Critical Illness Insurance
The count of serious illness is increasing day by day. When a major disease is detected then it only means that the expenses are going to sky rocket. These expenses put immense pressure on the family.
Critical illness insurance, otherwise known as critical illness cover or a dread disease policy, isanapt insurance product for such situations where in the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance. Deduction under Section 80D is available as per the provisions of the Income tax Act, 1961.
This deduction can be availed by an individual (resident or non resident, Indian citizen or foreign citizen) and HUF (Hindu undivided Family may be resident or non resident).