There have a been a few good articles recently that i read about various types of medical covers that are available on the market. Some of them were very good reads and informative I am sharing those here:
1) How Critical is Critical Illness Insurance - on The Financial Literates by Hemant Beniwal.
There were my comments on it:
Hi all,
As usual Hemant has produced a master piece for drawing our attention to a very Critical issue that we usually keep on the back-burner as we do with all critical issues. most of the time URGENT takes over IMPORTANT in our life and urgent is not always good for all of the people. Many a time it fulfills the prophecy ‘Haste makes Waste’.
Purvesh has given valuable insight by bringing to fore a new way in which one can get cover against critical illnesses. But as I had this cover from PNB that came along with my Debit card, I later checked out that it was only for the first year and not for subsequent years like the group accident policies banks offer during their “Bachat Khata Saptah” drives. Also in many cases (and branches) the bank officers are not equipped with info on how to proceed with such specialised products for which (1) they are not give special training; (2) they are not directly rewarded in form of commission (usually the branch is); (3) they are not dealing with it routinely (only once in a blue moon some one would go to a typical bank branch for buying Critical illness cover).
The above scenarios are not “one size fits all” as there are some very good branches that have done specially very good in customer dealings and keep their staffers updated on all things in which the branch deals. Again I had personal taste of such delightful care at one of the SBI branches. So, if you are among the lucky few who have a friendly and updated branch staff, then probably it will be the best option to go for.
I also searched the websites of many general insurance companies who are offering such covers a detailed analysis as per the data available on their websites is available on the Google document (use the link ) [ https://docs.google.com/spreadsheet/ccc?key=0AlcQULrMa-IvdGdHd1dYSzFQdTE2MFllYmZDVndXVkE&hl=en_US ]. It is similar to the one Hemant has produced above in the article, but his is simple and indicative mine is complex and would require more brainstorming.
It was a sock and a revelation that apart from National Insurance no other PSU company provides critical insurance cover!!!! They all are busy making money.
ONE MOST IMPORTANT thing that I stumbled upon was a very unique critical illness care facility that is available to anyone outside of USA to avail the best of facilities in top 15 of USA hospitals – the Preferred Global Health ( http://www.pghworld.com ). I am not recommending this company as I got info on it only through Internet but it is worth looking at for a person who may have some link in Boston, USA to check out the credentials of the company. Also, I have no idea about the costs that may be incurred on such a plan and whether it is for individuals and/or groups such as companies/clubs for their members.
But even before buying a critical illness cover I would recommend that one should buy the regular medical cover for family and may opt for a critical illness rider with that.
Regards,
As usual Hemant has produced a master piece for drawing our attention to a very Critical issue that we usually keep on the back-burner as we do with all critical issues. most of the time URGENT takes over IMPORTANT in our life and urgent is not always good for all of the people. Many a time it fulfills the prophecy ‘Haste makes Waste’.
Purvesh has given valuable insight by bringing to fore a new way in which one can get cover against critical illnesses. But as I had this cover from PNB that came along with my Debit card, I later checked out that it was only for the first year and not for subsequent years like the group accident policies banks offer during their “Bachat Khata Saptah” drives. Also in many cases (and branches) the bank officers are not equipped with info on how to proceed with such specialised products for which (1) they are not give special training; (2) they are not directly rewarded in form of commission (usually the branch is); (3) they are not dealing with it routinely (only once in a blue moon some one would go to a typical bank branch for buying Critical illness cover).
The above scenarios are not “one size fits all” as there are some very good branches that have done specially very good in customer dealings and keep their staffers updated on all things in which the branch deals. Again I had personal taste of such delightful care at one of the SBI branches. So, if you are among the lucky few who have a friendly and updated branch staff, then probably it will be the best option to go for.
I also searched the websites of many general insurance companies who are offering such covers a detailed analysis as per the data available on their websites is available on the Google document (use the link ) [ https://docs.google.com/spreadsheet/ccc?key=0AlcQULrMa-IvdGdHd1dYSzFQdTE2MFllYmZDVndXVkE&hl=en_US ]. It is similar to the one Hemant has produced above in the article, but his is simple and indicative mine is complex and would require more brainstorming.
It was a sock and a revelation that apart from National Insurance no other PSU company provides critical insurance cover!!!! They all are busy making money.
ONE MOST IMPORTANT thing that I stumbled upon was a very unique critical illness care facility that is available to anyone outside of USA to avail the best of facilities in top 15 of USA hospitals – the Preferred Global Health ( http://www.pghworld.com ). I am not recommending this company as I got info on it only through Internet but it is worth looking at for a person who may have some link in Boston, USA to check out the credentials of the company. Also, I have no idea about the costs that may be incurred on such a plan and whether it is for individuals and/or groups such as companies/clubs for their members.
But even before buying a critical illness cover I would recommend that one should buy the regular medical cover for family and may opt for a critical illness rider with that.
Regards,
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