This is a question that is very very difficult to handle!
When an agent comes to you he suggests you to take about Rs. 5L of medical insurance – normally. I know of agents who suggest Rs. 3 lakhs of a stand alone policy and a Rs. 5 lakhs floater for the family. Thus the head of the family, theoretically, has about Rs. 8L of medical insurance.
You can also take a ‘top-up’ medical insurance – this comes into play after the first part of the medical insurance has played its role.
Thus if you have a Rs. 3 lakh primary insurance and a Rs. 10L worth of ‘top-up’ insurance, you need not worry if you have claims upto Rs. 13L.
However there is a catch in the top up. If you have one claim of Rs. 8L and after some time you have another claim of Rs. 8L you WILL not get paid by the top up part of the insurance.
The worry is the kind of bills that you CAN run up today. A neighbor recently ran up a bill of Rs. 67 lakhs – and spent one month in coma. Luckily his company picked up the tab and his insurance was not called into play. Surely his company was big (huge) and so the bill was paid for by the company.
Imagine what would have happened to a normal person – such a big amount of money could have come only from a loan or selling off of major assets.
What should you do?
Hope and pray that you do not have to pay for a fire accident (Rs. 20L is a minimum kinda bill), being in Coma can cost you Rs. 55 lakhs for a month. Heart related medicines can cost in excess of Rs. 5-6L a day. ..
really there is no limit to what you may end up paying as expenses…insuring is kind of tough, very tough.
Start a SIP in a balanced fund with a high amount of equity ….maybe with a small amount like Rs. 1000 pm…apart from insuring your self. Slowly increase the SIP amount by about 20% EVERY year…..
As long as this portfolio is earning more than 7% p.a. remember you are building a nice steady sum for your medical emergencies. …..
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