Let’s understand which are the most common critical illnesses in India?
- Heart Attack
- Kidney Failure which may lead to an Organ Transplant or dialysis
- Various types of cancer
- Burn injuries
If we consider the cost of managing these illnesses, it seems beyond the reach of a common man. Costs of regular dialysis can range between Rs.50 thousand-2 lakhs depending upon the city and the severity of the condition.
If the condition requires a kidney transplant, costs range between Rs.4-7 lakhs. A heart bypass surgery, medically known as CABG(Coronory Artery Bypass Grafting) costs anywhere between Rs.1.3 lakhs to 3 lakhs depending upon the kind of hospital and the city in which you are getting it done.
The above are actually only hospitalization costs. What about the impact of being unable to work due to the recovery process? Is that even considered? The answer is ‘no’! That is not covered by mediclaim. Recovery from a critical illness may take around 2 months or so to actually be fit enough to take the stress of hectic work, travel, etc. If you’ve undergone a kidney transplant, it may take you even longer around 2 to 6 months to recover. If you are the breadwinner for the family, you you may end up exhausting all your lifetime savings in order to make ends meet.
How do you prepare yourself financially for this setback? A critical illness insurance can help you recover these expenses. Critical illness insurance provides a lump sum amount on the diagnosis of a critical illness that is listed in the policy document. One doesn’t have to submit medical or hospitalisation bills to claim this amount. It is a fixed benefit provided after diagnosis itself.
There are many critical illness plans available in the market. Some only provide cover against cancer or few cover multiple illnesses but they are expensive and do not provide a high sum assured. The sum assured provided by them could be maximum 10 to 15 lakhs for a high premium.
Edelweiss Tokio Life – CritiCare+ is the only plan which provides a multi claim option under which one can claim thrice. It provides a high sum assured at low rates and it covers 17 critical illnesses. It also provides a waiver of premium after the first claim, it provides a good mix of flexibility and wide coverage. The probability of falling prone to a second critical illness increases after being diagnosed by the first critical illness.
It helps if you have a policy like Edelweiss Tokio Life – CritiCare+ where you can claim upto 3 times during the policy tenure. Also, with the waiver of premium option, you can discontinue paying of premiums after the first claim which will help you in cases where you may need to take leaves due to a critical illness.