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Nov 30th 2021
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Home Lifestyle Wellness Life insurance means security, safety and protection

Life insurance means security, safety and protection

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If you value your life then it's important to cover yourself.


Insurance provides financial protection against a loss arising out of happenings of an uncertain events. A person can avail this protection by paying premium to a company. Insurance works on the basic principle of risk-sharing. A great advantage of insurance is that it spread the risk of a few people over a large group exposed to risk of similar type.

Many people may not realise that an affordable alternative to costly permanent life insurance policies even exist. They hear of the rates accompanying a permanent or whole life insurance policy and think that they cannot afford life insurance. Consequently they leave their loved ones uncovered.

Actually an affordable alternative does exist, and that is term life insurance.

Life insurance and critical illness walk hand in hand!

According to the Indian Statistical Institute, in a July 2011 paper, the average cost of a cancer patient (inclusive of radiotherapy, chemotherapy, and others in AIIMS (India) is Rs 1602 per week. The cost of a 7 week radiotherapy courses are Rs 8,184 and the average economic burden for a person being treated at AIIMA comes to around Rs 36,812 per week.

The minimum cost of heart Bypass Surgery in India is around Rs 485,502 and maximum cost is around Rs 613,250.

The other average cost of treatment to critical illness includes:

· Transplant - Rs. 282,500
· Stroke - Rs. 33,79,000
· Hemophilia - Rs. 34,34,490
· Neonate (premature baby) with extreme problems - Rs. 55,94,800
· End-Stage Renal Disease - Rs. 91,83,000

With these numbers in mind, its no surprise that over 50 per cent of bankruptcies are caused by medical bills.

So even if your critical illness cover is $50,000, it may not be sufficient. Think about it!  

---Vikas Kotwal is a Dubai based Protection Specialist. You can reach him at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .


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