- 14 SEP 2016
How to take care of your finances, when your physical health is out of your grip
When Aryan's dad suffered from kidney damage and required regular dialysis till he passed away, he not only lost control over his body functions, but also lost control over his finances. He was totally helpless in the vice-like grip of the critical illness. He lost most of his savings and Aryan also had to dip into his savings to continue his treatment and run the house. This is what happens when critical illness strikes. You are gripped by the critical illness so badly that you lose grip over your finances. Your savings get depleted and you face financial hardships.
Your physical health deteriorates
Nothing much can be done about the physical health except when critical illness strikes except go to the best doctors and get the best treatment done. Even then, there are some diseases like kidney damage requiring the patient to be on permanent dialysis. If you suffer paralysis of the limbs, you may never be able to go back to work as your physical faculties would be affected beyond rectification. In such a situation, what can perhaps exaggerate the issue is the fact that your financial capabilities get affected. You lose the capacity to earn income as also incur a lot of expenditure on the treatment of and recovery from the illness.
Your financial health can be stabilised
To prevent such a situation, invest in a critical illness plan to protect yourself against the hardships that you may face on an occurrence of a critical illness. A critical illness plan like Edelweiss Tokio Life – CritiCare+ helps you with a fixed lump sum in the event of you falling critically ill. There are 17 such critical illnesses that you remain protected against. This fixed lump sum will be paid to you purely on the basis of the diagnosis report of the doctor citing that you have been affected by the said critical illness. This amount can be used for any purpose that you may deem fit. You may use it to meet OPD costs, pay the deposit for hospitalization expenses or to pay for the household expenses during the time that you are recovering at home.
So, don't lose grip over your finances. Generate a quote today to find out how you can still have a grip over your finances in spite of being physically and emotionally affected 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