Congratulations on turning 30 and on starting to fulfill those dreams of yours! Or perhaps you have already turned 30 a few years back and trying to strike the perfect balance between your work and home. Or you might be doing too well for your 20s. Despite your achievements, the work pressure, the fast-paced life, and unhealthy lifestyles can take a toll on your health and lead to critical illnesses.
With consistent work stress and anxiety, the chances of people in their 20s and 30s becoming the targets of critical illnesses like heart diseases and kidney disorders are alarmingly high. Chronic diseases like hypertension, chronic lung ailments, psychological disorders, cancers and strokes that kill over five million people every year, account for about 4-10 percent of the country’s GDP.
With that high a financial turmoil, a backup plan to cover all your critical illness expenses becomes a no-brainer act. If you are thinking about a basic health insurance policy here, it might not provide enough cover for your incidental expenses or help you get through in case you are unable to earn after impairment. However, a critical illness (CI) rider with a life insurance policy not only ensures that the hospital and medicine charges plus regular check-ups are paid for, it also takes care that your home, car or other loans are insured, even if you happen to miss their EMIs during the contingency.
Unlike a mediclaim policy that reimburses the hospitalization costs, critical illness insurance gives you fixed benefits of a lump-sum cash disbursal. This means you no longer have to wait for all your hospitalization bills to be in place to get a reimbursement through mediclaim – you have the finances at your disposal so that you and your loved ones can focus on your treatment better.
The CI rider on a life insurance policy effectively replaces your income to cover your illness treatment expenses while continuing to give you the benefits of a general life insurance policy. If you, however, choose to invest this lump sum payout, it will guarantee a monthly bank balance despite your illness that renders you unfit to work for a while.
Another major benefit of this rider is that it is both cost-effective and convenient and the waiting period is as little as 30 days unlike 60-90 days for health insurance policies. The most comprehensive and cost-effective life insurance product to offer you a CI rider is a term plan, where the earlier you buy, the more secure coverage you get and at a cheaper rate. The only thing you need to get these benefits against unfortunate eventualities is to opt for an extensive and comprehensive option like the HDFC Life Critical Illness Plus Rider that provides a lump-sum benefit on diagnosis of 19 different critical illnesses, some of which are organ/bone marrow transplant, cancer of specified severity, loss of sight, major burns, open heart replacement and more.
Available with 7 separate HDFC life insurance plans like HDFC Life Click 2 Protect Plus, it not only assures you in times of emotional havoc and secures you financially but also reduces your tax liability. Even if you already have a term plan, you might be underinsured and unaware of how much insurance you will need in financial distress. A reality check on the issue confirms that a good term insurance plan should be at least 15 times your present per annum salary.
Looking at the scheme of things, are you insured enough to arrange for the treatment and care of severe ailments? It’s time you get the benefits of a comprehensive life insurance along with the affordability and convenience of a Critical Illness rider.
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First Published On : Apr 18, 2016 12:29 IST