Life Insurance

The heart that beats for your family needs protection too

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A heart attack or heart failure, not only puts a person’s life at risk but also the financial future of the person’s family. This is more so when the person is the sole bread earner of the family. The good news is that one can be financially well-prepared for any heart ailment. Before we tell you about it, here is a brief background that will help you appreciate the need for financial protection from this illness.

 

You are more vulnerable than you think Globally, heart disease is the biggest cause of the death with 16% of all deaths in 2015 being caused by heart attack or failure. The situation is not very different in India with 12.4% of all deaths happening due to Ischemic heart disease. Four people die of heart attack every minute in India, mainly in the age group of 30-50. Also, 25% of heart attack deaths occur in people below the age of 40. In India, every day, 900 people under the age of 30 die due to heart disease. Worse, deaths due to heart disease have been increasing. Take a look at the grim statistics. Deaths due to ischemic heart disease worldwide have increased by 16.6% in the 10 years from 2005 to 2015 to 8.9 million deaths.

 

How a heart failure punches holes in your finances For most people, treating heart failure can be seriously costly. A typical open heart bypass (CABG) surgery in the cities of Mumbai, Chennai or Bangalore could cost Rs 5-7 lakh. At the same time, a typical heart bypass surgery could cost Rs 3-5 lakh, which in case of angioplasty, using one stent, could be around Rs 3-4 lakh. These are the costs only related to specific treatment procedure. However, significant costs arise from out-of-pocket expenses, such as those related to pre- and post-medication, consultation, daily care, and so on.

 

How a heart failure punches holes in your finances With the costs related to heart failure that we have already shared, it is clear you need significant amount of savings to meet them.  The treatment costs increase if the ailment becomes a terminal one, with expenses increasing progressively. Typically, during this phase families not only exhaust their savings but also have to liquidate investments for other major needs like child’s higher education, often at a loss, besides assets like homes. Many families even need to take expensive loans. All this can take a heavy toll on the family finances and impact the future of the family.

 

How some life insurance plans can help While you can take health precautions to ensure a healthy heart, even then there is no guarantee that you will not be impacted by any cardiac ailment. However, one can be financially prepared with adequate financial protection.

 

In this backdrop, there are now term life insurance plans available, especially online term plans that help provide families with financial support during the terminal phase of any cardiac ailment. These plans provide a conversion option under which you can receive a lump sum at a specified conversion rate during terminal phase of the covered disease like heart disease. Here’s how they provide protection.

 

If you have a life cover of Rs 1 crore and if the conversion rate is 50%, you have the option take a lump sum amount of Rs 50 lakh during the terminal phase. In case of a life cover higher than Rs 2 crore, you can opt for a maximum conversion of Rs 1 crore life cover and get Rs 50 lakh as lump sum during terminal phase of heart disease. The policy can continue with a reduced life cover of Rs 1 crore by paying proportionately reduced premium with life cover amount being availed by the family on demise of the insured.

 

Heart attacks can be a testing time for the patient as well as the family. To make sure that things are no more difficult than they should be for your family, get financial protection from IDBI Federal Life Insurance iSurance Flexi Term Plan that covers heart attacks too. Who says no one can avoid financial heartaches from heart attacks?

One can do a lot to prevent heart ailments by leading a healthy lifestyle. But a flexible life insurance plan like iSurance Flexi Term Plan ensures that you have best possible answers ready if heart problems pose tough questions to you

 

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