In today’s age of hustle and bustle, nothing is certain. We all have a family to look after and if you are the earning member of your family, the responsibility increases manifold. There is a set pattern of expenses and savings which a family does, basis their total income. There are many risks associated with the human life which may hamper the inflow of the income. The risk may involve unforeseen death or severe illness or disability of an earning member of the family, which will terminate the monthly earnings of the family.
Let’s say Aakash, a 32 year-old-man meets with an accident. The treatment expenses costs Rs 1.5 lakhs. He will receive the entire amount, subject to terms and conditions, based on his health cover which stands at Rs 2 lakhs. However, if Aakash were to be afflicted with say a heart ailment resulting in a hospital bill plus related expenses of Rs 4 lakhs, he will get a maximum of Rs 2 lakhs, based on his health cover. So Aakash has to fund the balance Rs 2 lakhs by dipping into his finances.
To cover such risks, it is vital to opt for a critical illness cover which will act as a perfect tool to take care of the risks involved in a human life. A pure protection plan that is a term plan with a critical illness cover will indemnify your family in case of an unforeseen event like early death or being diagnosed by a critical illness cover.
Now if only Aakash had a life insurance policy with a critical illness rider, he wouldn’t be high and dry in the middle of an expensive heart treatment. If he has bought life cover of Rs 1 crore that has a critical illness rider attached to it. On undergoing heart surgery, Aakash will receive some amount of the sum assured based on the terms and conditions of the insurance. Thus, Aakash would get as much as Rs 75 lakhs for a heart surgery costing much less.
So with this rider, you are provided with financial protection when there is an urgent requirement of funds to cover the medical cost. The category of illnesses mentioned under critical illness rider may vary from one insurer to the other.
Aakash must buy a term insurance plan with a critical illness rider. The amount must represent the sum total of his lifestyle and family expenses, outstanding loans, children education and so on. There are new age term plans that are aimed at busy individuals like Aakash. These plans can be purchased online at the touch of a button. They discard time consuming and burdensome medical tests. And they are a boon for the health conscious with discounts on premiums for non-smokers. The plans offer helpful riders like critical illness, waiver of premiums, among others, that can enhance the cover and boost the family’s finances at critical junctures.
You can’t be certain about the future. You should buy a term plan that offers critical illness rider as well that can cover the costs against medical expenses for the critical illness. This way it will serve as a complete protection shield for you and your family.