Top 4 reasons you should get critical illness cover

Comprehensive health insurance is essential to protect your finances in the event of illness; experts recommend pairing health insurance with a critical illness cover. Here’s why:

1. Critical illness is probably not covered in your employer-provided insurance

a.Corporate group health insurance plans rarely cover critical illnesses, and if they do, the coverage is probably inadequate, leaving the employee exposed and vulnerable without critical illness cover. In any case, it is always advisable to have your own Critical Illness insurance in addition to a group benefits policy or an individual medical indemnity plan.

2. Peace of mind and adequate recovery time

a.Health insurance usually covers hospitalisation/treatment/surgery expenses at actuals. Whereas critical illness cover pays lumpsum to the extend of your coverage. Often, people feel compelled to rush their post-operative care because they need to start earning an income again. With a lumpsum payoutCritical illness cover gives the opportunity to the policy holder to fully recover with no immediate financial worries.

3. Tax savings:

a.The premium paid is eligible for tax deduction under section section 80D. The lump sum released to you upon diagnosis of a listed critical illness is also tax-free.

4. No hidden caveats

a.Critical illness policies are simple – payment is made as soon as a diagnosis of a listed illness is made, so there is no ambiguity in the coverage. The rules are transparent and there are no sub-limits, deductions, capping etc.