What is Term Insurance with Critical Illness Cover?
Term insurance with critical illness is an insurance plan that financially insures you and our loved ones and covers unforeseen cases of critical illness such as heart attack, paralysis, lung diseases, and so on. With term insurance with critical illness, your family does not have to worry about financial constraints even when you are not around. This plan is also ideal for those who are the sole breadwinners of their family and want to secure them financially in case of any unfortunate event.
There are various benefits of investing in term insurance with critical illness cover. Let us see a few of the benefits.
Benefits of Investing in Term Insurance with Critical Illness Cover
1. Financial Security
When it comes to financially securing yourself and your loved ones, investing in term insurance with critical illness is an ideal and the best plan. It makes sure your loved ones do not have to face any financial constraints when you are not around and they can carry on with their lives seamlessly and without any hassle. Critical illnesses such as heart attack, paralysis etc. are both emotionally and financially draining. To ensure one does not face any financial burden in such situations, it is recommended to invest in term insurance with critical illness.
2. Tax Benefits
Another crucial benefit of investing in term insurance with critical illness is that the premiums paid by the policyholder for term insurance with critical illness are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. However, tax laws are subject to change from time to time.
3. Premium Amount Does Not Change
Once you have invested in term insurance with critical illness, you do not have to worry about changing the policy's premium rates as the premium rates do not increase if you are diagnosed with any critical illness. Your insurance provider might waive off your premiums after you get diagnosed with any critical illness. This is one of the key advantages of term insurance with critical illness.
4. Coverage of Medical Expenses
We all know that medical expenses are increasing day by day. In case of an unforeseen critical illness such as heart failure, the term insurance with critical illness will cover the cost of medical expenditure. This policy will make sure you are not drained financially and are at peace of mind.
Our Intake
Investing in term insurance with critical illness comes with many benefits and secures you and your loved ones financially in unforeseen events. You can be at peace of mind as this policy covers your medical expenditure in case of critical expenditure.
