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You are here : IndiaNotes >> Managing Money >> Insurance >> About Insurance

Critical Illness: What a disaster?

Ramalingam K | 02 Feb, 2012  | Follow Author | Add to my Favourites 


Ursula K. LeGuin quotes “The only thing that makes life possible is permanent, intolerable uncertainty; not knowing what comes next.”

I agree with Ursula K. LeGuin for critical illness could strike anyone at anytime and in any place with the modern trend of rise in lifestyle diseases that call for prompt and costly medical care. The necessity of critical illness insurance or health insurance with critical illness riders was strengthened with my friend Mr. Karthik being diagnosed with multiple blocks in his heart that involved a treatment of 3lac. Then one more friend told us all about the necessity of critical illness insurance and health insurance with critical illness.

Understanding Critical Illness Insurance:

Understanding all about critical illness insurance and health insurance with critical illness insurance riders would tell us that most such health insurance policies would cover 12 critical illnesses besides others. They could include heart attack, coronary artery bypass surgery (CABG), cancer, kidney failure, stroke, coma, liver failure, primary pulmonary arterial hypertension, multiple sclerosis, major organ transplant, aorta graft surgery and total blindness.

These diseases and surgical procedures could be wanted by anyone, at any time and anywhere and hence cannot be neglected at all. Health insurance companies generally undertake to pay a lump sum for the treatment of these diseases irrespective of the amount spent. Some companies may include such coverage on payment of additional premium every year. This could vary from company to company and also between companies dealing in life and general insurance. 

Features of Critical Illness Insurance

- It is quite possible to take up critical illness insurance policies or health insurance with critical illness insurance riders. When a critical illness insurance policy is taken the entire amount of the sum assured is paid on treatment of the critical illness insurance irrespective of the amount actually spent. Such a policy is a benefit plan.

- The benefit payment under the Policy will generally be paid to you on survival for more than 30 days on post diagnosis of the critical illness.

- However critical illness insurance will not cover ordinary hospitalisation and medical expenses. While health insurance policies with critical illness riders would offer extra protection against critical illnesses with payment of additional premium. They would also pay the lump sum on the treatment of the critical illness.

- However one needs to understand that critical illness insurance does not have any maturity value and just offer cover in case of critical illness. Such amounts may lapse on their not occurring. Life insurance policies offering critical illness insurance riders have a maturity value but no maturity value is allotted for riders. Riders merely cover the risk of critical illness insurance. However this need not deter one from taking up critical illness insurance, as it is well worth to cover risk of high expenses with critical illness.

- Having a look into the premium on Critical Illness Insurance policies would give us information that the amount of premium on critical illness insurance and riders for critical illness would vary depending on the age of the insured and the illnesses that are covered.

- Critical illness insurance could have exclusive coverage for all critical diseases or for only some, the terms and conditions varying from company to company. A check would prove useful before taking up a critical illness insurance or life insurance with critical illness riders.

- Tax benefits under Sec 80D or Sec 80C of the Income Tax Act are available. 

Get critical illness insurance today.

“Caution is the most valuable asset in fishing, especially if you are the fish.”

I am sure you would not prefer to be the fish that is not cautious, for life is so sweet and short. Mr. Karthik and his family are now out to advice families like them, for they believe their experience could educate others too.

What are you waiting for to take protection today? Information is nothing more than mental garbage if it doesn’t transfer an individual. Unimplemented knowledge is a burden. Our problem is not ignorance; but inaction. Don’t fall into this trap.

One of these days is none of these days; today is the day to start the big job. Just browse the net, discuss with financial planners for better understanding of the coverage required and product clarity, and get quotes and rest in peace with the best critical illness insurance for you.

Mr Ramalingam K is the Founder and Director of Holistic Investment Planners (www.holisticinvestment.in). He can be reached at ramalingam@holisticinvestment.in.

Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. The author does not accept any liability whatsoever arising from the use of any of the above contents.



About Ramalingam K
Ramalingam K is an MBA (Finance) and a Certified Financial Planner (CFP, FPSB of India), based out of Chennai. He is the founder, director and chief financial planner at Holistic Investment Planners, a financial planning and wealth management firm. He welcomes comments, feedback & queries at ramalingam@holisticinvestment.in. His website is http://holisticinvestment.in/.

The author can be reached at email id ramalingam@holisticinvestment.in

For more information, please contact media@valuenotes.co.in

Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. The author does not accept any liability whatsoever arising from the use of any of the above contents.


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