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Reasons Why Your Term Insurance Plan needs Critical Illness Cover

Life is full of surprises and unexpected events. At any phase of your life, you can contract a critical illness. At these crucial times, it becomes extremely difficult to deal with the excessively high medical expenses. Besides, if you are the sole bread earner of your family then because of the disease you would not be able to work anymore, which might result in financial distress. To get coverage against any such events, it is advisable to avail a term insurance plan with the benefit of critical illness.

Reasons to Purchase Term Plans with Critical Illness Benefit

Given below are the top reasons for buying a term plan with critical illness rider:

  • Medical Expenses Coverage: In India, healthcare expenses are increasing with each passing day. Due to the ever rising cost of healthcare expenses, it only becomes important to get sufficiently covered through an insurance policy so as to avoid drilling a hole in your pocket. Choosing a critical illness add-on along with an insurance plan assists you in covering all the healthcare expenses. Moreover, the lump sum amount offered by an insurance company can be utilized in covering everyday expenses too.
  • Tax Benefits: The payment of premium towards a term insurance plan are eligible for tax deductions as per section 80C of the Income Tax Act. Therefore, the total amount paid towards premium is deductible from your taxable income up to Rs 1,50,000. Also, the benefits acquired from this insurance plan are tax exempted as per section 10(10D) of the Income Tax Act.
  • Amount of Premium Remains Same: After applying for a term insurance with critical illness benefits, the amount of premium remains same throughout the policy duration. It simply means that the premium does not increase after you have been diagnosed with a critical disease. Also, the insurance companies waive off any kind of future premiums once you get diagnosed with a critical illness.
  • Increased Survival Chances: In case you are not insured under an insurance plan, you would get burdened financially due to high rising medical expenses. Generally, people suffering from critical illness do not have to go through any treatments because of lack of adequate funds. With a non availability of a suitable treatment, the chance of death rises. However, having a critical benefit cover you would get funds on time to go through the required treatment, therefore, increasing the survival chances.


After going to the afore-mnetioned points, it is quite evident why you need to consider purchasing a term insurance plan with critical illness benefit as it offers you with much needed coverage at the time of uncertainty in life. To enjoy a high degree of convenience you can even avail this plan online from the comfort of your home from the insurance providers that offer digital services. 

Also Read: Common Facts About Term Insurance You Must Know

Medical Test in Term Insurance Explained

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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