What are Critical illness

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What are Critical Illness
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Critical illness cover the basics-

• What are Critical illness? Simply defined,
  critical illness insurance is the plan that will
  offer some level of financial protection if you
  experience a serious illness. If you are
  diagnosed with a serious illness and have it,
  this coverage pays you a predetermined amount.
  Additionally, this amount is entirely tax-free.
• In general, combinations of life insurance and
  critical insurance coverage are offered. The one
  restriction is that you can only make one claim
  in an emergency. You have control over the tenure
  of an essential insurance policy when you choose
  one. Throughout the duration, you must pay
  premiums, and once the tenure is up, the
  protection offered by the insurance expires as
  well.

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Benefits of Critical Illness Plan

• Covers medical expenses and hospitalization If
  you are diagnosed with a serious condition,
  paying for medical care can become a big
  financial strain.
• Covers loss of income For the treatment, you
  might need to take many leaves of absence from
  work. This loss of income will be covered by a
  critical sickness policy.
• Income replacement Financial hardship may result
  from a serious illness not just for you but also
  for your family. A critical illness plan provides
  a lump sum payment that can be used to pay for
  household and medical expenditures.
• Tax benefits Because the payout under Section
  80D of the Income Tax Act is entirely tax-free,
  critical illness insurance has tax advantages.
• Peace of mind The focus should be on the medical
  care when you are undergoing treatment for an
  illness. Your financial obligations for the
  treatment or missed workdays are taken care of by
  a critical sickness coverage.
• Covers a range of expenses The critical illness
  insurance coverage will provide a lump sum payout
  if you are found to have any of the diseases that
  are covered. You have complete discretion over
  how to use the funds. It can be used to cover
  hospital bills, living expenditures, loan EMIs,
  child care costs, and any other costs.
• Covers treatment in a foreign country If your
  treatment is being provided abroad, your critical
  illness insurance may still be able to provide
  coverage.

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