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Health Insurance 1960 views April 13, 2020
National Critical Illness policy is a distinctive policy offered by the National Insurance Company which helps in covering the expenses that are involved in the treatment of any of the specified critical illnesses. The National Insurance Company is the oldest non-life insurance company and was founded in Kolkata. The National Insurance Company has a workforce of around 13,000 employees and more than 50,000 agents. It has around 1,730 offices and offers around more than 300 insurance products to its clients.
By the National Critical Illness policy, a policyholder can obtain a lump sum on being diagnosed with the specified critical illness and the policy lapses after the lump sum payout has been done.
Table of Contents
Some of the major critical illnesses covered under the policy are mentioned below.
Under the provisions of the Income Tax Act, 1961 the premium paid for the National Critical Illness policy are eligible for tax deductions.
Premium paid for | Tax deduction |
---|---|
Self, spouse, children | Up to Rs. 25,000 |
Parents <60 years of age | Up to Rs. 25,000 |
Parents >60 years of age | Up to Rs. 50,000 |
Policyholder and parents >60 years of age | Up to Rs. 1,00,000 |
Conclusion
Hence, in the current times when the number of people being affected with critical illnesses is on a rise along with the soaring high prices of medical facilities it has become necessary to have a unique policy which covers only the critical illnesses to avoid a financial crisis. The National Critical Illness policy is quite useful and is widely known among the common masses due to its distinctive features and coverage that it provides.