Looking for the Best Critical Illness Policy? 3 Tips to Make the Right Choice

We do not know when we might get diagnosed with a critical illness. This might restrict us from earning and providing a financial backup for our family. Moreover, this will create financial and emotional constraints for our family and will make it difficult for them to carry on with their lives seamlessly. Moreover, the cost of living and inflation rates have seen a huge rise in the past couple of years, and there are high chances that it will continue to see a rise. The cost of medical and consultation expenses has also seen a tremendous rise. All of this makes us worry about how we will manage our expenses and save a lump-sum amount for the coming years.

Investing in one of the best critical illness policies has become one of the best ways to cover medical consultation and treatment expenses and have a financially secure and sound future.

In this article, we will look at what the best critical illness policy is and a few things you should keep in mind while investing in this policy.

What is a Critical Illness Policy?

A critical illness policy is a type of insurance policy that pays a lump sum amount of money in case the policyholder gets diagnosed with a critical illness, such as cancer, tumour, lung problems, etc. This will ensure that the policyholder can focus on his or her recovery and does not have to face any financial constraints while paying for the medical treatment and the consultation fee.

A few of the benefits of one of the best critical illness policies are as follows –

• It provides a lump-sum amount of cover in case the policyholder gets diagnosed with a critical illness.
• The policyholder can claim upto Rs. 60,000 of tax deduction benefits under Section 80D of the Income Tax Act, 1961.

Let us now look at a few things to keep in mind while investing in the best critical illness policy.

1. Your Age

As we grow old, our health deteriorates, and there are high chances that we might get diagnosed with a critical illness. Medical expenses are also rising due to the rising cost of inflation rates. Before you invest in the best critical illness policy, it is important for you to consider your age. Preparing a financial safety net in advance will ensure that you and your family do not fall in the clutches of rising medical expenses and can focus on your recovery as well.

2. Your Current Health

While we are young, no doubt we are much more fit and healthy. However, with rising stress levels and a fast-paced lifestyle, the chances of getting diagnosed with a critical illness are high as well. This makes it crucial for us to invest in the best critical illness policy as soon as possible.

3. The Premiums You Will Have to Pay

To avail the benefits of the best critical illness policy, the policyholder has to pay a certain amount of premiums. So, while choosing which critical illness policy to invest in, it is crucial for you to consider if you can afford to pay the premiums of the policy. This will ensure that you do not fall under the financial burden of paying the premiums you cannot afford to pay in future.

Your Way Forward

You now know what a critical illness policy is and a few things to consider before you invest in the best critical illness policy. Bharti AXA Life Insurance is a leading and top-rated insurance providing company in India and provides ideal critical illness policies for you to invest in.

For more information on critical illness policies, get in touch with us today!