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Term Insurance With Critical Illness Rider Benefits


February 25, 2020

By : Bajaj Allianz Life

Availing additional riders on term plans enhances the value of coverage. These riders are either included in the policy or an individual can purchase it along with the base plan. The most commonly opted rider under a term plan is the critical illness rider. It covers the cost incurred towards treatment of critical illness of the life assured.

Under a term policy, a critical illness rider may be considered important. Before opting for it, one must know everything about a critical illness rider. Here are some crucial aspects you must know about a critical illness rider.

What is a critical illness rider?

The unpredictability of life makes critical illness rider the need of the hour. A critical illness rider provides for sustenance/survival during a medical emergency that may occur. Moreover, it covers rehabilitation costs if you’re diagnosed with any life-threatening diseases. The major conditions commonly covered under the critical illness rider of a term plan include Heart Attack & Cancer.

When you avail a critical illness rider, the policyholder receives a lump sum amount on the diagnosis of a disease/ critical illnesses mentioned under the policy. Moreover, an individual can utilize the amount for hospitalization as well as non-hospitalization expenses, depending on the policy terms and conditions. However, before opting for a rider, it is essential to check the details of the coverage carefully.

Every rider has its set of benefits. However, employing a critical illness rider for term insurance plan can be considered to be most important.

It increases the chances of your survival

When a policyholder is diagnosed with a critical illness, he/she could require large amount of funds for the treatment. The chances of death increases if you don’t undergo appropriate treatments. With a critical illness cover, you are more likely to receive timely resources required for proper diagnosis and treatment, which will eventually increase your survival chances.

Keep the following things in mind while choosing the rider

1. Go through the types of illnesses covered mentioned in the policy carefully

2. The policyholder can obtain the benefits after the diagnosis of the illness subject to the policy terms and conditions.

3. The death benefit is payable to the nominees after the demise of the policyholder

As highlighted above, a critical illness cover enhances the quality of term plans. It helps the policyholder to have an additional cover for any medical emergency when he has inadequate funds. It’s better to stay prepared with a critical illness rider in times of need.

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3Discount is available for regular premium and limited premium payment frequency under all variants of this product.

2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.