What Is Critical Illness Policy, What Does It Cover and Why Do You Need It?

February 2, 2021 Gautam Sarkar Critical Illness, 316 Views

Critical illness insurance is a specific insurance that covers serious and long-term illnesses that require expensive medical treatment. Today most health insurance plans offer critical illness rider cover on payment of extra premium. In return, the policy helps the insured to pay for very expensive hospitalization and treatment costs.

A Critical Illness Insurance policy offers protection against life-threatening critical diseases cancer, renal failure, heart attack, etc. The policy provides with a lump sum amount that can be utilized to cover exorbitant medical expenses for critical illnesses that are covered under the plan.

Importance of Critical Illness Insurance Policy

If we talk about the need for a critical illness policy, you should keep in mind that it holds immense significance. The deskbound lifestyle of the 21st-century is giving birth to various kinds of illnesses and diseases. Most of such illnesses are critical in nature.

Different studies imply a stable rise in the number of people falling victim to critical illnesses. The number of people developing critical illnesses is increasing. On the other hand, the age at which people develop these critical illnesses is constantly decreasing. It basically points out that millennials are prone to developing critical illnesses when compared to the earlier generations.

Who Should Buy Critical Illness Insurance Policy?

The treatment is getting better gradually since the hospitals are spending a great deal on super-speciality equipment. Attributable to this and medical inflation, the cost of treatment is increasing. It’s quite common today for the incurred medical expense to go sky-high when a person is hospitalized.

For instance, for women having breast cancer, Herceptin, which is a drug for breast cancer can cost a bomb. What’s more, the patient needs at least 16 vials while undergoing the treatment. So it’s quite understandable how much a patient needs to spend during the entire treatment.

Hence, opting for the best critical illness plan seems to be a feasible option keeping in mind the treatment costs for critical illnesses.

You need critical illness insurance if you consider yourself to be associated with the below-mentioned categories:

Having a history of critical illness in the family
Sole/Primary breadwinner of the family
People above the age of 40 years
People who are into high-pressure jobs

Illnesses Covered under a Critical Illness Insurance Policy

In general, critical illness insurance plans cover the following illnesses:

Heart attack (first time)
Stroke
Open heart coronary artery bypass grafting
Cancer up to the specified stage
Coma of specified severity
Kidney failure that requires regular dialysis
Permanent paralysis of limbs
Open heart replacement or repair of heart valves
Major organ transplant
Deafness
Major burns
Motor neuron disease, also known as amyotrophic lateral sclerosis (ALS)
Multiple sclerosis
End-stage liver disease
Bacterial meningitis
Bone marrow transplant
Aplastic anaemia
Loss of speech
Fulminant viral hepatitis
Muscular dystrophy
End-stage lung disease

Disclaimer: This list is only indicative and not comprehensive. Insurance providers offer coverage for various critical illnesses under different critical illness insurance plans. It’s advisable to go through the policy documents to understand the illnesses covered in details.

Exclusions of Critical Illness Insurance Policy

Critical illness plans generally do not provide any coverage for the following:

Death or demise of the insured within 30 days of diagnosis of critical illness or surgery
Any sort of listed critical illness diagnosed within the specified waiting period
Childbirth or Pregnancy-related critical condition
Any treatment that outside India
Any cosmetic surgery
Critical illness developed due to smoking, tobacco, alcohol or drug intake
Illness caused/ developed due to war, terrorism, civil war, navy or military operations
Critical illness/disease due to internal or external congenital disorder
Any dental care
HIV/AIDS
Hormone replacement treatment
Infertility treatment/ any treatment to assist reproduction

Summing Up

If you had a thorough read of the blog, you should now understand the importance of having a critical illness insurance policy. Meanwhile, you can click here to check out some of the top critical illness insurance policies.

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Families of road crash victims needs to be aware insurance claime

Families of Road Crash Victims Needs to Be Aware of Insurance Claims

Personal Accident Insurance
November 4, 2016

Analysis of traffic crashes in India has revealed that only around half of country's road deaths in FY'16 resulted in insurance claims. There were around 146,000 road fatalities in India during this period. The problem has been revealed by India's Supreme Court.

ere are suggestions that the families of many of the road death victims do not know that they are entitled to compensation.

The Supreme Court pointed out that four public sector general insurers - New India Assurance, National Insurance, Oriental Insurance and United India Insurance - hold around 90% of country's business and collected over $3.17 billion in premiums while only paid just over half of this towards claims for crashes. Of these, 24% of the claims were for fatal crashes.

India's road safety record has come into focus as between 2013 and 2015 the rate of road deaths rose by 6%. However, the number of insurance claims declined by 15% for the same period and payments to the families of the victims dropped by 10%. The Supreme Court is pushing the government to take action and heighten awareness amongst families of their rights in regard to insurance claims following vehicle crashes

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to all my LIAFIans,f reinds and claints happy divali

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22 Hidden Charges in Saving Bank Account

1. Non Maintenance of Monthly/Quarterly Average Balance:

Almost all banks insist on maintaining monthly/quarterly average balance. In case you fail to do so, banks can charge anywhere from Rs 200 to 500 per instance.

Idea: Keep track of your account balance or open account which has no requirement to maintain minimum balance. SBI does not have requirement of minimum average monthly or quarterly balance in its accounts.

