A Must In Your Protection Portfolio

Add personal accident and critical illness covers to your protection portfolio to ensure complete financial security against risks, by Preeti Kulkarni

- 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.

The Workings