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Benefits of Purchasing Critical Illness Insurance Early in Life

Posted On : 19 April 2023, 1 Years Ago. Health-Insurance
Critical Illness Insurance

When it comes to health insurance; there are many options available to people such as individual, accident insurance and critical illness insurance. One of the most important types of health insurance is critical illness insurance. This insurance covers medical expenses associated with a severe illness or condition. It can be an invaluable tool to have in an unexpected medical emergency.

 

Early in life is the best time to purchase health insurance with critical illness rider. The earlier you buy the policy, the more affordable it will be. As you age, the premiums for critical illness insurance will increase. It is because the probability of you becoming ill increases as you get older. Additionally, the longer you have a term plan with critical illness, the more value you will get from it.

 

Critical illness insurance for senior citizens is an important form of financial protection for those at higher risk of suffering from a severe illness due to age. It provides a lump sum payment to cover the costs of medical care and other expenses that may arise due to the illness. This type of insurance is essential for seniors with limited savings or lack the financial resources to pay for the necessary medical care.

 

This blog will discuss the benefits of having a critical illness policy in India and how to find critical illness insurance for senior citizens.

 

Benefits of Critical Illness Policy in India

There are many benefits to purchasing critical illness insurance early in life. Knowing that you have coverage in the event of an illness or emergency can be a great comfort. It can also help you to avoid financial hardship if you become ill. Critical illness insurance can cover medical expenses not covered by your regular health insurance. A term plan with critical illness can provide you with the following benefits:

 
  • Financial protection: Critical illness insurance provides a lump sum upon diagnosis of a covered illness. You can use it to cover living expenses such as rent, mortgage payments, medical bills, and other costs that may arise due to the illness.
  • Comprehensive Coverage: Critical illness policies cover many illnesses, unlike traditional health insurance. It means the policyholder is covered for a broader range of illnesses than traditional health insurance policies.
  • Guaranteed Renewal: A term plan with critical illness offers guaranteed renewability, meaning that the policy can be renewed even if the insured’s health deteriorates.
  • Tax Benefits: Premiums paid towards critical illness policies are eligible for tax deductions under Income Tax Act Section 80D.
  • No Claim Bonuses: Most critical illness policies offer no claim bonuses, which can increase the available coverage upon diagnosis of a covered illness.

 

Choosing Critical Illness Insurance for Senior Citizens

Critical illness insurance, on the other hand, typically provides a lump sum payment if the policyholder is diagnosed with a specific critical illness.

 

To find the best-suited plan, follow these steps:

 

  • Determine your Coverage Needs: Determine how much coverage you need by considering the cost of medical treatments, out-of-pocket expenses, and any long-term care you may need.
  • Compare Rates and Coverage: Compare rates and coverage from several insurers to find the best deal. Make sure the policy covers all the illnesses you want to be covered for.
  • Read the Fine Print: Read the policy details carefully before signing on the dotted line. Pay special attention to the exclusions, inclusions, and other fine print.
  • Ask Questions: If you have any queries, don’t be afraid to ask them. Make sure you understand everything before making a decision.
  • Consider Riders: You can add additional benefits to your policy. Depending on your needs, these may be worth considering.

 

A critical illness premium calculator is an online tool that helps you compare the cost of health insurance vs critical illness insurance. This tool can help you decide if a health insurance plan with a critical illness rider is the right for you. With a critical illness policy in India, you can receive financial assistance for medical expenses associated with certain illnesses like cancer, heart attack, and stroke.

 

There are many benefits to purchasing critical illness insurance early in life. It can provide peace of mind, help you avoid financial hardship, and give you access to better medical care. It can also be more affordable to purchase a policy when younger. If you want to protect your family in a medical emergency, consider purchasing a Niva Bupa critical illness insurance plan. This Niva Bupa critical illness insurance will provide you with the best care for medical emergencies.

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
Enter Valid DOB
OTP sent Resend OTP
otp icon
OTP Expires in
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
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