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Life insurance answers to the scariest of all questions – ‘What if I die tomorrow? If your life is covered, you do not have to worry about any financial distress of your family members.
However, have you ever wondered what will happen to you and your family if you are alive, however not able to earn due a critical illness. So your earnings will stop but not your expenditures and EMIs. What will you do in this situation?
A critical illness insurance, answers this question. In a critical illness insurance plan you get a lumpsum claim amount on the diagnosis itself. This claim and premium amount provides tax benefit. With this lumpsum amount you can pay off your mortgage, debts and opt for an advanced treatment abroad.
Points to consider before buying critical illness cover
- The number and kind of critical illnesses covered: Some companies like Aegon Religare, HDFC Life provide cover only against cancer whereas Bharti Axa, Edelweiss Tokio Life – CritiCare+ provide cover against multiple critical illnesses. Also, sometimes the critical illnesses covered are not commonly found in India like Parkinson’s, Alzheimer’s and few plans cover it and may charge more for the additional benefit which you may not need.
- The sum assured amount: General insurance companies generally do not provide a higher sum assured and are expensive whereas life insurance companies do provide high sum assured like Bharti Axa provides a sum assured up to Rs. 5 lakhs whereas Edelweiss Tokio Life – CritiCare+ provides a sum assured up to Rs. 1 crore.
- Whether it’s a rider or a stand-alone plan: Riders are attached to the main plan and hence you may be forced to opt for a term plan.
Recommendation: Edelweiss Tokio Life – CritiCare+ seems like a plan that provides comprehensive protection against critical illnesses. It covers 17 critical illnesses, a multi claim option and higher sum assured at low cost. Bounceback from a critical illness with the right critical illness plan.