- 17 OCT 2016
Get To Know How Critical Illness Damages Your Financial Condition
Ajay used to complain of regular headaches. These headaches started increasing in severity till one day he collapsed on the street clutching his head while waiting for a cab. The pain blurred his vision and was so excruciating that he felt as if someone was hammering him from inside his brain. Doctors detected a benign brain tumour in his brain, roughly the size of a tennis ball. The tumour had grown large enough and was life-threatening. The doctors advised him to undergo a procedure to get the tumour removed. The operation was to cost him roughly Rs.2-3 lakhs. Since Ajay had a medi claim, he could somehow manage to arrange for the amount and got himself operated. But, the worst was far from over. The tumour had already caused irreparable damage to his brain. The operation saved his life, but his sensory functions were affected. His speech became slurred and he had begun having problems with his vision. Doctors told him that it would take him at least 6 months to a year or regular physiotherapy for coming back to normal.
Ajay had to leave his job as a sales manager in an FMCG company because of the problems he was having with his speech and vision. He only had savings enough to last him for a month or so. He had expenses to meet like paying for the physiotherapy sessions, his children's school fees, his home loan EMI's etc. The tumour had damaged his financial make-up.
The Financial Anatomy of A Critical Illness
Apart from the fact that you may need to shell out money for the treatment of the critical illness, you may also have to sustain on your savings since you may not be earning any income for the time that you are out-of-action. This means double the hassle for you. If you have savings, you may dip into it and meet your needs. Even then, the savings that you may have accumulated for something else may now go towards meeting your emergency medical needs.
Medi claim May Not Suffice
It's clear that medi claim may not suffice as the pay-out is made on the condition of and for hospitalization. But as soon as you are diagnosed with a critical illness, you may start incurring expenses for dealing with the critical illness. While you are recuperating at home, you may have expenses like home loan EMI's, children's school fees and maintenance expenses like utility payments etc. What may hold you in good stead is a critical care insurance policy like Edelweiss Tokio Life – Criticare+.
A Critical Care Insurance Policy
A critical care insurance policy like Edelweiss Tokio Life – Criticare+ gives you protection from some pre-listed illnesses. On diagnosis of any of the illnesses, the full pay out of the Sum Assured is made. This money is received without any conditions of hospitalization. This ensures that the financial troubles that would beset you can be tackled effortlessly. You may definitely be under physical and emotional trauma, but not financial trauma. A policy like Edelweiss Tokio Life – CritiCare+ protects you up to thrice during the policy term, depending on certain conditions.
Generate a quote today for a critical care insurance policy so that there is financial protection for you when you are struck by a critical illness.
- 9 DEC. 2018
Why Tax Planning Should Be An All-Year Round Activity?
When young, there is a tendency to concentrate more on spending than on investing. Tax planning hits you once your income goes beyond a particular level. You risk losing money to tax that you could have otherwise saved by smart investing. As years go by, you tend to rush at the end of the financial year. The last quarter of the financial year is when quite a number of tax saving instruments are talked about to help taxpayers reduce their tax burdens.read more