Which Makes More Sense - Critical Illness Rider or Standalone Policy?

Have you ever wondered what would happen if you get caught up with a critical illness that renders you jobless and impacts family income? Well, critical illness cover comes to your aid if such a situation arises in future.

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      People who survive life-threatening ailments face financial hardship due to exorbitant medical costs and loss of income, thus critical illness cover acts as a hedge against monetary crunch. It gives a tax-free lump sum if the insured is diagnosed with critical ailments, like kidney failure, heart attack, paralysis, etc.  

       

      However, to make a claim, the policyholder must survive at least 30 days (varies with the company to company) after diagnosis.

      Critical Illness Rider Vs Standalone Policy

      Critical illness cover is usually available in two variants- standalone critical illness plan and critical illness rider. Although both offer coverage against critical ailments there are some factors that differentiate these covers from each other.

      You may also like to Read: Income Tax Benefits under Section 80C

      Let’s know how critical illness rider is different from standalone policy-

      Parameters Critical Illness Rider With Term Plan Standalone Critical Illness Health Policy
      Coverage Rider sum assured is linked with base policy sum assured It offers high flexibility in respect of sum insured
      Renewal No need to renew separately as it can be renewed along with term plan It must be renewed annually or 5 years as per the policy you opt for
      Premium Premium remains the same for the entire duration of the base policy and therefore tends to be cheaper Premium changes with age and health condition of the insured in case you bought it from a general insurer. In life, the same premium rate and conditions continue.
      Ailments covered 8-10 ailments are covered, may vary with the insurer It covers more than 20 ailments
      Medical test No medical test is required if it is bought from the same term insurance provider. It can be issued within the medical underwriting of term insurance A medical test is required


      Are you still trying to find out which one to opt for- a critical illness rider or standalone policy? The answer depends on your health background and specific needs. 

      You may also like to Read: Deduction under Section 80D

       

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      Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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      *We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.

      *Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.

      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

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