I succumbed finally to the pressure from my neighbour - who also happens to be an insurance agent - to go in for an insurance policy. I decided to go in for a Life Cover (term insurance) and a Critical Illness policy offered by an agency which claims to be the largest private insurance company in India.
The Critical Illness policy covers a person against 6 critical illnesses - and pays that person the insured amount if he contracts any of those 6 illnesses during the coverage period. No bills required - but that person has to survive for 28 days after he is diagnosed of having contracted that disease :)
I had to undergo a combined medical test before the company could issue those 2 policies. The medical test happened, and considering that I keep myself reasonably fit, I was quite surprised when the insurance agent met me last week and informed me that the insurance company has approved the term policy but has declined the critical illness policy. The reason given was quite cryptic - the letter said that based on the results of the TMT (Tread Mill Test) they have decided not to offer the critical illness policy.
This initially led to significant turmoil. Few people can face with equanimity the news that they could probably contract some unnamed critical illness when they were actively maintaining a healthy and balanced life-style.
But on reflection, I calmed down. I could only infer that
a. the probability of contracting one of these Critical Illnesses was very high (hence they refused the criticall illness policy)
b. but the probability of me dying from it in the next 25 years was very low (hence they offered me the 25 year term policy).
Put this way, I am quite happy with my state of health.
The Critical Illness policy covers a person against 6 critical illnesses - and pays that person the insured amount if he contracts any of those 6 illnesses during the coverage period. No bills required - but that person has to survive for 28 days after he is diagnosed of having contracted that disease :)
I had to undergo a combined medical test before the company could issue those 2 policies. The medical test happened, and considering that I keep myself reasonably fit, I was quite surprised when the insurance agent met me last week and informed me that the insurance company has approved the term policy but has declined the critical illness policy. The reason given was quite cryptic - the letter said that based on the results of the TMT (Tread Mill Test) they have decided not to offer the critical illness policy.
This initially led to significant turmoil. Few people can face with equanimity the news that they could probably contract some unnamed critical illness when they were actively maintaining a healthy and balanced life-style.
But on reflection, I calmed down. I could only infer that
a. the probability of contracting one of these Critical Illnesses was very high (hence they refused the criticall illness policy)
b. but the probability of me dying from it in the next 25 years was very low (hence they offered me the 25 year term policy).
Put this way, I am quite happy with my state of health.
