What are the benefits of a critical illness policy?

The following are the benefits of a critical illness policy:

Coverage: This insurance policy will provide you a lump sum amount for your medical treatment. Apart from that, it will also cover non-medical expenses like EMIs, bills, lifestyle expenses, and others. In short, it works as an alternative for a person’s income.

Tax benefits: Payouts offered by critical illness policies are not subjected to any taxes as per prevailing and applicable tax laws.

Psychological benefits: This policy saves you from the hassles of arranging funds to cover your medical and household expenses.

Coverage area: This policy also covers for treatment received in another country. This means that it is applicable even if you are living in a foreign country.