Should I opt For Critical Illness Insurance If I Do Not Have a Family History of Critical Illnesses?

A whole range of Health Insurance benefits are available out there. In this article, we will help you understand if you should opt for Critical Illness Insurance if you do not have a family history of Critical Illnesses

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Should I opt For Critical Illness Insurance If I Do Not Have a Family History of Critical Illnesses?

A critical illness insurance plan provides coverage against life-threatening diseases such as cancer, liver transplant, renal failure, and so on. When a policyholder faces such health complications, they are compensated with a lump sum upon the diagnosis of the critical illness.

Now, most people think of buying a critical illness health insurance policy only if they have a family history of critical illnesses. However, if you are someone who has no prior family history of such kind, then is it necessary to buy such a policy?

The answer is yes! We can never be sure of the future and the health complications that may arise as we age. As we all know, medical expenses can rise up to quite an amount, and your savings could take a huge hit for treating critical illnesses. This is why it is always considered best to opt for a critical illness health insurance plan and secure yourself with financial coverage for your healthcare expenses.

Here’s how a critical illness insurance policy will come to your aid in case the going gets tough:

1. Covers your loss of income

When you are affected by a critical illness, it is quite likely that your finances are going to take a hit. This is not just about the healthcare expenses, but also your loss of income. However, a critical illness health insurance policy will help cover this loss of income by providing a lump sum which you can use to take care of all the household expenses.

2. Makes it possible for you to get treatment in a foreign country

There are certain critical illnesses that need the best healthcare services which are available abroad. Getting such treatment could prove to be very expensive on the pocket, and this is where a critical illness health insurance policy can help. Such a policy provides a sum on the diagnosis of a critical illness and covers the treatment, irrespective of whether it is in India or abroad.

3. Provides peace of mind

If you are diagnosed with a critical illness, you are already worrying about having to get the right treatment for it. In such circumstances, you do not want to be running around arranging the finances for your healthcare expenses. This is where a critical illness health insurance policy can be of great help. With the financial stability that such a policy would bring, you can focus on getting your health back on track and not worry about the required funds.


4. Makes you eligible for tax benefits

Buying a critical illness health insurance policy does not just provide you with financial coverage but also lets you avail tax benefits. According to Section 80D of the Income Tax Act, health insurance policyholders can claim for tax deductions on the premiums that they have paid for their policies.

So, looking at the benefits of a critical illness insurance policy, it is advisable to get such coverage even if you do not have a history of critical illnesses. We hope that this article helps you, take care!


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