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3 Important Insurance Instruments that helps you retain happy forever
Critical Illness Cover:
Critical illness insurance gives a lump sum for a diagnosis of the critical illnesseslisted in the contract, things like cancer, coronary artery bypass surgery, heart attack and stroke. Depending on the policy selected, up to two dozen other conditions may also be covered. The policy ends when the benefit is paid.
This plan pays a lump-sum amount if you or your covered family members are diagnosed with a critical illness, such as a heart attack, stroke, cancer or one of 30 other covered illnesses.
The lump sum can be used as income replacement during that period. Critical illness insurance plans play an important role in combating critical diseases. With critical illness insurance plans, patients can get the right treatment, which in turn can enhance their chances of survival.
The Importance of Critical Illness Insurance is while disability policies cover lost employment income due to an accident or illness, Critical Illness insurance policies pay a lump-sum tax-free benefit when you're diagnosed with a serious, life-altering illness or condition, and survive a certain amount of days.
"Critical illness" is a life-threatening condition, which is generally strictly defined. Most critical illness policies provide for the payment of a lump sum benefit if the policyholder is diagnosed as suffering from one of a number of specified terminal illnesses.
Health Insurance:
The cost of Medical treatment has skyrocketed with the advancement of medical sciences. Accordingly, you have to plan for medical insurance which has to increase same year to year. Many people have taken insurance plans but they have not increased their medical insurance from time to time. As all the prices are getting costly medical treatment costs also increased.
One must have Health insurance for up to 2 years of annual income, or Rs.10 lacs whichever is higher.
Term Insurance Plan:
The first and foremost step towards Financial Planning is having a term Insurance plan of up to 20 times your Annual Income. For Ex: If your Annual income is Rs. 10 lakhs and you should plan for a Term Insurance of 2 crores.
Check your Life Insurance thoroughly and find whether the life risk covered is sufficient or not, if not found yourself, plz ask your Financial advisor, collect all the information and sum up the insured amount. If the Insurance coverage is less than 10 lakhs, you should go for a better Term Insurance Plan.
Recently, the term plan awareness has picked up but still, it is availed by less than 4% of people in India.