THE CRITICALITY OF CRITICAL ILLNESS INSURANCE

In the last column on the eve of the festival of lights, we initiated a discussion on how vital Term Insurance Cover is for anyone with even a single financial dependent.

- ASHOK KUMAR

It is worth noting that at the turn of the decade, viz., prior to the start of the financial year FY 20-21, barely 10% of those with the means were interested in buying health insurance to cover new-age diseases.

But since the advent of the fear instilled by the pandemic, 71% now consider health insurance a necessity. Notably, and almost overnight, 57% of those surveyed claimed to have understood the importance of comprehensive health insurance plans. That this has not translated into an immediate increase in such coverage is both a reflection of respondent inertia till it is too late and perhaps the lack of an even more aggressive awareness program on the part of insurance companies.