Term Insurance For Heart Patients: Overview

Every individual must buy term life insurance to make sure that their loved ones are protected even after their unfortunate demise. However, life insurance becomes a necessity when you are suffering from critical illness such as heart disease as you are more prone to death. Term insurance plan for heart patients ensures that your dependents are financially covered even in your absence.

Individuals who are suffering from heart illness are more likely to pass away as compared to healthy individuals. There are various benefits to buying term insurance including:

• Financial coverage for your dependents,
• Support for your dependents,
• Tax benefits,
• Option to choose critical illness rider,
• Monthly income payout option, etc.

How Does Term Life Insurance for Heart Patients Work?

Heart-related illnesses are the major cause of death in India. Cardiovascular diseases account for 24.8% of deaths in India which is a huge number. Let’s understand how term life insurance works for heart patients in India with three simple steps.

1. A heart patient buys a term insurance policy

   A heart patient visits the insurer or web aggregator’s website to buy term insurance. He provides all his details to the insurer including his age, medical details, supporting documents, etc. The insurer calculates the associated risk and issues the term life insurance policy in his name.

2. Unfortunate demise of the policyholder

   The policyholder passes away during the policy tenure leading to substantial losses for their dependants.

3. Claim submission

   The nominee submits the claim to the insurer along with the required proof. The insurer verifies the claim and provides the death benefits to the nominee in their provided bank account.

How to Buy Term Life Insurance for Heart Patients in India?

A term plan is a simple and easy-to-understand life insurance plan that offers coverage for a specific tenure. In case of the policyholder’s unfortunate demise during that tenure, death benefits are paid to the beneficiary.

Here is the simple procedure to buy a term plan for heart patients in India.

• Provide all your health details along with the supporting documents to your insurer. You have to undergo a medical test as part of the procedure and submit its report to the insurer.
• The insurer may provide you with a waiting period to get everything done.
• Once the waiting period ends, you can pay the premiums and get your policy document.

Factors to Consider When Buying Term Life Insurance for Heart Attack Patients

You have to consider certain factors when buying term life insurance for heart patients.

1. Provide all the necessary details to the insurer

   You should provide all the requested details to your insurer. Never hide any crucial information from your insurer such as health details, lifestyle habits, etc.

2. Read the policy document

   You should read the entire policy document to understand what is covered and what is not. If you have any doubts get it cleared from your insurer.

3. Compare before buying

   You should compare various plans before choosing a policy so that you can get the desired benefits and coverage at the right premiums.

4. Consider the waiting period

   You have to check and consider the waiting period before buying a term plan as your coverage starts after the end of the waiting period.

5. Consider buying an additional critical illness rider

   You can consider buying an additional critical illness rider with your base term plan that offers additional benefits to your dependents along with the basic plan benefits.

Benefits of Buying Term Insurance For Heart Patients

There are various benefits of buying a term insurance plan for heart patients. Let’s understand these benefits in detail:

1. Financial coverage for your dependents

   Term insurance for heart patients offers financial protection to their dependents in case of the policyholder’s unfortunate demise.

2. Support for your dependents

   Term insurance plans for heart patients offer support to your dependents even when you are not with them.

3. Tax benefits

   The premiums paid by you for term insurance are eligible for tax benefits under Section 80 © and Section 10 (10D) of The Income Tax Act, 1961.

4. Option to enhance coverage with critical illness rider

   You can enhance the coverage of your term plan with a critical illness rider that offers additional benefits to your loved ones in case of your unfortunate demise.

5. Monthly income payout option

   You can choose the monthly income payout option for death benefits your nominee would receive in case of your unfortunate demise.

Additional Safety With Critical Illness Rider

A critical illness rider covers critical illnesses such as cardiovascular diseases and heart diseases. You can choose this rider to get additional coverage benefits along with your base term insurance plan.

Key Takeaways

• Buying a term plan for heart patients is necessary to ensure that their loved ones are covered even after their unfortunate demise.
• Consider various factors such as information disclosure, comparing plans, waiting period, understanding policy documents, etc when buying term plans for heart patients.
• Do not hide any crucial information when buying a term plan for heart patients.
• Choose adequate coverage to make sure your dependents are fully covered.

Conclusion

Buying a term plan for heart patients is important to make sure their dependents are taken care of in their absence. Individuals with heart disease are at more risk of passing away as compared to healthy individuals.

If you are still confused about which term insurance is best for you then you can contact us at PolicyX.com. One of our insurance representatives will contact you shortly, understand your requirements, and help you choose a plan that best suits your requirements.