Well, the story begins at Hidkal Dam, a village in Belagavi district, Karnataka. Two friends Kadam and Raghav both 35 years of age were residing at the same colony. Kadam had a family of 5 and his friend, Raghav, had a family of 4 members.
One fine day Raghav left the village to further his career. After 5 years, Raghav visited Hidkal Dam to meet his friend. Rima, the wife of Kadam, informed Raghav that Kadam had passed away in an accident. Kadam was very sad to hear the news of his friend’s untimely death.
Unfortunately, Rima was diagnosed with cancer soon after her husband’s death. With no regular income, a 34-year-old school teacher; now a widow; was able to fight cancer, a life-threatening disease. Raghav asked her how she managed hospitalization expenses for such a costly disease like cancer. She replied, ‘It was possible as I had a critical illness insurance plan. I just paid Rs 5,000 premium a year to avail this policy.
Want to know more on Health Insurance? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
You stand protected with a critical illness plan which covers critical illnesses like cancer, renal failure, heart attack and so on. A majority of critical illness insurance policies offered today; cover cancer. The policyholder gets the sum assured; if he/she is diagnosed with a critical illness. The lump sum may be used to pay for medical expenses and hospitalization.
See Also: Types of Health Insurance Plans in India
Cancer |
Major organ transplant |
Heart attack |
Aplastic anemia |
Stroke |
Bacteria meningitis |
Kidney failure |
End-stage lung disease |
Muscular dystrophy |
Fulminant viral hepatitis |
Major burns |
Muscular dystrophy |
Liver disease |
Motor neuron disease |
Deafness |
Permanent paralysis of limbs |
Both ICICI Prudential and Bajaj Allianz offer critical illness plans. Other insurers also offer these policies. The policy offered by ICICI Prudential covers 34 critical diseases and the premium remains unchanged for the entire term.
The premium starts at Rs 2,400 and the policy benefits accrue up to Rs 25 Lakh. Critical illness insurance plans offered by Bajaj Allianz cover up to 10 major critical diseases and offer coverage up to Rs 50 Lakh. The initial waiting period for the plan is 90 days. The premiums start at Rs 3,000 a year.
The common exclusions of critical illness insurance plans include HIV/AIDS, hormone replacement treatments childbirth-related critical conditions, chronic diseases developed due to external and internal congenital conditions, smoking related diseases and conditions due to drug and alcohol consumption.
Rima made a smart decision to avail a critical illness plan. Being a widow and with no income to support her in these dire times, it would have been very difficult to manage the high expenses of cancer if she had not availed a critical illness plan.
Treating cancer and other critical diseases is expensive and therefore, one needs to avail a critical illness policy. Various studies reveal there has been a rise in the number of people suffering from critical illnesses due to lifestyle changes and other reasons. It is a must for people with a history of chronic diseases.
See Also: Choose the Best Health Insurance Policy?
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.