• Cancer

• Major organ transplant

• Heart attack (myocardial infarction)

• Stroke

• Coronary artery bypass surgery

• Paralysis

• Kidney failure

• Multiple sclerosis

• Primary pulmonary arterial hypertension

• Alzheimer's disease

• End-stage liver disease

• Aorta graft surgery

• Benign brain tumour

• Heart valve replacement

• Parkinson’s disease

Easy Renewability: Investing in critical illness insurance is like investing in your future. Having to find a new policy after your current one expires can be tedious. It may even discourage you from buying one. To avoid this, we offer policies for one or two years. They are easily renewable.

Tax Benefits: Since critical health insurance cover primarily provides financial security, you will want to save the most possible. Under Section 80D of the Income Tax Act, with our policy, you can avail of tax benefits up to Rs. 1,00,000.

When you should buy a critical illness insurance cover?

It is suggested that you buy medical insurance around the age of 40. However, purchasing it earlier may be more beneficial. Today’s lifestyle and stress can lead to health problems, such as heart attacks, as early as 35 years. Given this, purchasing a critical health insurance cover at an earlier age is better.

When you are younger, health risks are lower too, and so is the premium. You want to save as much as possible to be able to stay on top of your finances if a medical emergency arises. We understand the risks critical illnesses pose at any age, so you are eligible for our policy if you are between 5 years and 65 years old.

If you are looking to purchase a critical illness insurance policy, here are some other things to know about our policy:

• No medical checkup required: If you are 45 years old or below, you do not need a medical checkup to purchase a policy with us.

• Free look period: We believe in letting you decide whether the policy works for you without having to make you pay extra if it does not. Our policy comes with a 15-day free look period beginning from the date of receipt of the policy. If the policy does not work for you, you can return it and get the premium back, based on the policy terms.

• No documentation required: Having to submit lots of documentation can be taxing, which is why we do not ask you for any. You can register online for our critical illness insurance policy by filling in some details. After this, you have to make a payment. If you have any pre-existing illness, you may have to submit relevant medical documents.

Conclusion

A critical illness insurance policy can go a long way in safeguarding your finances when you discover that you have a serious ailment. Lighten your burden by taking a step towards a secure future with our critical illness insurance policy.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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