Our susceptibility to lifestyle diseases is on the rise. According to various domestic and global organizations’ studies, with the increasing number of lifestyle diseases in our country, one out of every four Indians is at risk of contracting and dying from critical illnesses like cardiovascular diseases or cancer by 70. Following a healthy lifestyle and eating a healthy diet may help keep these diseases at bay.
Nonetheless, some people are affected by such non-communicable diseases due to hereditary factors or advanced age. As opposed to minor illnesses, critical illnesses are more likely to be a financial drain on the family, with the cost of treatment potentially reaching several lakhs of rupees. During such times, medical insurance like critical illness insurance policy could be highly beneficial. Insurance providers frequently recommend investing in such critical illness insurance at the age of 40, but the earlier you get it, the better- because health risks and premiums are lower at a young age.
How do CI plans work?
A critical illness insurance plan is different from a regular medical insurance plan. The critical illness insurance plan provides a lump sum amount of the sum insured to the insured when he/she gets affected by such severe diseases as stroke, cancer, kidney failure, etc. The lump-sum amount of money provided by this insurance cover can pay for the cost of treatment, recuperation expense, etc. Critical illness insurance pays the insured the entire sum assured regardless of the hospital expenditure incurred.
Personal Accident Insurance
The most frightening aspect of life is its uncertainty. Accidents can happen at any age, just as critical illnesses can strike at any age despite all precautions. Accidents can have a significant impact on the person involved as well as their family. It can disable a person either temporarily or permanently and increase the burden of ongoing medical expenses resulting in income loss. In such cases, a personal accident insurance corporate can be highly beneficial. This policy provides coverage for accidental death (where your family-members receive 100% of the sum insured), permanent partial or total disability, temporary disability, and child education. It significantly alleviates the financial difficulties caused by accidents.
What Does The Personal Accident Insurance Cover?
- Accidental Death Benefit: If an accident kills the policyholder, the insurance company pays the nominee the total amount insured.
- Permanent Complete Disablement: If the policyholder is disabled permanently due to the accident, the insurer pays a percentage of the sum insured to the policyholder, depending on the type of disability.
- Partial Permanent Disablement: In such cases, the insured pays the policyholder a percentage of the sum insured weekly or monthly.
- Complete temporary disability: In such cases, the insurance policy is entitled to pay weekly benefits to the policyholder for up to 100 weeks.
- Education Grant: The policy also covers the educational costs of the policyholder’s children up to a certain amount as per the policy terms.
Conclusion
These policies are essential for your family’s wellbeing and your peace of mind. So, don’t waste time and invest in these policies as early as possible.
