Why Do You Need To Buy A Critical Illness Insurance Plan?

Feb 13, 2017 | 2 years ago | Read Time: 3 minutes | By iKnowledge Team

Why Do You Need To Buy A Critical Illness Insurance Plan? - Aegon Life

Critical illness is a severe health condition which has an incapacitating effect on a person’s life. The treatment for such an illness is very expensive and requires large funds. In some cases, a person diagnosed with critical illness may not be fit enough to work. Diseases such as cancer, heart attack, etc. are identified as critical illnesses. In the recent years, the demand for critical illness health insurance covers has risen as people are becoming more and more aware of such conditions that may arise. Here are some of the reasons it is so important to purchase a critical illness plan in today’s date:

One of the most important things to know is that you can only purchase this type of cover when you are healthy. Once you have been diagnosed with an illness, you may no longer be eligible to buy it. Therefore, the earlier one purchases it, the better it is.

Employers Plan
If you are working with an organisation, there are rare chances of your employer providing you with a critical illness plan. Even in cases where it is included, the coverage is never sufficient. Therefore, one has to purchase this plan separately because you require a substantial coverage in this case.

Coverage for children
This plan does not have a specific age bar from when it can be purchased. Every insurance provider offers a certain number of diseases that can be covered as per different age groups. However, it is important to check which company covers children under Critical Illness as it is offered by all.

Tax Benefit
While this may not be the supreme reason one would opt for a critical illness plan, however, just like most of the other insurance plans offer tax benefits, similarly, this plan also provides exemption of tax to a certain amount. This is also applicable when a person makes a claim to the insurance provider.

Peace of mind
Purchasing a critical illness plan offers provides peace of mind as it is underwritten at the time you apply for it. This also means that you will be aware of everything that you are covered for exactly then without the scope of unpredictable situations at the time of making a claim. Therefore, you will not have to go through any kind of hassles in the future.

One of the best plans that you can opt for is Aegon Life’s iCancer plan which that offers an extensive coverage and safeguards your family in meeting the financial costs that come with it. Every type of cancer has different chances of survival as well as cost. For example, the chances of survival for breast cancer patients is 60 per cent and the expenditure for the same is around Rs.6 lakhs. In most cases, around 37 per cent depend on their savings, 39 per cent depend on their borrowings and other 37 per cent end up selling their assets in order to meet the costs of cancer. With a critical illness plan, you don’t have to worry about any of this. For example, Aegon Life’s iCancer insurance plan provides payouts throughout all stages of cancer depending upon the intensity of the disease. For example, 100 per cent payout for the insured who is at a major stage and 150 per cent payout for someone who is at a critical stage.

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