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Why Take Multiple Insurance Policies When a Single Policy Can Give You Complete Protection

November 30, 2018 10:59 am by: Category: Finance Comments Off on Why Take Multiple Insurance Policies When a Single Policy Can Give You Complete Protection A+ / A-

In 2016, heart diseases and strokes contributed to about 28% of the total deaths in India, says an article in With an increase in number of deaths caused by critical illness, such as heart attack, cancer and kidney failure, critical illness insurance has become a necessity rather than a luxury.

A critical illness policy is a kind of insurance that provides coverage against certain serious ailments, such as cancer, heart disease, organ transplant, heart valve surgery, kidney failure, coma and more. Some of the best critical illness covers offer features such as rebalancing of life stage, premium waiver in case the insured is diagnosed with a critical illness, and a fixed premium throughout the tenure of the policy.

Such a policy is very beneficial for people with a history of critical diseases in their family, those who are the sole breadwinner in their family and those with stressful jobs. Mostly, people in their early 40s are vulnerable to critical illness. So, an insurance policy that provides protection against such ailments is a must-have for people entering their 40s.

Let’s look at some of the reasons why critical illness cover is crucial.

1.  It provides security

Having been diagnosed with a serious disease can put a lot of pressure not just on the person but on the entire family, both financially and emotionally.And if the person diagnosed is the primary or only breadwinner for the family, the impact is severe. It is important that you stay prepared, so that you family has financial securityeven if the worst were to occur. Critical illness plans provide cover against diseases and even death. It can help you access the best medical treatment.

2. It is reliable

Some critical illness policies, such as SBI Life Poorna Suraksha offers cover against 36 critical ailments. The insured is paid a lump sum amount in case he/she is diagnosed with any of these 36 critical illnesses, says an article in The Times of India. Moreover, it provides waiver of all future premiums on diagnosis of a critical disease. It is a reliable source of finances in case of a terminal illness.

3. The policy is very simple

The best insurance policy is the one that auto-adjusts your sum assured after every policy year. As you grow older, the risk of suffering from a health problems also increases. So, this auto-rebalancing feature will ensure that the total sum assured remains constant throughout the tenure of your policy. This will provide more effective cover and financial security.

4. It provides tax benefits

Under Section 80C of Income Tax Act of 1961, the premiums paid towards critical illness insurance are exempt from taxation. So, other than the premium waiver and critical illness benefit, such policies also provide tax benefits. It is advisable to consult a professional tax advisor in case of any tax-related queries.

Having been diagnosed with a critical illness can affect you physically, emotionally and financially. Don’t compromise on your physical and mental well-being, buy a critical illness policy today!

About Jeffery A. Brown

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