DHFL Pramerica Life Insurance recently launched a cover against dengue, the mosquito-borne disease. Similar cover against dengue is also provided by other insurers like Apollo Munich Health Insurance.
Insurers provide disease-specific covers against variety of illnesses including diseases like cancer, diabetes, hypertension and cardiac care.
However, are these worth the money and if so, when should one buy such disease-specific covers? Insurance experts feel that though insurance policies that cover wider range of illnesses is preferable, specific covers can be considered in certain instances.
“In the long run, all-disease covering comprehensive plans are advisable. However, if you are more worried about a certain disease and cost is an issue. Such plans can be a starting point for comprehensive cover in the future. These are typically more economical and hence there is good demand,” Yashish Dahiya, co-founder and CEO, Policybazaar.com told FeMoney.
Dahiya said such plans can be considered when there is family history of the disease. “If you are highly prone to a certain disease, there is a family history and the total solution is too costly for the time being, you can consider buying a standalone disease-specific plan. Each of the plans have different risk involved, it’s always advisable to buy them as a standalone product, as you get more comprehensive coverage in such a case.
Saroj Satapathy, CEO, Ideal Insurance Brokers Pvt Ltd, echoes similar views. “One should look at family health history and lifestyle before considering disease-specific insurance plans. However, a normal heath insurance indemnity plan is a must. A critical illness plan is a necessity looking at the variety of lifestyle diseases occurring at so early in age,” Satapathy said.
He said that these plans should not be bought in isolation. “Disease-specific plans should be bought early in life. Thought there is no thumb-rule for the same, it should ideally be bought by age of 35. I strongly believe that it should be bought along with a indemnity health policy and critical care policy to get a fully-blown cover,” Satapathy said.