In today’s age and time it is critical to have medical insurance alongwith critical insurance rider before we plan our investments, vacations andcommit to EMIs. A few weeks ago my friend’s colleague was diagnosed with braintumor. He went to bed fine, but woke up with a splitting headache and swollenface the next morning. Doctor visits and subsequent tests revealed that he had a gold ball size tumor in his head. Such is life, the darkest of the hour comesat the brightest of the times.
Imagine you have a young family with 2 school going children, awhopping home loan and monthly EMI with a floating interest rate, a running carloan, credit card loan from last year’s overseas vacation with family, and everincreasing inflation. And when you just began to pay up the borrowed capital, terrorstrikes in the form of illness. How would your poor wife manage the situationif you were bed ridden for six months and the income from work stops?
Friends may come forward to help, but to expect them to help whenmajority of them are neck deep in home EMIs is being too ambitious. Relativeswon’t help and even if they do they would want you to draw up a guarantee or anagreement for repayment. The saddest part is that, Indian employers and the socalled MNCs will not pay if you go on a medical leave. They will pay you forthe vacation days you have accumulated and will unsympathetically turn theirbacks when it comes to help. So, humans what does life leave you with?
Illness doesn’t come with old age and time. Disease and desireshave conquered the population while they are still young. Today, we haveyounger people who are first time home owners as we have younger patients withstroke, multiple sclerosis, heart attack and other cardiac issues.
That brings us to the most critical part of this blog, how doesone meet the expenses at home and medical expenses from the illness at a timewhen work will not offer you a few extra pay checks? And the answer is CRITICAL INSURANCE POLICY.
The critical insurance policy pays a lump sum if you get diagnosedwith any of the listed illnesses (Cardiac arrest, stroke, paralysis, multiplesclerosis, kidney failure, cancer) and a few other surgeries. Sometimes it canbe purchased along with the medical insurance and many at times it can bebrought separately. A friend or family can be a good insurance, but none canbeat the critical insurance policy.
We don’t know when our bodies can give away and when things canfall apart. I am a living example of congenital heart issue and I could havebeen a bit more relaxed if I had a critical insurance rider. But don’t we alllearn our lessons?
Today medical care is becoming unaffordable and hospitals andillnesses can gobble up your 5 Lakh rupee policy in a week. If you have notthought about a critical insurance policy, here is a good starting point: http://businesstoday.intoday.in/story/how-to-choose-the-best-critical-illness-insurance-plan/1/188491.html
RelianceCritical Illness - 1800 3002 8282
Some providers like Reliance offer family floaters, and some like Bajaj Alliance offer special policies targeting women (Breast, Cervical cancer, etc.) Based on my comparison and research, I find HDFC Critical Care tocover major illnesses of the day and age. Also check to see what kinds ofailments run in your family before you make a decision. Except Reliance, noneof the other providers give you “No claim bonus”. “Only HDFC Critical carecovers Brain tumor. You can call the toll-free number with your questions orpurchase the policy online.
Wishing you all a healthy and happy future!
Thanks for posting this Chandra.
ReplyDeleteThanks for sharing such VITAL information . We never know when the need pops up, just can remain on the toes. Thanks Chandron.
ReplyDeleteThanks for sharing this information..but i want to add more information to it. There are more reputed firms also which are providing Critical Illness Insurance policy like bharti axa, iffco tokio etc. So you can have more options according to your need.
ReplyDelete