Term Insurance Plans Offering Critical Illness Rider 

“What we have done for ourselves alone dies with us; what we have done for others and the world remains and is immortal.” - Albert Pike A growing number of people are recognizing the need for insurance, and the smart ones go for a term cover, which is the cheapest and most proficient form of insuring one's life. Yet, the question remains – Does the term plan take care of all your insurance needs? 

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What if you suffer from a critical illness such as a heart attack, or stroke which renders you paralyzed or temporarily disabled? That’s where term insurance critical illness rider pays off. This rider covers all your medical and rehabilitation costs if you are diagnosed with a life-threatening illness or disability.  Some critical illness riders also provide supplementary income when you are immobile.

Term Insurance Plans with Critical Illness Rider 

Term insurance is a pure protection plan and a most popular plan when it comes to insurance in India. As it provides a higher sum assured amount, most people consider it over a general life insurance plan. However, in the case of an additional/add-on cover to your term insurance plan, your life becomes quite comfortable. Add-on means, the addition of a rider that offers enhanced coverage and protection. A rider either comes with your term plan or you may have to purchase it separately. Now, depending on your plan, riders are of different types. A critical illness rider is the most important one out of all. 

Critical illness insurance cover is a necessity, in these times, with increasing costs in healthcare. Critical illness insurance plans provide coverage against the mentioned life-threatening illnesses. Managing these illnesses may require a number of visits to the hospital over a long time. In addition to the hospitalization bills, there are other associated costs such as doctor’s visit fees, medical bills, etc. In this, a lump sum amount is paid that can be used to cover large expenses. 

Why You Critical Illness Plan is a Must-have? 

  • It acts as an income replacement 

  • The life assured can avail dual tax benefits 

  • No need to spend additional amount as the premium amount stays the same 

  • It provides you add-on coverage that takes care of day to day and medical expenses

  • Cover all major diseases such as cancer, heart attack, paralysis, coronary artery bypass surgery, kidney failure, organ transplant etc.  

Let’s take a look at some of the best term plans offering critical illness riders.  

  1. Aegon Life iTerm Plan

    This term plan offers you an extensive array of choices to fulfill your family’s specific needs for financial protection. The policy offers various add-ons such as accidental death benefit rider, surgical benefit rider, and critical illness benefit rider, etc.  AEGON Life iCI Rider covers 4 critical illness conditions: cancer, open chest CABG, first heart attack, and stroke. Under this rider, you’ll get the cover amount in case of diagnosis of any of these 4 critical illnesses.

  2. Exide Life Term Insurance Critical Illness Rider

    This is an add-on protection benefit, which you can add to your new or existing term plans. It pays a lump sum benefit in case you are diagnosed with a major illness like cancer, heart attack, paralysis, kidney failure, coma, etc. Under this rider, you can choose between two options; the first option only covers 4 critical illnesses including heart attack, cancer, coronary artery bypass graft, and stroke while the second option provides comprehensive protection against 25 critical illnesses such as chronic lung disease, apallic syndrome, heart valve surgery, major head trauma, etc.

  3. Kotak Preferred Term Plan

    It is a pure risk plan that provides a high level of protection to your family in case of uncertainties at a nominal cost. You can choose between two death benefit payout options, immediate payout, and recurring payout. With flexible premium payout options, the plan gives you the flexibility to customize protection through Kotak Critical Illness Benefit (CIB). This rider pays you a portion of the basic sum assured in advance for treatment.

  4. SBI Life - Sampoorn Suraksha

    It is a group term insurance plan that provides excellent protection at affordable rates. Different formal and informal groups such as employer-employee, professional-affinity groups, etc. can avail of this plan. The policy offers spouse cover benefit, death benefit settlement along terminal illness benefit. Under term insurance critical illness benefit, the plan covers cancer, coronary artery bypass surgery, heart attack, kidney failure, stroke, major organ transplant, and more.

  5. Shriram Life Cash Back Term Plan

    It is an affordable term plan for you and your family, which gives you a return of premiums at maturity. You can avail of additional protection through available riders. Shriram Critical Illness Cover Rider covers six major critical illnesses such as cancer, heart attack, stroke, kidney failure, major organ transplant, and coronary artery bypass surgery.

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

The COVID-19 has surely impacted the lives of every individual worldwide and at the same time has brought a lot of apprehensions and uncertainty too. With Coronavirus term insurance, you can stay at peace and feel secure along with your loved ones. If you have an existing term insurance policy you can easily file a claim without taking many loads. The coronavirus term insurance will let you and your family achieve all the milestones without any financial barrier. However, if you do not have one, get in touch with the insurance company and buy a suitable plan understanding the terms and conditions so that you do not have to regret it later.

Wrapping It Up!

A Critical illness plan is an important these days. Few days of being ill can lead to overpriced hospitali expenses, making it difficult to maintain a favourable living standard. With this plan, you can rest assured that your family will not struggle to meet hospital bills, fees of doctor and other related expenditures. The payouts at the time of diagnosis of illness are immediately given to you and can be used to cover diverse prices. 

Evaluate and compare plans to find the one that meets your requirements in the best possible way.

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