Enhance protection by adding critical illness rider

Health implications of Covid-19 have perhaps been the pandemic’s most overwhelming element. The same have taught us that medical emergencies can befall when we least expect, creating an emotional and financial upheaval in our lives and also in our families.

While conventional health insurance policies do cover hospitalisation expenses and reimbursements, the sum assured offered is rarely enough to cover the costs. The need for a Critical Illness Rider under life insurance policy that ensures a lump sum amount to the policyholder upon being diagnosed with any of the critical illnesses specified in the policy contract is therefore extremely important for one’s family during these times. At a time when treatment costs are skyrocketing, a critical illness rider that helps against other expenses is crucial.

Invest in a savings plan

The above study also discovered that Covid-19 has driven digitally savvy, urban Indians towards proactive financial planning and is changing the savings and investment dynamics significantly. Not only resources now being directed more towards savings in comparison to basic expenses and investments, but the objective of savings is now focused on medical emergencies and providing for family in case of loss of job/business.

To be able to navigate during uncertainties better, it is worthwhile to invest in a comprehensive savings plan. A good savings plan is one that is safe and systematic. Typically, this is exactly what a life insurance plan does. Under such a life insurance plan one can ensure a dedicated corpus for future life goals such as education, retirement etc. by investing in a disciplined way over the long term, while also receiving life insurance cover against uncertainties of life.

One of the greatest learnings during these uncertain times has been to embrace savings as an important aspect of financial management. In preparation of a rainy day, it is vital to have savings set aside that can be accumulated over the course of months and used to battle unforeseen circumstances creating financial challenges.