Why Should One Invest in Term Insurance with Critical Illness Cover?

Term Insurance

With changing times and our lifestyles, the need to have financial security is a must. A critical illness doesn't always tell you before coming, right? It drains one and his loved ones both emotionally and financially. Therefore, it is essential to have the financial security to back you up in such unforeseen times and situations.

Investing in term insurance with critical illness is one of the ideal ways to secure yourself financially and your loved one and be at peace of mind when unforeseen events happen, such as critical illness, death of the policyholder, etc.

Still thinking, why should you invest in term insurance with critical illness? Read this article and know everything about term insurance with critical illness.

What is Term Insurance with Critical Illness Cover?

Term insurance with critical illness is an insurance plan that financially insures you and our loved ones and covers unforeseen cases of critical illness such as heart attack, paralysis, lung diseases, and so on. With term insurance with critical illness, your family does not have to worry about financial constraints even when you are not around. This plan is also ideal for those who are the sole breadwinners of their family and want to secure them financially in case of any unfortunate event.

There are various benefits of investing in term insurance with critical illness cover. Let us see a few of the benefits.

Benefits of Investing in Term Insurance with Critical Illness Cover

1. Financial Security

When it comes to financially securing yourself and your loved ones, investing in term insurance with critical illness is an ideal and the best plan. It makes sure your loved ones do not have to face any financial constraints when you are not around and they can carry on with their lives seamlessly and without any hassle. Critical illnesses such as heart attack, paralysis etc. are both emotionally and financially draining. To ensure one does not face any financial burden in such situations, it is recommended to invest in term insurance with critical illness.

2. Tax Benefits

Another crucial benefit of investing in term insurance with critical illness is that the premiums paid by the policyholder for term insurance with critical illness are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. However, tax laws are subject to change from time to time.

3. Premium Amount Does Not Change

Once you have invested in term insurance with critical illness, you do not have to worry about changing the policy's premium rates as the premium rates do not increase if you are diagnosed with any critical illness. Your insurance provider might waive off your premiums after you get diagnosed with any critical illness. This is one of the key advantages of term insurance with critical illness.

4. Coverage of Medical Expenses

We all know that medical expenses are increasing day by day. In case of an unforeseen critical illness such as heart failure, the term insurance with critical illness will cover the cost of medical expenditure. This policy will make sure you are not drained financially and are at peace of mind.

Our Intake

Investing in term insurance with critical illness comes with many benefits and secures you and your loved ones financially in unforeseen events. You can be at peace of mind as this policy covers your medical expenditure in case of critical expenditure.

Disclaimer:

Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time
The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale.
Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.

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