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.
A 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.
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