It is possible that Aristotle and Plato have mentioned this in their discourses but I admit I haven’t read both these gentlemen. All I know is that if you want to see life in all its transparency, you just need to get sick.

Well, I know of many friends who tell me, ‘Listen buddy, I was critically ill six years back and that was when I knew what a big farce my savings were. That was when I realised how busy my friends were… and how distant relatives were.’ I thought about what he had said and after a round of cynicism, went on to agree with him. All we need is to get ill and the realisation of a lot of objective and subjective elements of life become demystified. 

Knowing the truth about busted relationships with your fiscal condition is as important as knowing the little secret behind a healthy life. Well, I’ve read somewhere that “it’s no longer a question of staying healthy. It’s a question of finding a sickness you like” because it is only then that you would try and ensure that it doesn’t spring a surprise upon your fiscal stature.

Yes, I am talking of going around finding an insurance policy that you may term budget insurance if you’re the sort who looks into every nook and crevice before deciding on finally buying anything. There are a lot of companies with their own army of policies that claim to help you link health with the possible expenses that it may need at some point in your life. What you obviously need is the right guidance so that you reach out to the one that is most appropriate to your needs.

As an example I can opt for Edelweiss Tokio Life – CritiCare+ and talk about what these health plans are all about and you need to be careful about. In a nutshell, the policy that I have picked up as an example, helps you stay protected against 17 illnesses, gets you a lump sum benefit on the diagnosis of Critical Illness, allows you to claim three times during the policy term under Multiclaim option, grants a waiver of future premiums on occurrence of first claim and stay protected for the remaining term of the policy, paves a way for discounts for higher Sum Assured, and qualifies you for tax benefits for premium and claim amount. I must also warn you that exclusions and riders must be thoroughly understood by you as a buyer… and you do have the choice of reaching out to policybazaar and doing a comparative study of the options available.

By the way, these days you do not necessarily have to call an agent and listen to his or her biased sales talk… there are websites and portals offering you all the help you will ever need. The policy that I have picked as an example also offers the convenience of purchasing this plan online so that you can complete your financial plan from the comfort of your home. You can also request for an advisor so that they can understand your needs and help you prioritize them. Other facets that you need to look for are the entry ages, the ages of maximum maturity, the total policy term, initial waiting period, survival period, and the waiting period between claims. These are little nuggets of knowledge that will prevent you from being misled by any unscrupulous person pretending to be an expert financial advisor. For your information, the brochure of the policy that I have picked up to illustrate health insurance defines the initial waiting period as the fact that the “claim for critical illness will only be accepted if the illness has occurred after the expiry of 90 days from the date of issue/date of renewal of policy.” Survival period clarifies that “the Life Insured should survive for 28 days from the date of confirmed diagnosis of the Critical Illness. The diagnosis is confirmed once it is established through medical tests or is certified by a medical practitioner.” Finally, waiting period between claims is all about “the minimum required time between two critical illness incidences for Multiclaim option from the date of issue / date of revival of the policy.”

It is a brilliant idea to read and re-read every little clause and also understand what the illnesses are that are covered and in what manifestations and stages of complications. It is better to know and reject than opting for an ignorant acceptance.

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Review of Edelweiss Tokio Life - CritiCare+

Review of Edelweiss Tokio Life – CritiCare+

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Arvind Passey
13 April 2015