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Term Insurance with Critical Illness Rider

Term insurance plans provides financial protection to your family members in case of your absence, helping them to live their lives you have planned for them. Also, term insurance with critical illness cover secures you by offering you protection for the treatment costs of medical illnesses. You can include a critical illness rider in your base plan and receive the rider sum assured on the diagnosis of any of the critical illnesses covered under the plan. Let us understand what critical illness rider is and some of the best term insurance with critical illness cover available in India. 

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What is a Critical Illness Rider?

A Critical illness rider is a popular rider that helps the policyholder in providing financial support in case they are diagnosed with a critical illness during the plan term. Critical illness is a dangerous and life-threatening ailment such as stroke, kidney failure, cancer, and others. This rider enhances the cover. When you buy term insurance plan with critical illness cover option, you can claim the sum assured amount on the diagnosis of a critical illness covered under your plan. The payout money can then be used to pay off ambulance charges, the fees of doctors, or medical expenses.

The term insurance with critical illness rider can be bought during the inception of the policy or any subsequent policy year of the base plan. This additional benefit can be availed by including the term rider in the base plan at nominal premiums payable with the base premiums.

Note: Now that you know that what is Critical Illness Rider, you should also get to know about what is term insurance to buy a term plan for your loved ones.

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Best Term Insurance with Critical Illness Cover in India 2024

Here is a list of all best term insurance plans with critical illness cover available in India in 2024.

Insurance Provider Name of the Plan Number of Critical Illnesses Covered Claim Settlement Ratio of the Insurer
ICICI Prudential Term Insurance ICICI Prudential iProtect Smart 34 97.82%
HDFC Term Insurance HDFC Life Click 2 Protect Super 19 98.66%
Max Life Term Insurance Max Life Smart Secure Plus 64 99.34%
Tata AIA Term Life Insurance Tata AIA Life Sampoorna Raksha Supreme 40 98.53%
PNB MetLife Term Insurance PNB MetLife Mera Term Plan Plus 50 97.33%
Canara HSBC Term Insurance Canara HSBC iSelect Smart360 - 98.44%
Kotak Life Term Insurance Kotak e-Term 37 98.82%
Edelweiss Tokio Term Insurance Edelweiss Tokio Life Total Protect Plus 12 98.09%

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

Diseases covered under a Term Insurance with Critical Illness Rider in India

Here is a list of all the ailments covered under a term insurance with critical illness rider included in it. The accurate list of critical illnesses covered under each plan differs with different insurance companies, thus it is advised to go through the policy documents to get a better understanding of all the illnesses covered under a specific plan.

  • Angioplasty

  • Myocardial Infarction

  • Heart valve surgery

  • Cancer of specified severity

  • Open Chest CABG

  • Blindness

  • Major Head Trauma

  • Muscular Dystrophy

  • Major Organ/ Bone Marrow Transplant

  • End-stage Liver Failure (Chronic Liver disease) Major Organ Benefit

  • Motor Neurone Disease with Permanent Symptoms

  • Poliomyelitis

  • Aplastic Anaemia

  • Medullary Cystic Disease

  • Permanent Paralysis of Limbs

  • Primary Pulmonary Hypertension

  • End Stage Lung Failure

  • Benign Brain Tumor

  • Motor Neurone Disease with Permanent Symptoms

  • Multiple Sclerosis with Persisting Symptoms

  • Poliomyelitis

  • Third-degree Burns (Major Burns)

  • Loss of Limbs

  • Systematic lupus Eryth with Renal Involvement

  • Deafness

  • Loss of Independent Existence

  • Muscular Dystrophy

  • Kidney Failure Requiring Regular Dialysis

  • Parkinson’s Disease, and more.

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How Does Term Insurance with Critical Illness Rider Work?

Let us understand the critical illness rider in a term insurance plan using an example. Suppose two people, Niharika and Sania have purchased a term insurance plan.

For Term Insurance For Term Insurance with Critical Illness
Niharika is a 20 year old non-smoker who buys a 1 Crore term insurance till 50 years of age Sania is a 30-year-old non-smoker who purchased a 1 Crore term insurance with a critical illness rider of 25 Lacs for 30 years
She pays the premiums for the regular term on a monthly basis She pays the premiums for the entire policy term on a monthly basis
She unexpectedly suffers an unforeseen death in the 7th policy year and the nominee is eligible to receive the sum assured A few years later she is diagnosed with a critical illness specified under the plan and receives the rider sum assured of Rs. 25 Lacs while the policy cover of 1 Crore continues as usual
The nominee submits the required documents with the claims form and receives the Rs. 1 Crore sum assured in her bank account On Sania’s unfortunate death during the policy term, her nominee receives the 1 Crore sum assured and the policy terminates

As seen above in Niharika’s case, the term plan pays out only in case of an unfortunate death. If Niharika had been diagnosed with a critical illness, she would not have received any benefit amount because her term insurance did not have the critical illness rider included in it. On the other hand, Sania received the rider sum assured on diagnosis of a critical illness and her nominee will be eligible to receive a death benefit in case of her untimely death because she purchased a term plan with critical illness rider. Sania can use the rider sum assured to pay for her medical treatments and recover in peace without worrying about the payment of hospital bills.

