Critical Illness Insurance
Critical Illness Insurance provides a lump sum payment to the policyholder if they are diagnosed with a covered critical illness and survive for at least 30 days. This financial support can be used to cover medical expenses, replace lost income, or address other financial needs during a difficult time.
Key features and benefits of Critical Illness Insurance:
- Coverage for Serious Illnesses: Policies typically cover a range of critical conditions, including stroke, cancer, heart attack, major organ transplants, and multiple sclerosis. The specific illnesses covered vary by insurer.
- Lump Sum Benefit: Upon diagnosis of a covered illness, the policyholder receives a tax-free lump sum payment. This payment can be used at their discretion, providing flexibility for medical expenses, debt, or other financial needs.
- Additional Coverage: Some policies offer riders for enhanced coverage, such as a return of premium rider, which refunds a portion of premiums if no claim is made by a certain age.
Types of Critical Illness Insurance:
Term Critical Illness : Provides coverage for a specific period, such as 10, 20, or 30 years. These policies are renewable and can be converted into permanent plans. While term plans have lower initial premiums, the cost typically increases at each renewal.
Permanent Critical Illness :Offers lifetime coverage but comes with higher premiums compared to term plans. Some permanent policies allow the addition of riders, such as one that refunds premiums if no claim is ever made.
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