Any illness that is fatal to the human body and even may cause death if not treated comes under Critical Illnesses. To counter this unfortunate fate of a human being, Max Life Insurance has come up with an option of online Max Life Insurance Critical Illness Plan Rider that provides coverage against upto 64 critical illnesses, including kidney failure, cardiovascular diseases, etc.Read more
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Max Life Insurance critical illness rider is an add-on benefit that you can include in your base life or term insurance plan to enhance the plan’s coverage. These riders can be added at nominal premiums, which can be paid along with the base premiums. With these riders, you can get long term protection against a variety of critical illnesses like stroke, heart attacks, kidney failure, and more.
The following are the key benefits offered by Max Life Insurance Critical Illness cover:
In case the policyholder is diagnosed with a critical illness listed under the policy documents, the term insurance with critical illness rider can provide the additional benefit amount that the policyholder can use to pay off the hospital bills and medical costs.
With the Max critical illness rider, you get coverage against a variety of critical illnesses. Thus, this way, in case the policyholder is diagnosed with any of the many critical illnesses covered under the plan, he/she will be eligible to receive the entire rider sum assured.
In case the policyholder loses his/her job due to a critical illness, you can also use the payout amount to pay for your family’s monthly expenses like paying for rent or for the child’s fees. This is especially important if the policyholder is the main income earner of the family.
Additional Benefit Amount:
Most people think they do not need a critical illness rider because they already have a health insurance plan. But, a critical illness rider provides additional coverage on top of the health insurance at nominal premiums, and in case of a critical illness, you can claim both health and critical illness rider for an additional financial benefit.
Pay for Expensive Bills:
You can use the payout received from a critical illness rider to pay for the heavy hospital bills, medical costs, and expensive medications.
You can claim tax benefits with the critical illness rider under section 80D of the Income Tax Act, 1961 as per the prevailing tax laws.
Peace of Mind:
The max life critical illness cover provides the policyholder with the necessary peace of mind knowing that they and their family can remain financially stable even if the policyholder is diagnosed with a critical illness. This rider also helps them out without having to dip into their savings and secure their savings for their other financial needs.
Cover against 64 critical illnesses
Depending on the critical illness rider variant you select with your max life term plan, you can receive coverage against up to 64 critical illnesses of varying severity.
Flexible premium payments
Pay the premiums at your convenience with regular and limited premium payment options. With the regular premium payment term, you can pay the premiums for the entire policy term, and with a limited premium payment term, you can be done with the premium payment after a few years.
Long term protection
Max critical illness rider provides cover for a long term that can extend till 85 years of age. This means, till the age of 85, if you are diagnosed with a critical illness during the policy term, you will be eligible to receive the whole rider sum assured.
Hassle-free claims process:
The claims process of max life critical illness rider is easy and hassle-free as all you have to do is submit the required documents along with the company’s duly filled claims form, and upon verification, the claim will be processed.
Total and permanent disability cover
Some variants of the rider, like the max critical illness and disability rider, provide cover against critical illness and total and permanent disability during the policy term. This way, you can receive the coverage of two riders under one rider.
Max fit program
The max fit program under the max critical illness and disability rider provides discounts on renewal premiums based on your monitored steps and health weeks accumulated in the max fit app.
