Buy Critical Illness Insurance

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Buy critical illness insurance 
The rise in lifestyle-related diseases makes it an absolute necessity. 

The urgency to buy critical illness insurance stems from three reasons: steep rise in the incidence of lifestyle-related illnesses, high cost of treatment for these ailments, and surging medical inflation. Lifestyle diseases account for over 55% of deaths in India and the incidence of critical illnesses, such as cardiovascular diseases, strokes and cancer, is on the rise. A significant number of critical illness claims are from the 30-40 year age group 

According to the Indian Council of Medical Research, India is likely to have over 17.3 lakh new cases of cancer and over 8.8 lakh deaths due to the disease by 2020. 

Why you need critical illness insurance 

a. Rising incidence of lifestyle diseases and cancer 
1 in 3 people above the age of 30 suffers from a lifestyle disease (cardiac issues, diabetes, high cholesterol). 

17.3 lakh new cases of cancer by 2020 

b. High cost of treatment 

Cardiology 
Angioplasty (one stent) Rs 1.9 lakh - Rs 4.1 lakh 
Bypass surgery (CABG -coronary artery bypass graft) Rs 1.9 lakh - Rs 6 lakh 
Cancer 
Chemotherapy (per cycle) Rs 63,500 - Rs 1.9 lakh 
Breast cancer surgery Rs 1.9 lakh - Rs 4.2 lakh 

Transplant 
Liver transplant Rs 25.4 lakh - Rs 35.5 lakh 
Kidney transplant Rs 3.2 lakh - Rs 13.9 lakh 

c. Surging medical inflation 
176% Increase in average medical expenditure per hospitalisation for urban patients between 2004 and 2014. 

12.5% Medical inflation in 2016, as per the 2017 Global Medical Trends Survey Report. 

Source: India Healthcare Tourism 

Another report from GOQii, a fitness technology platform, states that one in three people above the age of 30 suffers from a lifestyle disease—cardiac issues, diabetes, high cholesterol— which often escalates to serious health issues. If you believe you have covered your risks with a basic health plan, think again. 

While regular health plans are indemnity policies, which pay only for in-patient hospitalisation, critical illness covers are defined benefit plans and offer a taxfree lump sum on the diagnosis of a specified illness. This means the funds can be used to undergo treatment anywhere in the world or repay an existing loan, while hospitalisation policies cover treatment only in India 

Besides, these illnesses have prolonged treatment periods and ancillary costs, which are not compensated by a basic health cover 

Add to this the fact that healthcare costs are increasing at an exorbitant rate each year, with medical inflation in the range of 13-15%. You can buy a critical illness plan as a standalone policy or combine it as a rider with life or health plans. A standalone policy is more viable as it offers flexibility and a comprehensive coverage 

Also consider factors like number of illnesses, waiting period and renewability while buying a cover. 

Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds

Top 10 Tax Saver Mutual Funds for 2018

Best 10 ELSS Mutual Funds to invest in India for 2018

1. DSP BlackRock Tax Saver Fund

2. Invesco India Tax Plan

3. Tata India Tax Savings Fund

4. ICICI Prudential Long Term Equity Fund

5. Birla Sun Life Tax Relief 96

6. Franklin India TaxShield 

7. Reliance Tax Saver (ELSS) Fund

8. BNP Paribas Long Term Equity Fund

9. Axis Tax Saver Fund

10. Birla Sun Life Tax Plan

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