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Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
Kotak e-Invest is a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and needs - be it protection; investment; financial security for child or retirement planning.
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and insurance cover against any eventuality.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
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Critical Illness Insurance Plans provide coverage against some life-threatening diseases which require frequent visits to the hospital with considerable cost. This example will help us gain clarity on this point - Akshay is a senior Tech-specialist in his firm. During a routine check-up, he is diagnosed with arrhythmia, and since this is a critical condition, his doctor advises him to get a pacemaker implant. As a result, he receives a bill of Rs. 10 lakhs for the same. However, his health insurance policy covers only Rs. 5 lakhs. As a result, he has to pay the remaining money from his savings.
Medical emergencies can show up when you least expect them. Given that critical illnesses are unpredictable, it is imperative that we have a critical illness policy in place to handle such situations. Not only you, but your family too struggles with the treatment costs, unending stress, and diving into savings for funding the best treatment possible. Having critical illness insurance can really help reduce the impact of these events so that everyone can focus on the treatment rather than worrying about the hospital bills.
Critical illness policies are covers that are specially designed for protection, keeping life-threatening illnesses and diseases in mind. Such illnesses encompass long term treatments, multiple hospital visits, consultation fees, prescription expenses, and so on. They can add immense financial burden on the person who is going through such a situation. However, a critical illness policy helps by paying the bills in lump sum for all the above-mentioned expenses. Another point to note here is that the critical illness lump sum comes in addition to insurance you may have.
Critical illness insurances can be availed by anybody, but here are a few categories of people who should go for it -
While a person must be at least 18 years old to be able to get a critical illness policy. However, it also depends on the sum assured amount. For example -
- To get a sum assured of 5 lakhs, you must be 50 years old.
- To get a sum assured of 8 lakhs, you must be 60 years old.
Additionally, there is a maximum age bar (generally 45 years), post which you need to get specific medical tests done to avail this policy.
Usually, banks or insurance companies have their categories of critical illnesses with their respective terms and conditions, so it is quite common to find differences across these plans. However, here is a list of illnesses that are generally covered -
There are several advantages of adding a critical illness rider. A few are mentioned below -
Critical Illness Policies are generally added as rider benefits to a pre-existing Health Insurance that you might have. People generally go for Term Insurance with critical illness benefits, which provides them with a large additional coverage. If you want to protect your health and ensure your family’s safety, choose the rider with maximum benefits today!
- A Consumer Education Initiative series by Kotak Life
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