Let us take a look at the illnesses covered under the max life insurance critical illness list:
|Muscular Dystrophy||Eisenmenger's Syndrome||Angioplasty||Myasthenia Gravis||End Stage Liver Failure||Apallic Syndrome||Severe Ulcerative Colitis|
|Kidney Failure Requiring Regular Dialysis||Brain Aneurysm Surgery or Cerebral Shunt Insertion||Amputation of Feet Due to Complications from Diabetes||Stroke Resulting in Permanent Symptoms||Loss of Speech||Aplastic Anaemia||Systemic Lupus Erythematosus with Lupus Nephritis|
|Myelofibrosis||Encephalitis||Small Bowel Transplant||Major Organ /Bone Marrow Transplant||Loss of Limbs||Bacterial Meningitis||Terminal Illness|
|Necrotising Fasciitis||Fulminant Viral Hepatitis||Elephantiasis||Permanent Paralysis of Limbs||Major Head Trauma||Brain Surgery||Tuberculosis Meningitis|
|Other Serious Coronary Artery Disease||Hemiplegia||Severe Osteoporosis||Motor Neuron Disease with Permanent Symptoms||Primary (Idiopathic) Pulmonary Hypertension||Cardiomyopathy||Medullary Cystic Disease|
|Myocardial Infarction (First Heart Attack of Specific Severity)||HIV due to Blood Transfusion/Occupationally Acquired HIV||Cancer of Specified Severity||Multiple Sclerosis with Persisting Symptoms||Open Heart Replacement or Heart Valves Reparation||Chronic Adrenal Insufficiency (Addison's Disease)||Loss of Independent Existence (Cover up to Age 74)|
|Poliomyelitis||Infective Endocarditis||Pheochromocytoma||Benign Brain Tumour||Alzheimer's Disease||Chronic Relapsing Pancreatitis||Coma of Specified Severity|
|Progressive Scleroderma||End Stage Lung Failure||Open Chest CABG||CiS / Early Stage Cancer||Parkinson's Disease||Creutzfeldt-Jakob Disease (CJD)||Severe Rheumatoid Arthritis|
|Progressive Supranuclear Palsy||Loss of One Limb and One Eye||Third Degree Burns||Deafness||Aorta Graft Surgery||Crohn's Disease||Blindness|
|Dissecting Aortic Aneurysm|
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The eligibility for this life insurance plan is the same as the base policy:
|Entry Age||18-65 years|
|Maturity Age||85 years (Maximum) as per the policy T&Cs|
|Policy Tenure||Minimum - 5 years
Maximum - 67 or the base policy term
|Premium Paying Term||Single Pay/ Regular Pay/ Limited Pay/ Pay till 60|
|Premium Paying Mode||Yearly/ Half-yearly/ Quarterly/ Monthly|
|Grace Period||15 days (Monthly)
30 days (All other modes)
|Sum Assured (Critical illness or CI Cover)||Minimum Rs. 1 lakhs
Maximum: 50% of the Sum Assured or Rs. 1 Crore, whichever is lower
You cannot buy the max life critical illness rider by itself, it can only be purchased with a base plan. But there are several people who can benefit from this rider and can consider adding this to their base max life insurance plan:
|Who should buy||Reasons|
|People with Critical illnesses in the family history||People with critical illnesses running in their family may want to purchase since there is a chance that they may be diagnosed with the same disease at some point|
|Women of all backgrounds||Whether you are a working woman, housewife, or self-employed women, every woman is at the risk of contracting different types of women-specific cancers like breast and cervical cancer. Max critical illnesses provide cover against women-specific cancers as well.|
|Main Income Earners||Critical illnesses can be unpredictable, and in case the main income earner loses their job because of the said illness, the entire family will have to suffer|
|People in high-risk jobs||People in high risk jobs can have increased heart issues or stress, which may put them at a greater risk of contracting a critical illness|
|Individuals over the age of 40||People over the age of 40 should have a critical illness rider in their base plan since they have a higher chance of being diagnosed with a critical illness due to an increase in age|
One can easily buy the Max Life Insurance Critical Illness Rider by following the simple steps given below:
Step 1: Visit the term insurance page
Step 2: Fill in your name, date of birth, contact number, and gender
Step 3: Enter the required details about your smoking habits, occupation type, annual income, and educational background
Step 4: Select the most suitable max life term plan that offers a critical illness rider
Step 5: Proceed to pay
You can file the max critical illness claim online by following the below steps:
Submit the claim form with the medical certificate stating the diagnosis of the covered critical illness.
Submit a non-relation certificate for the pre-existing illness or injury stating that your current critical illness is unrelated to the pre-existing illness.
Present the test reports of the respective critical illnesses that you have been diagnosed with.
Submit the latest KYC documents, statements, and other required documents.
Here is a list of documents you need to submit to file for max critical illness cover:
Duly filled max life insurance’s claims form
Photocopy of IDs
NEFT details and cancelled cheque
All the hospitalisation documents
All the consultation documents related to the critical illness
Medical documents confirming the diagnosis of critical illness
Max Life Insurance Critical Illness Plan policy status would be considered terminated if the policyholder, sane or insane, commits suicide within 12 months from the plan's start. The nominee would be paid by the company refunds comprising the total paid premiums and underwriting extra paid premiums and loadings for paid modal premiums.
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