Have you thought about Cancer Cover???
Sanjeev was 40 years old working in an IT firm earning a hefty salary. Neena his wife was a house maker with 2 beautiful kids.
Suddenly one morning Sanjeev felt lump in his stomach and as the investigation proceeded it was diagnosed as pancreatic cancer.
He had a mediclaim which was taking care of his hospital expenses (though not fully)
But following things happen:
1. They decided to take treatment in Mumbai so they had to go frequently to mumbai to take the chemo.
2. After couple of months it was clear that he will not able to continue his job at least for few years.
3. They started utilizing their own savings but it was a burden on their cash flow.
4. He had to pay EMI for House and Car which was another burden as there was no income.
5. Though he had life insurance policies but there were of no use.
What if he had a cancer Cover for 50 Lakhs?
1. After his cancer was detected he would have got 50 Lakhs as Lumpsum.
2. A guaranteed Pension of RS 50000 per Month would have started for next 10 years irrespective of whether he is alive or not.
3. His future Premiums would be waived so there is no additional burden of paying the premiums.
So this financial benefits would have helped the family to go through this difficult situation
* Certain Term and conditions have to be fulfilled to get the benefits
Considering this example there is strong case for Benefit Plans like Cancer Cover looking at the rising lifestyle diseases.
-Niraj Nanal
CFP, RLP
