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Why You Need to Know About the Critical Illness Plan?

Treatment of critical health problems can be costly purchasing a critical illness plan is an excellent way to prepare yourself against such conditions. Read the article to Know more.

  • 2,424 Views | Updated on: May 10, 2024

Health is one of our greatest wealth and deserves our utmost attention. Every precautionary and preventive measure should be taken to keep ourselves healthy and hearty. But the rising stresses of our day-to-day lives have made us prone to a wide range of critical illnesses.

These conditions are no longer age-specific as people in their 20s and 30s are now being diagnosed with CVD (Cardiovascular Diseases). Purchasing a critical illness plan is an excellent way to prepare yourself against such conditions.

Here are some of the top reasons why a critical illness insurance policy should be a part of your insurance portfolio-

1. Coverage for Critical Illnesses

If you’ve already purchased a health insurance plan, you might know that most plans do not cover severe heart-related illnesses. Then there are other conditions such as cancer, renal failure, motor neuron disease, multiple sclerosis, liver disease, benign brain tumour, and more that are generally excluded from basic health plans.

Treatment of such critical illnesses could be costly. A critical illness plan offers coverage for these severe life-threatening conditions to help you manage the treatment expenses.

2. Lump Sum Payment with Easy Claim Processing

If the policyholder suffers from an event covered by the critical illness plan, the insurer will pay a lump sum to help with the diagnosis and treatment. As compared to standard health plans, critical illness insurance generally has a higher coverage amount to ensure that it can help with expensive treatment. However, this can vary between insurers.

Even the claims process is straightforward, with most top insurers offering multiple online and offline options to make a claim.

3. Additional Benefits

The treatment and recovery period could be very long in case of severe health conditions. It’d not be possible for the patient to remain employed throughout this duration. If the patient is the sole breadwinner of the family, managing the basic household expenses during this period could be very challenging.

Some insurers offer additional benefits such as job loss benefits and child education benefits with their critical illness plans for enhanced security.

4. Tax Benefit

As a critical illness plan is also a type of health insurance, policyholders can claim a tax deduction of up to Rs. 25,000 on the premiums paid in a financial year under Section 80D of the IT Act. This is valid on plans purchased for self, spouse, and children with the age limit of up to 60 years. People above 60 years can claim a deduction of up to Rs. 50,000 in a financial year.

If you have purchased a critical illness plan for yourself and your parent/s who are above 60 years, the total deduction limit will be Rs. 75,000.

Safeguard Your Health and Finances with a Critical Illness Plan

All the hard work and success only make sense if you are healthy enough to reap the benefits. Developing positive habits, like regular exercising, eating a balanced diet, and getting adequate sleep, are at the crux of building a brighter and healthier tomorrow.

Purchasing a critical illness plan is an effective precautionary measure to safeguard your health and finances and ensure that you receive the best medical care without worrying about the expenses.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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