2. Bank Branch Visits:

Most banks discourage customers to visit their branches as branch transaction is much more expensive for banks as compared to ATM or internet banking. So banks charge anywhere between Rs 50 to 200 for transactions in branch. This charge may vary based on transaction (cash Vs non-cash) and the type of savings account you have .// Idea: If you are tech savvy and use internet banking coupled with calculated use of ATMs you can avoid visiting bank branches. In case you visit them know the limit after which the banks start charging your visit.

3. Money Transfer charges:

Transferring money online has brought lot of convince and is widely used. But even this is not free. If you use RTGS or NEFT to transfer funds from one bank to other, banks charge between Rs 5 to Rs 25 for each transaction. // Idea: You can use mix of cheque and internet banking to transfer money.

4. Debit Card Annual Fee

The annual fee for debit card varies from Rs 100 to 500 depending on the card. Banks also charge in case you request add on cards for family members.

Idea: Some banks offer facility to link multiple accounts through one card. You can use this facility in case you have multiple accounts in the same bank. Also in case of joint account, take card for all holders if necessary.

5. ATM Usage:

With the new RBI notification banks are allowed to charge customers for more than 5 usages of ATMs in a month. The charges can vary from Rs 8 to 20 depending on the type of transaction.

6. Email/SMS alerts:

Banks charge around Rs 15 per quarter for SMS alerts. This was started as an essential security feature but banks have started making money out of it.

7. Bank Statements:

Request beyond fixed annual, quarterly or monthly account statements entails charge. This may vary from Rs 50 to 200.

Idea: Avoid taking unnecessary statements and use net banking to keep track of bank account. Also if you need to submit bank statement for anything, take the statement printout with you and get it signed from the bank. In this case most banks do not charge.

8. Cheque Bounce:

Banks charge whenever the cheque bounces. In most cases the charge is levied on both – one who had issued the cheque and the person who had submitted the cheque. This may vary from Rs 100 to Rs 500 per instance.

9. Stop Payment Request:

In case you instruct the bank not to pay an already issued cheque, banks may charge Rs 50 to Rs 100 for this. HDFC bank charges Rs 50 for stopping single cheque and Rs 100 for series of cheques.

Idea: Many banks do not charge if you use Phone banking and Net Banking for stop payment requests.

10. Additional Cheque Book Request:

Generally a fixed number of cheque books are free every quarter, anything above that is chargeable. For instance ICICI bank gives 30 cheque books free every quarter. Thereafter every book costs Rs 30.

11. Standing Instructions:

Standing instruction is a good thing for paying regular monthly bills. But some banks charge one time fee for setting up standing instruction and recurring fee for processing it every time. SBI charges onetime fee of Rs 50 for standing instruction setup. A failed standing instruction can set you back by Rs 225.

Also Read: Payment Banks – How it impacts you?

12. Debit/ATM card Replacement Fee:

Most banks charge a fee to replace your lost or broken ATM cum Debit card. This fee varies from Rs 100 to 500.

13. Reset Password/PIN number:

You forgot your ATM card PIN number of Net banking Password, be ready to shell out some fee to the bank to reset these. For instance HDFC bank charges Rs 50 plus taxes for PIN reset.

14. Debit Card decline due to insufficient funds:

If you swiped your debit card but there was insufficient fund in the account, banks would charge you for that. For e.g.ICICI bank charges Rs 28.09 per swipe for decline due to insufficient funds.

15. Redeem Reward Points:

Most banks offer reward points for using their Net banking or Debit cards. This is a way to keep customers engaged and keep them spending through their cards. But when you try to redeem those earned reward points you may be charged even for that. ICICI bank rewards are associated with Payback and they charge Rs 99 plus tax on any catalogue based redemption and Rs 25 plus tax for any online or in-store redemption made by the customer.

16. Attest Photo, Signature or Address:

Many a time customers require banks to attest their photos, signature or address. SBI charges Rs 150 for signature verification.

17. Balance Certificate:

Banks may charge from Rs 100 to 500 to issue balance certificate.

18. Interest certificate:

Generally the first copy is free but for each additional copy you may be charged anywhere between Rs 50 to 250.

19. Closing Bank Account:

Many banks charge you “Account closure fee” in case you close your account too soon. For e.g. ICICI bank charges Rs 500 for closing accounts if it’s within 1 month to 1 year of account opening.

20. Transfer of accounts:

Want to transfer your account from one branch to other, SBI charges Rs 100 per instance.

21. International Usage of Debit Card:

In case you use debit card to withdraw money at foreign location, be ready to shell out fee amount at ATM. For e.g. HDFC bank charges Rs. 15 per balance enquiry & Rs. 110 per cash withdrawal (plus taxes). Also there is a mark-up of 3.5% on foreign currency transactions carried out on Debit Cards.

22. Returned Courier due to wrong address:

SBI charges Rs 100 if you ATM card/ KIT returned by courier due to wrong address.

Conclusion:

As you can see there a lot of charges associated with savings bank account. These charges would keep on growing every year as banks focus to earn more revenues from non-interest income. RBI has mandated all banks to display their charges on their website. You must visit the respective pages on your bank’s website to keep yourself aware with any new charges. Also it’s very important to make a list of all savings accounts and close all those which are not required.

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