Cardiac Cover for Stressful City Lifestyles: Do You Need a Critical Illness Plan?

Critical Illness Premium for a 30YearOld NonSmoker Is Buying Early Worth ItFor a healthy 30yearold nonsmoker buying critical illness cover early is usually worth it because this period is when you can lock in the lowest premium youre likely to be offered At this age a Rs 15 lakh critical illness addon can cost around Rs 3750 a year A Rs 20 lakh critical illness rider on a term plan can cost around Rs 6660 a yearIf you wait until your 40s premiums go up with age Youre also more likely to have developed conditions like high blood pressure or diabetes by then These can lead to a higher premium or the insurer may exclude them permanentlyWhy Heart Risk Starts Earlier for City ProfessionalsHeart disease is no longer something that only shows up after 50 For many people in highpressure city jobs its arriving in their 30sEstimates suggest that 1237 to 1637 of coronary artery disease cases in India now affect people under 40 Indians also tend to get heart attacks about ten years earlier than people in Western countries Heart disease causes nearly a quarter of all deaths in IndiaCardiologists say a large share of their younger heart patients work in highpressure jobs such as IT and finance They link the condition to chronic stress late nights poor sleep processed food and long hours of sittingWhat Decides Your Critical Illness PremiumInsurers price critical illness cover mainly on how likely you are to make a claim At 30 with no smoking habit that risk is about as low as it getsAge Premiums rise as you get older so the age you buy at sets your starting priceSmoking Smokers pay noticeably more for the same coverSum insured A bigger lump sum means a bigger premiumNumber of illnesses covered Plans range from about 8 illnesses to more than 60Health at purchase Existing conditions can bring a higher premium or a permanent exclusionThese figures are indicative Your actual premium will depend on your city medical history and the plan you chooseWhy a Family Health Plan Isnt Enough on Its OwnA regular health policy and critical illness cover serve different purposes Most young families only have the first oneA family health plan pays hospital bills and that matters because cardiac procedures now typically cost Rs 3 lakh to Rs 8 lakh But a heart attack costs more than the hospital bill Recovery can mean months off work followup care and changes to how you live Meanwhile EMIs and rent still have to be paid Health insurance doesnt replace lost incomeAlso if several family members share one floater a single cardiac claim can use up a large part of everyones cover for that yearHow a Critical Illness Plan PaysThis cover doesnt depend on your hospital bill It pays out on the diagnosis A critical illness plan pays a lump sum when youre diagnosed with a covered illness such as a heart attack openheart bypass surgery stroke or cancer The payout is fixed whatever the treatment actually costsYou can use it for treatment loan payments household costs or income you lose while you recover Claims are mostly based on medical proof of the diagnosis so theres less paperwork than with a regular claim You can also claim the premium as a deduction under Section 126 previously 80D within the usual limits if youve opted out of the default tax regimeWhat to Check Before You BuyThe cheapest plan isnt always the best value These details decide whether the plan actually pays when you need itWaiting period many plans wont pay for anything diagnosed in the first 90 daysSurvival period you usually need to survive 14 to 30 days after diagnosis to get the payoutCardiac definitions check how the policy defines a heart attack because many plans only cover the first heart attack of a certain severitySum insured pick enough to cover your EMIs and household costs for at least a yearStandalone or addon a standalone plan usually allows a higher sum insured than an addon to your existing policyFinal ThoughtsCritical illness cover is currently inexpensive for a 30yearold nonsmoker working in a stressful city job and it protects their income in the future Waiting saves very little money and risks losing the cover entirelyKeep your health policy for hospital bills add critical illness cover to protect your income and buy it while your health still gets you the lowest premiumDisclaimer The information provided on the Website does not constitute investment advice financial advice trading advice or any other form of advice and you should not interpret any of the financial content as such Please conduct your own due diligence and consult with a financial advisor before making any investment decisions Midday does not endorse or promote any such activities and you access them at your own risk fully understanding the monetary and legal consequences involved Midday shall not be held responsible for any losses you may incur as a result of using any such apps or websites

Cardiac Cover for Stressful City Lifestyles: Do You Need a Critical Illness Plan?

Critical Illness Premium for a 30-Year-Old Non-Smoker: Is Buying Early Worth It?

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Home / Buzzfeed / Article / Cardiac Cover for Stressful City Lifestyles: Do You Need a Critical Illness Plan?

Cardiac Cover for Stressful City Lifestyles: Do You Need a Critical Illness Plan?

Critical Illness Premium for a 30-Year-Old Non-Smoker: Is Buying Early Worth It?

Other Articles

Mid-Day Fast