When you have enough wealth accompanied by health problems - which will slowly corrode your wealth with medical expenses.
You can take care of your health with a healthy and stress free lifestyle, but at the same time invest in a good health insurance. Through insurance plans and benefit policies, like a critical illness cover. These are not, as most people think as "only either one". Rather you need to take into account your age, health condition and sum assured.
AdvertisementA critical illness cover pays a predetermined fixed amount to the beneficiary on diagnosis o listed illnesses like cancer, bypass, kidney failure etc. In the case of a regular health plan - the actual expenses incurred during treatment and hospitalization is reimbursed to the policy holder.
For an illness like cancer or renal failure, the medical expenses are very high due to hospitalization and inability to work due to recuperation from surgery and treatment. When critical illness cover is taken as a rider to an insurance plan - it gives you an assured sum on diagnosis which helps you through loss of income during the recuperation period.
Once you use the lump-sum for critical illness the contract ends and you may not be able to apply for a new policy at this stage - it is always better to have a basic supplementary health policy also, to tide you over medical emergencies in future.
When you buy a health policy it is best to enhance it by taking one for critical illness plan, which gives you a lump-sum payment on diagnosis.
There is an entire range of health products available in India, buy the appropriate plan to get a comprehensive health cover.
Hannah Punitha (IRDA Licence Number: 2710062)
Lovaii Navlakhi, April 2013
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