Our falling prey to Lifestyle diseases is on the rise. According to studies of various domestic and global organizations, with the increasing number of lifestyle diseases in our country, every 1 out of 4 Indian has the risk of contracting and dying from critical illnesses like cancer or cardiovascular diseases at the age of 70.
Following a healthy lifestyle and consuming a healthy diet could keep away these unwanted diseases. Still, some people are affected by such non-communicable conditions due to hereditary factors or age. Unlike minor illnesses, critical ailments have a high possibility of being a financial drain for the family, and the cost of treatment could turn into several lakhs of money. Critical illness insurance could be of great benefit during such situations. Insurance providers often suggest investing in such critical illness insurance at the age of 40, but the earlier you get it, the better it is- since the health risks and the premium is less at a young age.
How do CI plans work?
A critical illness insurance plan is different from a regular health insurance plan. The critical illness insurance plan provides a lump sum amount of the sum insured to the insured when he/she gets affected by such severe diseases as stroke or cancer. The lump-sum amount of money provided by the insurance cover can pay for the cost of treatment, recuperation expense, etc. Critical illness insurance pays the insured the entire sum assured regardless of the hospital expenditure incurred.
Personal Accident Insurance
The uncertainty of life is the scariest thing about it. Just like one can get affected by critical illnesses at any age despite all the precautionary measures taken, one can also get unfortunately involved in an accident. Accidents can have a massive effect on the person affected and the family. It can render the person to be disabled either temporarily or permanently. It will increase the burden of ongoing medical expenses and result in the loss of income. In such cases, a personal accident insurance corporate can be highly beneficial. This policy provides coverage for accidental death (where your family-members receive 100% of the sum insured), permanent partial or total disability, temporary disability, and child education. It significantly alleviates the financial difficulties caused by accidents..
What does the personal accident insurance cover?
- Accidental Death Benefit: If an accident kills the policyholder, the insurance company pays the nominee the total amount insured.
- Permanent Complete Disablement: If the policyholder is disabled permanently due to the accident, the insurer pays a percentage of the sum insured to the policyholder, depending on the type of disability.
- Partial Permanent Disablement: In such cases, the insured pays the policyholder a percentage of the sum insured weekly or monthly.
- Complete temporary disability: In such cases, the insurance policy is entitled to pay weekly benefits to the policyholder for up to 100 weeks.
- Education Grant: The policy also covers the educational costs of the policyholder’s children up to a certain amount as per the policy terms.