In 2022, the newest motto is “Budget-friendly decisions, investments & purchases!”. With rising costs of living and healthcare, it’s no wonder people are moving away from heavy-duty expenses. But are they compromising on safety and security, too? While living the minimalistic lifestyle is a great detox, diving into it head-first may cause some harm.
People say that compromises can make relationships work, but the same can’t be said with your finances and health. In fact, a sudden illness or accident could strike down those finances. One could argue that a budget-friendly lifestyle leaves more room for savings. However, it’s not entirely possible for a person to save up enough money to deal with expensive medical treatments and hospitalisations.
If you haven’t already noticed, bargain shoppers are less likely to splurge on items regardless of their importance. Those interested in purchasing health insurance may be reluctant to pay pricey premiums. In turn, they might settle for policies that offer minimal coverage for a low premium. Such policies may be able to handle minor claims and medical bills, but policyholders might exhaust the sum insured before a real medical emergency.
So, what can they do? All those months and years of savings would deplete in a matter of a few hospital bills. Moreover, those injured in accidents or suffering from diseases or illnesses require prolonged treatment. Their delicate finances would buckle under such immense pressure without adequate health insurance.
Fortunately, small ticket insurance products work similar to health insurance policies, but at a fraction of the cost! These bite-sized policies cover a variety of illnesses, disorders and events to protect you and your loved ones.
5 Budget-Friendly Pocket Insurance Policies
Like any other insurance, most small-ticket insurance policies are valid for a year. Policyholders can easily renew them for a nominal premium without spending a large portion of their budget. Moreover, these policies act as a comprehensive cover and provide adequate financial support to those who qualify for claims.
The following pocket insurance policies have been picked out as per common lifestyle diseases and problems one is likely to encounter.
Ambulance Insurance Cover
If surge prices on cabs can scare away budget-mongers, then an expensive ambulance might send them scrambling away. However, patients needing immediate medical attention require the assistance of such a vehicle to reach the nearest hospital. Instead of shying away from these expenses, purchase an Ambulance Insurance Cover!
For a premium of ₹118, this policy offers a wide range of benefits. Aside from providing ambulance service, it offers coverage for the accidental death of the policyholder. If a doctor recommends ambulance assistance, the policy gives you coverage of up to ₹5,000 to avail the facility.
Accidental Coma Insurance Plan
Nobody can foresee an accident, especially one that could land the victim in a prolonged comatose state. If the coma patient was previously the bread earned of the family, this could severely damage their finances. It’s advisable to buy the Accidental Coma Insurance Plan to avoid such situations.
Those interested must pay a premium of ₹39 p.a. to activate the policies features and avail its benefits. Moreover, the policyholder and their family will receive a sum insured of up to ₹5 lakhs. It will add a secure layer of financial protection for you and your dependants.
Pulmonary Hypertension Insurance Cover
Various stressors in our daily lifestyle can trigger certain conditions that could lead to life-threatening illnesses. Pulmonary Hypertension affects the arteries that lead from the heart to the lungs, causing incredible discomfort and pain to the patient. While the treatment could rack up a sizeable bill, it’s wise to purchase a Pulmonary Hypertension Insurance Cover beforehand.
Pay a premium of ₹684 to avail coverage up to ₹3 lakhs. Policyholders can use this amount to finance the treatment of Pulmonary Hypertension and related pre-and-post-hospitalisation expenses. Additionally, the policy provides emergency ambulance cover along with coverage for diagnostic tests before and during hospitalisation.
Cancer Indemnity Cover
With rising healthcare expenses it goes without saying that cancer treatment expenditures have soared, too. Cancer is a common disease in India, and it’s crucial to secure the finances of those more likely to suffer from it. The Cancer Indemnity Cover can prevent the financial strain of such treatments from affecting those suffering from the condition.
Purchase this cover for ₹850 p.a. to receive a sum insured of ₹3 lakhs. Use this amount to fund expenses related to pre-and-post-hospitalisation of 30 days and 60 days, respectively. Expenses incurred for diagnostic tests to identify the cancer stage are covered under the policy. It includes charges like doctor’s fees or consultation expenses.
End-Stage Liver Disease Cover
Poor lifestyle choices and inadequate exercise can make one vulnerable to a number of medical conditions like Cirrhosis. This disease can lead to chronic liver failure, a life-threatening state for the patient. Consider the features and benefits of the End-Stage Liver Disease cover before attempting to shoulder the expenses yourself.
By paying a premium of ₹684, policyholders can avail coverage up to ₹3 lakhs. This small-ticket insurance covers all expenses incurred during hospitalisation for this condition, like purchasing medications, etc. Also, the expenditure on pre-and-post-hospitalisation is covered under this policy.
Also read: 5 Insurance Policies Custom-Made for Women
Unless you have a few lakhs lying around, it’s best to secure your finances to protect yourself from the brunt of unpredictable expenses. These pocket insurance policies cover potential diseases, illnesses and accidents one is prone to throughout their lifetime. Also, if you haven’t already read it, check out part 1 of this series to find other bite-sized policies that cover similar conditions!
Before you go, don’t forget to visit Bajaj Markets to purchase a pocket insurance policy or two to boost your financial support for medical emergencies!