Thursday, May 12, 2016

Why is Edelweiss Tokio Life Criticare one of the best critical illness plans

Why is Edelweiss Tokio Life – Criticare+ one of the best critical illness plans?

If you have friends in Canada or the United states, chances are that you've heard them praise the healthcare system umpteen times. They keep on talking about how the healthcare system sees to it that every citizen's health is looked after by the government at subsidized rates or free of cost.
This reassurance is what we lack in India. Generally, we are more prone to onset of serious ailments unlike any  other time in the past. These are some of the types of critical illnesses that can affect individuals: 

  • Heart Attack
  • Kidney Failure which may lead to an Organ Transplant or dialysis  
  • Paralysis
  • Various types of cancer
  • Burn injuries

If we take a look at the cost of managing these illnesses, it seems beyond the reach of a common man. Costs of regular dialysis can range between Rs.50000-2 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.
All the above are actually only hospitalization costs. But what about the impact of being unable to work due to the recovery process? That is something that is not covered by mediclaim. Recovery from a CABG surgery will take at least 4 to 6 weeks, after which you may take around 2 months or so to actually be fit enough to take the stress of work, travel, etc. If you've undergone a kidney transplant, it may take you around 2 to 6 months to recover. During this period, if you are the breadwinner for the family, you may find it difficult to make ends meet and you may end up exhausting all your lifetime savings.

How do you prepare yourself financially for this setback? A critical illness insurance can help you recover these expenses. Critical illness insurance provides a lumpsum amount on the diagnosis of any illness that is pre listed in the policy. There are many critical illness plans available in the market. Some only provide cover against cancer like Aegon and HDFC Life. Some general insurance companies 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. There is a critical illness plan provided by Edelweiss Tokio Life. This is a stand alone plan and not a rider. The premium rate is also reasonably low for a high sum assured and it covers 17 critical illnesses which are most common in India. Edelweiss Tokio Life – CritiCare+  stands out when compared to others because it’s the only plan which provides a multi claim option and 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 your income generating capability is hindered due to a critical illness.

With Edelweiss Tokio Life – CritiCare+, you are assured that you have prepared yourself financially to bounceback (hyperlink: ) from a critical illness.

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