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Can’t Ignore Critical and Terminal Illness Risk

We all are aware about health Insurance Policy under which Insurance Company pays the bill amount to assured in case of hospitalization of assured person. There may be several additional features offered by different companies. Basically it covers your financial loss risk which arises due to sudden illness and hospitalization.

As per available data and experience one can observe that day by day more and more people are being suffered from critical diseases due to changing life style, eating habit, working style and hours etc, so now hospitalization and cost related to it is not a single risk associated with health. Sometimes these critical diseases require huge amount for treatment and make them unable to continue with their work. Since earning becomes nil and expenses increases to very high level so the person faces big gap between earning and expenses while they have other responsibility also towards their family. Hence this is big risk and must be sufficiently taken care off.

To cover this gap either one should have sufficient saving or insurance policy which can provide the lump sum amount. Most of the people having health insurance policy which pays bill amount as per actual expense and settled on original documents.

Critical Illness and Terminal Illness both words looks synonyms but these are different. Critical Illness may be curable and person may survive for longer period and enjoy normal life while Terminal Illness or Life Threatening Illness is diagnosed as suffering from condition which in opinion of medical practitioners specializing in treatment of such illness is highly likely to lead to death within 6 months. The terminal illness must be diagnosed and confirmed by medical practitioners registered with the Indian Medical Association.

Critical illness risk can be transferred to Insurance company by buying individual policy .Such type of Insurance Policies are offered by General Insurance Company or Standalone Health Insurance Company. One can also manage this risk by adding Rider to existing or new Life Insurance Policy if the policy condition allows. Generally such Rider is offered with Life Insurance ULIP and beauty of this Rider is sum assured amount is payable to life assured as soon as Lie Assured is diagnosed with the specified critical disease while other policy benefit remains intact.

Terminal Illness risk is covered along with Term Insurance Policy offered by life Insurance company in which Insurance company pay the death benefit to nominee/legal heir on the first occurrence of either of death of the life assured or diagnosis of Terminal Illness. Hence in single policy death as well as Terminal Illness risks both are covered.

If you require these risks to be covered kindly consult your adviser and go through the brochure detail before taking any positive decision.

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