We have progressed greatly in Science, technology and virtually every sphere of life that one can think of. However, the last laugh of our lives still remains with a force-majeure beyond our control; critical ailments like cancer rattles our lives including those with whom we are closed associated with, inducing emotional as well as physical pain and trauma; further, what is even more cumbersome is the colossal list of expenditures that tend to take the wind off individuals especially those in the mid and lower income strata of the ‘so-called’ civilised society. It is thereby of utmost importance to have an insurance policy to protect oneself and especially the dependants, mainly in scenarios where there’s a single bread-earner running the show.
There are many general and life insurance companies, which provide critical Illness plans. Edelweiss Tokio Life Insurance is one such prominent solution provider in this domain. Let us review the one of their plans, namely the Edelweiss Tokio Life – CritiCare+ plan (ETLI):
ETLI is a new generation Insurance Company, which was founded with an initial capital of INR 550 Crores, aiming to build a long-term and viable business solution primarily focused on the consumer. It is a joint venture between Edelweiss Financial Services and Tokyo Marine Holdings Inc, among the oldest and largest Insurance companies in Japan. In fact this makes it one of the best life insurance companies.
The positives of the ETLI are multiple- enlisting a few below:
1. High insurance coverage: the minimum sum insured with Edelweiss Tokio Life – CritiCare+ would be about INR 5 lakhs and going up to a maximum of INR 1 Crore, which in itself is a much higher cover, in comparison with some of its competitors. Moreover, there are additional discounts which are available for larger sum assurance.
2. Affordable Premium: considering that the maximum cover can go up to a crore, the premium that is to be paid for a single claim option of one crore is about INR 1,000 per month excluding the mandatory taxes for an individual who’s a non smoker at an average age of 25. The premium amount, as with any other insurance policies does tend to increase with the entry age.
3. Entry age limit: the entry age limit in terms of enrolling for the policy begins at 18 and can go up to 65 years, obviously depending on the life style pursued by the prospective individual. What is noteworthy in this case is that there are a very few companies in India which extend the upper age limit to 65 yrs.
Last, but not the least, the Edelweiss Tokio Life – CritiCare+ policy accommodates about seventeen critical ailments including cancer.
This, to me is one of the better Need Based Investments which suits the common man’s purse as well as keeps him in the race to survive for himself and the dependants. What do you think?