Life expectancy of Indians is increasing. A study published in the British Medical Journal 'The Lancet' revealed that the Life Expectancy (LE) at birth of an average Indian male increased by 15 years between 1970 and 2010 and the same for a woman increased by 18 years. The report pegged the life span of an average Indian male to be 63 years while that of a woman is 67.5 years.
While all this is nice to hear, what does it really mean for the average Indian? Simply this, that we now live a longer, fuller life. If you read between the lines, a longer life also means higher chances and incidence of ailments and diseases, given old age; which in turn translates to higher medical costs and expenses.
The World Health Organization has disclosed the top 20 diseases that cause deaths among Indians - Coronary Heart Disease, Cancer, Kidney Failure, Heart Attack are some of them. Most of these diseases come at heavy treatment costs. Added to that, most Indians who need treatment for these diseases dip into their savings to pay for them.
While all this is nice to hear, what does it really mean for the average Indian? Simply this, that we now live a longer, fuller life. If you read between the lines, a longer life also means higher chances and incidence of ailments and diseases, given old age; which in turn translates to higher medical costs and expenses.
The World Health Organization has disclosed the top 20 diseases that cause deaths among Indians - Coronary Heart Disease, Cancer, Kidney Failure, Heart Attack are some of them. Most of these diseases come at heavy treatment costs. Added to that, most Indians who need treatment for these diseases dip into their savings to pay for them.
A smart health insurance policy is critical not only to ensure that medical costs and hospitalization expenses are covered, but also for you to continue living life the way you have been before the incidence of the disease / ailment. If you haven't deep-dived into picking the most optimum health insurance that will provide maximum cover even in your old age yet, you can start now. There are a few key parameters that you need to keep in mind while choosing a comprehensive health insurance policy. ..
A Critical Insurance (CI) policy, like the one provided by Bharti AXA General Insurance is one such smart health insurance policy that provides cover for the patient as well as his or her family. Some parameters you need to look at while buying a CI cover
Number of illnesses covered: Choose an insurer that covers more illnesses. IRDA has recently regulated that it is mandatory to cover at least 12 critical illnesses by insurers. Bharti AXA GI covers up to 20 critical illnesses.
> Benefit policy: Look for an insurer that provides an option of either cashless reimbursement or benefit policy. A benefit policy gives you lump sum compensation that can come in handy not just for treatment but also for day to day expenses. Remember though that there is a survival period of 30 days post the diagnosis of a critical illnesses for the lump sum compensation to be given
Number of illnesses covered: Choose an insurer that covers more illnesses. IRDA has recently regulated that it is mandatory to cover at least 12 critical illnesses by insurers. Bharti AXA GI covers up to 20 critical illnesses.
> Benefit policy: Look for an insurer that provides an option of either cashless reimbursement or benefit policy. A benefit policy gives you lump sum compensation that can come in handy not just for treatment but also for day to day expenses. Remember though that there is a survival period of 30 days post the diagnosis of a critical illnesses for the lump sum compensation to be given
> Floater Policy : Ensure that you choose a floater policy - this simply means one policy for the whole family, i.e. during the policy period, in case either the insured or spouse or 2 kids are diagnosed with a CI, then the policy will come into play. There are only a few companies that offer this, so please ensure you opt for one.
Start early: Younger the age, lower the premium. There is also a renewal disc of 5% available for every claim free year. Also given that Critical illnesses have begun to strike early it is good to have a CI policy sooner than later.
Coverage for Pre Existing Diseases : Only few insurers cover Pre Existing Diseases, but only after a waiting period of 4 years. That is another reason to start your CI cover early
Coverage for Pre Existing Diseases : Only few insurers cover Pre Existing Diseases, but only after a waiting period of 4 years. That is another reason to start your CI cover early
Adequate Sum Insured: Ensure that you have an adequate sum insured to cover a major illness. But remember the thumb rule - The higher the SI, higher the premium you pay. Ensure that you have at least a 5 lakh SI, so that you are adequately covered.
> Read Exclusions very carefully: To ensure that you know what is covered and what is not, please read the inclusions and exclusions carefully before you buy your CI policy
Bharti AXA's Critical Illness plans can come at very low, affordable premiums and provide a cover of up to INR 5 lakh. Further, they also provide tax benefit under section 80 D and renewals can be bought at discounts of 5% every year up to a maximum of 25% on a progressive scale! For more details ..
Bharti AXA's Critical Illness plans can come at very low, affordable premiums and provide a cover of up to INR 5 lakh. Further, they also provide tax benefit under section 80 D and renewals can be bought at discounts of 5% every year up to a maximum of 25% on a progressive scale! For more details ..
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