Few weeks ago, one of my friends has talked to me at 10.00 in the night for about 10 minutes and everything was quiet normal. Early in the morning next day, I received a phone from his Mother, who was staying down stairs, that my friend had a 'Brain Stroke' the previous night around 11.00 and there were nobody in his house to notice it. His wife and kids have gone to their native place for summer holidays. The old parents have to rush him to a nearest Corporate Hospital and he was kept in ICU since then, for almost a month. The cost of ICU + medicines + other expenses are around Rs.40,000/- per day and after 25 days and a hospital bill of 10 LAKHS, he became conscious and was shifted to general ward. After another two weeks in general ward, he has now come to his house and was advised bed rest for atleast 6 months, till he regains his lost memory.
Since he was employed with a private company, he is not having a leave of 6 months to his credit and the insurance cover provided by his Employer was Rs.1.5 lakhs under group insurance. He is around 35 years of age and is a very normal person with no adverse Medical history. Around 2 months back, both of us got checked 'Normal' for a Master Health Checkup offered by a Corporate Hospital. He has also bought a flat very recently and as such he was not receiving salary in full. Some of the hand loans were still outstanding.
Since he himself is unable to speak, his financial position has gone down from bad to worse. Even if he joins his duties after six months, I don't think, he will be out of the financial crisis in the near future. Though he is an MBA, he would have never imagined that his family members would have to handle such a contingency in their life time.
Lesson to be learnt: Prioritising Health and Term Life Insurance Cover with disability benefits.
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