Add personal accident and critical illness covers to your protection portfolio to ensure complete financial security against risks, by Preeti Kulkarni
That life and health insurance policies are critical to protect oneself and dependents from unforeseen exigencies is a widely accepted view. However, not many stop to think of the major risk that can deal a body blow to finances during one’s lifetime—that of being disabled in an accident, affecting employability and thus, income flow. A large life or health cover would be of little help in making good the loss of income. The only solution to this conundrum is to buy a personal accident – or accidental death and disability – covers. Disabilities could include dismemberment of any body part, loss of sight or hearing.
A simple health cover of say ₹5 lakh could also prove to be inadequate should one contract a major illness like cancer or renal failure, which entail huge treatment costs. This is where a critical illness of say ₹20-25 lakh could help, shielding your finances from the impact of treatment expenses.
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