Top 5 Benefits Of Including Critical Illness In Your Term Plan

Jul 14, 2018 | 8 months ago | Read Time: 3 minutes | By iKnowledge Team

Health Insurance Plans

You are always prepared to go that extra mile when it comes your family’s happiness and security. While you do everything to make life easier for them, you do tend to forget yourself in the process. With daily work and perhaps a modern lifestyle, your body might get prone to the diseases, which can create serious health and financial problems in future. Therefore, you should not ignore the early symptoms of any irregularity in your health or any hereditary hints related to any terminal or critical illnesses.

While timely check-ups can prevent or minimse the onset of illiness, being sick can take a toll on your savings as well as your future finance plans for your family. For such situation, a term plan is one of the best options to make you prepared for any unfortuate event. However, not all term insurance policies offer the benfits of cover for critical illness. Therefore, if you are planning to buy a term insurance plan, it is essential to make sure that you have a term insurance plan with critical illness rider.

There are countless benefits attached to a term plan with critical illness. Let’s have a look at a few of them:

  1. Term plan with critical illness benefit acts as an income replacement: Critical illness benefit in a term plan provides you with added benefits. While your medical treatment might have a cover by the employer’s insurance or an existing mediclaim; a critical illness plan will help you sail through the tough times. Money availed in such a plan can be utilised to cover everything from costs of medicines, doctor visits, day-to-day expenditure, hospital rounds or any other illness related expenditures.
  2. Benefits against life-threatening diseases & disabilities: In case of an uncertain event or some underlying disease, term insurance with critical illness rider can act as a cushion to cover both hospitalisation and other expenses. Critical diseases account for more than 60% of total deaths in India. Furthermore, it is projected that the incidence of heart diseases and diabetes will double up in the near future. In addition to terminal illness benefit and death benefit, Aegon Life iTerm Plus Insurance Plan also provides enhanced critical illness benefit against 36 illnesses including disabilities such as deafness, blindness, liver failure, and lung failure. 
  3. Get double tax benefits: . Apart from that, the premium paid is eligible for tax deduction under Section 80C and 80D. However, the overall limit of deduction under both the sections is limited to Rs. 1.5 lakhs and Rs. 25,000 respectively.
  4. Avail large cover with less premium: Unlike health insurance companies, which charge varied premiums after every 2 years, term plan offers a cover of up to Rs. 10 lakhs for a premium of less than Rs 3000 annually. Aegon Life’s iTerm Plus term plan comes with 4 options to choose from providing coverage for up to 36 critical illnesses.
  5. Increase the chances of survival: Even after you are suffering from a critical illness, right term insurance policies can help you attain peace of mind, thereby reducing the risk of developing further complications and adding to the quality of life.

A term plan with critical illness cover is much more beneficial than you might think. These plans can help you and your loved ones overcome adversities. Also keep in mind that even though critical care processes claim to be transparent, ensure that you are aware of all the exclusions and claim process.

Advt. No.: IA/Jul 2018/4164


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