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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.
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.
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 Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
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Before understanding critical illness plans, it will be beneficial to know the meaning of a critical illness. It is a severe health condition, which has an incapacitating consequence on your health and lifestyle. Generally, you need to spend huge amounts to treat such illnesses. You may also be unable to work due to the severe health condition.
As modern living becomes stressful coupled with unhealthy eating habits; there is a rise in the number of people being affected from such critical illnesses. You may also face financial difficulties due to loss of income and high treatment costs.
To protect yourself and your family from financial difficulties during an emotionally stressful situation, it is important to avail of a critical illness policy. This kind of an insurance plan offers a lump sum payout if you are diagnosed with any of the covered health conditions. The money may be used for your treatment or to meet the daily expenses of your household.
Often, you may confuse between health and critical illness insurance. However, the former is a comprehensive plan covering hospitalization expenses for any medical condition. On the other hand, the critical cover is available in case you are diagnosed with severe sicknesses, such as permanent paralysis and tumor, among others. Another difference is that to avail of benefits under a health plan, you need to be hospitalized for treatment. You may either claim your expenses by providing the bills or seek treatment at a network medical facility. Under a critical illness plan, hospitalization is not mandatory. The plan will pay a lump sum amount when you are diagnosed with the medical condition and the money may be used as desired.
Most of the types of critical illness plans cover the following medical conditions:
Several other conditions may be covered by various insurance companies. It is important you read the policy document carefully to avoid any unpleasant surprise in the future.
Some of the conditions that are not covered under a critical illness plan are listed below:
Have you considered the consequences on your family in case you are unable to earn an income due to a serious medical condition? Moreover, how will you meet the treatment costs? A critical illness plan is beneficial to deal with this situation. In addition to receiving a lump sum payout under the policy, here are other benefits of such insurance plans:
It is important to know what is critical illness before you choose the most appropriate policy for your needs. Today, critical illness coverage is vital as the number of people affected by such conditions is increasing. Moreover, due to stress many people belonging to the younger age group are being affected by critical illnesses. Therefore, such a policy is crucial to protect you and your family against financial difficulties in case of a critical illness.
- A Consumer Education Initiative series by Kotak Life
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