FALLING PREY AT EARLY AGE
suffer a loss of income. A critical illness cover, which pays a lump sum on diagnosis, can take care of the post-hospitalisation expenses. If invested, the money can also serve as replacement for the 30% claims made bythose under 45 FY16 FY17 Age (yrs) Claims foreach age bracket as percentage of total claims* 12.66 16.63 11.39 14.13 23.42 26.96 19.87 16.15 10.63 10.57 22.03 15.56 35 and below 35 -45 45-55 55-60 60-65 > 65 loss of income the patient has suffered.
Next, let us turn to a couple of specialised policies targeted specifically at heart-related conditions. The usual mediclaim policies will not cover, or have a prolonged waiting period, for those with a heart condition. One option available to them is Star Cardiac Care Insurance which covers people who have undergone coronary artery bypass grafting or coronary angioplasty. "This policy offers coverage for pre-existing cardiac ailment from the 91st day after commencement of policy while the industry normally covers any preexisting disease after a waiting period of four years," says Anand Roy, executive director and chief marketing officer, Star Health and Allied Insurance. It also offers regular in-patient hospitalisation benefits and can hence serve as a mediclaim cover for such people. Outpatient treatment charges are covered up to certain limits. Personal accident death cover equivalent to the health sum insured is also provided. No medical check-up is required. Underwriting is done based on the patient's cardiac-related health records.
Then you have a policy such as Sanjeevani from Exide Life Insurance, which works as a fixed benefit plan. It provides a lump sum payout on diagnosis of heart and cancer-related conditions. While a policy like this will cover you for heart and cancer-related problems comprehensively, it has a narrower coverage than a critical illness policy (which can cover you for about 15-30 ailments). Most people should opt for a combination of mediclaim and critical illness first. Then, if their family history or living conditions put them at high risk of heart disease or cancer, they may consider this policy.