Karan is surprised to find his colleague, Pranab back in office. He didn’t expect him to re-join after his sudden and major heart disease. Karan then started speaking to Pranab about his treatment and recovery. That’s when Pranab informed him that he had undergone the treatment from a renowned specialist in one of India’s top hospital which made all the difference. Karan asked him how he managed the high costs. Pranab replied that the critical illness rider with his term life insurance plan took care of it all. Now, he has to just look ahead.
Critical illnesses can happen to anyone. Are you prepared? Here are some statistics to make you sit up.
In India, every year, more than 10 lakh new cases of cancer are diagnosed. In 2012, an estimated 6-7 lakh people died of cancer. If not cured at an initial stage, treatment for advanced cases costs Rs 20 lakh. In India, 4 people die of a heart attack every minute, with most afflictions being in the age groups 30-50. A heart transplant is seriously expensive, costing more than Rs 15 lakh.
If these facts have jolted you to protect yourself and your family, here is a simple and cost-effective way. Buy a critical illness rider along with your term plan.
Basic term plans provide death benefit i.e. a sum assured is paid to the nominee if the policyholder dies during the policy term. The policyholder also gets a range of options in the form of riders to opt for enhanced protection.
One such option is a critical illness cover. It is best to have a term plan with a critical illness coverage.
A term insurance plan that comes with a critical illness benefit covers even non-hospitalization expenses and provides much-needed cash flow during the recovery period.
If the patient happens to be the sole breadwinner then there is no source of income at all and the going gets tough. With an increase in medical bills, household expenses, outstanding loan amounts it becomes difficult for the patient to focus on recovery. In this situation, not just the patient but the entire family is devastated.
Take cancer, for instance, that alone accounts for 7 percent of deaths in India. It is important to be prepared to handle such a situation and with a critical illness cover along with a term plan. So that you can live stress-free as you get the lump sum amount on diagnosis itself.
This amount can be used to pay off your mortgage, debts or any other liability you may have or even pay for an advanced treatment overseas.
Things to consider before opting for critical illness cover:
Read the list of all critical illness included in your policy
Study the risk coverage towards different critical illnesses. Study them carefully before incorporating them.
Today, diseases like cancers, cardiovascular diseases, and chronic respiratory diseases are the chief killers in the subcontinent these four diseases alone account for 60 percent of total deaths in India.
It is imperative to consider having a critical illness cover with a basic term insurance as you wouldn’t want your family members and yourself to face financial difficulties during such uncertainties.