All about LIC Critical Illness Rider 

Life Insurance policies are crucial for the protection of your loved ones. This is the first step that an individual takes to provide financial coverage for their family in case of their sudden demise. Along with a basic life insurance plan, a person can also opt for rider benefits. Riders are added benefits attached to the basic life insurance policy to customize and cater to the specific needs of the individual.

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The most common add-on benefits, critical illness rider, accidental death benefits, accidental total permanent disability rider, waiver of premium rider, new term assurance rider. 

What is LIC Critical Illness Rider?

LIC Critical Illness Rideris a non-linked rider that provides the beneficiary with the sum assured in case he/she is diagnosed with a critical illness, which is pre-specified in the base policy. This can only be added to non-linked plans during the commencement of the base policy. An individual can purchase this rider along with the base policy by just paying an additional sum. In case of the life assured demise, the family receives the sum assured as well as the additional rider amount. LIC Critical Illness Rider does not exist on its own and continues till the end of the base insurance’s term ends.

What is the Need for LIC Critical Illness Rider?

Life insurance provides financial security to the family of the insured in case of any emergency. The LIC Critical Illness can be purchased as an add-on along with the base plan to enhance the coverage of the policy. 

4 reasons why you should consider having LIC Critical Illness Rider :

1. Expensive Medical Costs

Medical treatments have become a critical financial barrier for today’s individuals. To cater to this problem, it has become essential to invest in LIC Critical Illness Rider.  This rider assists the family in overcoming any sort of financial burden during their most difficult time.

2. Same Premium

 The premium amount stays the same even though there is an added benefit to the base policy. This, in turn, helps an individual to take up such plans without any hesitation. 

3. Tax Benefits

An individual is liable to tax deductions under Section 80D of the Income Tax Act of India, 1961, on the premium amount paid towards critical illness rider.

4. Provides Financial Back-Up

In this day and age, the skyrocketing cost of medical treatment can burn a hole in the pocket. The cost of medical treatment for any critical illness can be very high, Thus it is very important to be financially secured to deal with any type of medical emergencies. With critical illness rider, an individual can ensure to have the right financial protection against any type of medical emergencies arising due to diagnosis of critical illness. 

Eligibility Criteria

To be eligible to purchase the LIC Critical Illness Rider, the minimum age at entry should be 18 years old (completed), and the maximum age at entry should be 65 years old. The maturity age of the rider policy is up to 75 years old.

Premium Policy and Sum Assured

  • The sum assured, which is received by the beneficiary, ranges from a minimum of Rs. 1,000,000 to Rs. 25, 00,000. 

  • The Premium Paying Term (PPT) is the same amount as established in the base plan but is subject to the following limitations: Regular premiums range from 5 to 35 years, and Limited premiums range from 5 to (Policy term - 1year). 

  • The policy term is the same as fixed in the base plan but is subject to the following limitations: Regular premiums policies range from 5 to 35 years, and Limited premiums policies range from 10 to 35 years. 

  • The maximum term that can be provided for coverage is 75 years. 

  • The premium payment mode is the one stated in the base plan, which can be yearly, half-yearly, quarterly, or monthly.

Plan Coverage and Exclusions under LIC Critical Illness Rider Policy

Under this rider, a person gets the following benefits:

  • The 15 critical illnesses covered by LIC Critical Illness Rider policy are cancer, Alzheimer's disease, benign brain tumour, Open Heart Replacement or repair of heart valves, Primary Pulmonary Hypertension, third-degree burns, permanent paralysis of limbs, blindness, Multiple Sclerosis with persisting symptoms, aortic surgery, stroke resulting in permanent symptoms, Open Chest CABG, major organ or a bone transplant, kidney failure requiring regular dialysis, and Myocardial Infarction.

  • Once you are diagnosed with any of the above illnesses, the critical illness sum assured shall be paid, provided the rider, along with the base policy, is in action. The sum assured can be paid only once during the entire policy term, and the rider benefit will cease to exist once the sum becomes payable.

The LIC Critical Illness Rider policy does not cover any of the above-mentioned illnesses if they are directly or indirectly caused because of the following circumstances:

  • In case the individual dies within 30 days of the diagnosis

  • If the critical illness is diagnosed within 90 days

  • If the individual is diagnosed with HIV/AIDS

  • If the illness diagnosed is due to suicide attempts, self-harm, drugs, alcohol, criminal acts, or insanity.

  • If the illness is caused due to war, riot, terrorist attack, civil unrest, revolution, etc.

  • If diagnosis reports show it to be a birth or pre-existing condition

  • If the illness is related to nuclear explosion or radiation exposure

Steps to Purchase the LIC Critical Illness Rider policy Online 

Below are the steps to purchase the LIC Critical Illness Rider policy online:-

  • Visit the insurer’s site

  • In the case of a new customer, the insurance selector tab will help choose the right option based on age, income, occupation, and insurance needs. This will help you determine the coverage period as well as the best policy term.

  • Then click on Premium Calculator that can be used to calculate the premium amount for your base policy and rider.

  • If everything looks favourable, the customer can go ahead with the payment via net banking, online payment modes, phone banking, etc.

  • In the case of an existing customer, the policy status can be checked on the insurer's website. To check the policy status, one must complete the online registration and then log in to the web portal to check the policy status online.

  • Customer care number is also mentioned on the insurer’s website to resolve any issues faced at the earliest.

The Bottom Point!

An add-on rider benefit is always a smart decision while purchasing an insurance policy. The LIC Critical Illness Rider policy is the answer key to all the medical expenses faced by an individual and hence is a necessity.

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

Written By: PolicyBazaar - Updated: 29 November 2021
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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