5 min read
Life is unpredictable indeed. One moment we’re healthy, hale and hearty. And the other, we’re unsure of what life can throw at us any minute. Our organs may stop working smoothly or we might be diagnosed with a critical illness or health condition. As distressing as it may sound, this is the harsh reality of life for which it helps to prepare in advance. This is why buying term insurance for organ transplantation is a wise choice, helping you be financially prepared for future uncertainties and the costs that they may accompany.
Here we discuss the need for organ transplantation, how term insurance can help in the process, and the benefits of buying a term insurance plan at the right time while you’re still in good shape.
Each organ of our body has a vital function to perform and any imbalance in the working of any one of them can create some serious problems in the body’s smooth functioning. For instance, if the kidneys’ role is to throw out waste from the body and if one or both the kidneys fail functioning, this essential role comes to a disturbing halt. Without waste excretion, all the toxic substances get deposited in the body and hamper its working, resulting in other critical ailments.
In the event of failure of normal organ functioning, and considering that each organ needs to keep running to make the entire body work, organ transplantation is considered as an option. The process has found immense popularity in India with a number of successful cases reported in a large number of people.
During the medical procedure of organ transplant, the specific organ of the body that is not functioning to its best capacity and requires replacement is taken from another body of a donor. The organ donor may be dead or sometimes even living (such as in the case of kidneys, where the organ donation of one kidney may be possible).
This healthy organ from the donor is then surgically transferred to the recipient patient’s body. However, note that for the procedure to be a success, both the donor and the patient (recipient) should display compatibility for organ transplant. This can be determined by running a few tests on both the parties involved before the procedure.
Term life insurance provides financial coverage for the organ transplant procedure, considering that it can be immensely expensive and harsh on the patient’s pocket. The cost incurred on the transplant can be covered under the critical illness cover of the term life insurance policy.
The critical illness rider in term insurance is an add-on benefit to the base term insurance policy, which can be purchased at an additional nominal payment. The benefit of attaching this rider to the base plan is that it helps extend the financial coverage of term insurance. This means that in the unfortunate event of the policyholder being diagnosed with critical illness or life-threatening diseases, the critical illness cover of term insurance can help cover the expenses incurred on the treatment. The treatment of such conditions is generally longer with huge costs involved in the process. Hence, buying this cover helps.
As stated above, the critical illness cover is designed to provide financial coverage for the treatment of longstanding critical ailments which may involve a huge expenditure as well. Organ transplant is one such expensive process, involving both pre- and post-hospitalization costs. Here are some benefits of buying the critical illness rider for organ transplantation:
One of the biggest advantages of buying the critical illness rider on term insurance is the extended financial coverage that it provides to the policyholder. Moreover, this extended coverage comes at a reasonably affordable price as well. The policyholder can comfortably purchase this add-on benefit over the base term insurance plan on payment of a minimal additional premium.
When it comes to spending money on critical illness treatments, there’s always a large amount of money required. The patient’s family would naturally prefer the amount to be handy so it can be paid as and when required. With the critical illness benefit, you can expect to receive the coverage amount under the policy in a lump sum so you can use it to your benefit at your convenience.
Another good news for buyers of the critical illness rider benefit in term insurance! You are entitled tax benefits under Section 80D of the Income Tax Act, 1961, for the premium payable on the term insurance policy.
There are essentially 3 options available with the buyer of the critical illness rider benefit when it comes to receiving the coverage amount from the insurer:
Organ transplant is a critical medical procedure involving a huge expenditure for the patient and their family in the treatment process. The term insurance policy helps via its critical illness cover rider, which can be purchased as an add-on benefit to the base plan at nominal premium rates. To look for the best term insurance plan with the maximum rider benefits, look up PayBima online and secure the financial future of your loved ones at the earliest.
Health insurance policies are therefore fairly explicit that they would cover the expense of surgery as well as any tests and procedures necessary to get the organ transplanted up to the sum insured in the event that the recipient needed an organ.
Life-threatening illnesses and disorders are covered by critical illness insurance, including major organ transplant. If you are diagnosed with significant organ failure or any other critical conditions, the insurance coverage could literally save your life because it offers a financial safety net.
Is Organ Transplantation Covered by Term Insurance? Organ transplantation is covered under critical illness insurance under the term insurance plans provided by various insurance providers.
The Waiting Period is the time frame during which you are not permitted to make an insurance claim. In other words, you have to wait a certain number of days before using any policy benefits. The waiting period's length varies from insurance to insurer.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Term insurance is an efficient and affordable way to protect a family's financial future against the sudden mishaps of life. However, if, for any reason,.
In today’s world, it is difficult to survive without earning and to earn, one needs to stay fit and fine without any disability. Thus comes,.
Do you know that at present, there are about 24 term insurance providers in our country, each claiming to be the best term insurance company in.
A life insurance policy secures a family monetarily if there is untimely demise of the policyholder during the policy term. If diagnosed with a terminal.
As the name suggests, Canara HSBC life insurance company was formed with the collaboration of three prominent financial establishments namely Canara bank, HSBC life insurance.
A term insurance plan is like a security that safeguards a family financially in the most unfortunate event of demise of the family head. Such.
When it comes to insurance, LIC is the most trusted insurance company in India. With a huge customer base, this largest insurer is also one.
LIC of India is one of the most trusted brands when it comes to securing the financial future of your family and dear ones. Let.
While we make plans and keep chasing our dreams, seldom do we realize that life is unpredictable. No matter what we are doing, and how.
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2024 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue