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Critical illness insurance
Share Hi Experts,
I am looking for critical illness insurance with SI of 60 lacs for myself & my wife. (i am 53 years old & my wife is 49 years old. My wife is diabetic. I don't have any chronic illness).
However, while exploring policy options, I felt that premiums are very high, in the range of 3% to 4% of SI per year. So, I have following queries:
1) Is it advisable to pay premium of 3%-4% of SI per annum for critical illness policy?
2) Are there any other ways (other than having my own medical expenses fund) to cover such expenses?
3) I am particularly concerned about any critical illness which requires full time nursing assistance at home for long period of time, for example, in case of paralysis. According to my understanding, such expenses are not covered under normal health insurance policies & need to be met from lump sum of critical illness policy. Is it correct understanding?
Appreciate your help & guidance.
1 Comments
Reply Reply Dear Ankur
- You wife will not get Critical illness cover . Try LIC Jeevan Arogya Plan which offers defined benefit on monthly basis .
- You take Critical illness for Rs 25 lakh which is good enough to meet expenses for 5 years .
Hope this clarifies
0 Comments Reply
Dear Ankur
You need to understamd difference between Health Insurance and Critical illness cover .
Once some one falls ill then there are two financial loss
1. Cost of treatment which is compensated by health insurance . It covers all diseases including critical illness.
2. Loss of income generating capacity due to critical illness . A person may have to go on long leave for health recovery or looses capacity to generate income . This loss is comprndated by criticall illness cover . It has nothing to do with cost or method of treatment .
Critical illness supplements health insurance and not compliment it . Critical illness cover need only a proof of diagnosis and do not ask for treatment bills . It is defined benefit based on income generation .
It is recommended that you supplement your health insurance with critical illness . Your wife may not get it .
Hope this clarifies
Shailesh
Insurance Samadhan