RIL has remained flat in last two months, should one buy its shares now or not?
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With a rise in sedentary lifestyle and mounting stress levels, there has been a rise in chronic illnesses in the country. With the Covid-19 pandemic reinforcing the importance of insurance to guard against rising medical expenses, it is important to have a critical illness plan because it is designed to take care of the regular expenses of the family in case of any untoward event.
For the uninitiated, there are two kinds of health insurance policies — indemnity and benefit. While indemnity policies such as individual and family floater reimburses your hospital bills, a critical illness plan offers a lump sum amount at the diagnosis of the disease. One can make only one claim during the term of the critical illness policy. The policy stops after the insurer pays the lump sum amount.
Reasons to buy one
Treatment for critical illnesses can be very costly. In some cases, people even lose their jobs as they become unfit to work. Having a critical illness cover helps not only in covering treatment costs, but also in meeting the needs of the family. In many cases, families are financially hit hard as they have to incur hefty hospital bills.
Who should buy it?
You should always buy an indemnity policy as the first layer of protection. It covers the cost of sudden hospitalisation. As a second layer of protection buy a critical illness plan as it pays a lump sum amount if the person gets diagnosed with a life-threatening illness. Moreover, if there is a history of hereditary illnesses one should buy this cover to stay covered in case of any medical emergency. Timely financial help can also help one in keeping calm while dealing with the stress of the disease.
What you need to keep in mind
— As always, understand what is written in those fine prints before you sign the document.
— Always go through the list of critical illnesses listed in the policy and at what stage of the illness does the policy get triggered.
— Different insurers have different policies. Most require medical check-up above the age of 45-50.
— List of critical illnesses differs from insurer to insurer. It is advisable to go for the policy that offers you the widest coverage at all stages of the disease.