Note: You can calculate the premiums for your term of choice using the term insurance premium calculator.

Benefits of Term Insurance with Critical Illness Rider

Critical illness term insurance offers the following benefits:

  • Lump sum benefit- One go

    Critical illness rider benefit helps the life assured to manage the expenses related to treatment by paying a lump sum amount. The policyholder receives all the money at one time which helps the policyholder pay for the treatment expenses without any worry.

  • Income replacement:

    In the event of your job loss due to a critical illness, the claim received from the term plan with critical illness rider can be used as replacement for your income. You can use this amount to pay your monthly bills like rent or children’s fees and other requirements.

  • No change in premium amount

    The premium amount for your term insurance with critical illness cover will remain the same even on the critical illness diagnosis. This means there will be no increase in premium rate within the same plan due to a new critical illness. Furthermore, if the plan offers a Waiver of Premium (WOP) on Critical Illness (CI) then all the remaining premiums for your term plan will be waived saving you the worry of having to pay the remaining premiums.

  • Large Cover

    The cost of treatment for critical illnesses such as heart attack, kidney failure, cancer, and others is very high in India that can burn your pocket in no time. The critical illness rider with term plan offers comprehensive coverage against various critical illnesses at a nominal additional premium rate.

  • Dual Tax Benefit

    Term insurance with critical illness cover allows policyholders to get tax benefits as per the prevailing laws u/s 80C and 10(10D) of the Income Tax Act, 1961. Buying a critical illness rider along with a base term plan doubles the tax benefit as it adds tax benefit under section 80D, thus increasing their benefit.

  • Increase in Survival Chances

    With the rising cost of critical illness treatment in India, there are many individuals who leave treatment in middle because of insufficient funds. Opting for a critical illness rider to support you over your term plan will make sure that you will never be in a position to compromise your treatment due to lack of funds. Simply put, this rider payout can help you increase your survival chances by allowing you to pay for your medical expenses and allow you to focus on your stress-free recovery.

Who Should Buy a Critical Illness Term Insurance?

Following are the types of individuals who could benefit from a critical illness rider added as their base term insurance add-on.

  • Individuals with a history of critical illnesses in the family: If you have any serious ailments running in the family there is a slight chance of you suffering from the same illness in the future. Therefore if you purchase the best term insurance plan while you are still healthy and young, you can get coverage against these illnesses at an affordable premium rate.

  • Sole Income earners: People who are the only breadwinners of the family will be majorly affected by the loss of income in case they get diagnosed with a critical illness. They will not only be burdened with expensive hospital bills but also find it difficult trying to stay above their rent and child’s fees. Term insurance with critical illness cover can help the family take care of these expenses while the policyholder focuses on their speedy recovery.

  • People above 40 years of age: People often start developing more ailments as their age increases. Term plan with critical illness rider can help people over the age of 40 secure their future in case they are diagnosed with a critical illness.

  • People within high-pressure jobs: Stress and an unhealthy lifestyle are one of the leading causes of a lot of critical illnesses. Now it may not be possible to change the high-pressure job but as a preventive measure, you can buy term plan to protect yourself in case of an eventuality.

Eligibility Criteria of a Critical Illness Rider

Let us take a look at the eligibility conditions for critical illness term insurance:

Parameter Minimum Maximum
Entry Age 18 years 65 years
Maturity Age - 75 years
Sum Assured Base sum assured Depends on policy T&Cs
Waiting Period 90 days
Survival Period 30 days
Cover Period As specified in the plan
Premium Payment Term Regular, Limited, or Single Pay
Premium Payment Mode Same as the base term plan

How to Buy Term Insurance With Critical Illness cover?

Follow the below steps to buy a term plan with critical illness from the comfort of your home in just a few minutes.

  • Visit the Term insurance page

  • Enter your basic information like name, gender, contact information, and date of birth

  • Fill in your annual income, occupation type, educational background, and lifestyle habits like smoking and drinking

  • Select the most suitable term insurance with critical illness cover and proceed to pay

Key Takeaways About Term Insurance With Critical Illness Rider

Let us take a look at some of the things to consider before buying term insurance with critical illness cover:

  • The amount of life cover selected under the policy is payable in case of the assured’s demise to the family of the policyholder.

  • On diagnosis of a critical illness covered under the plan, the amount of benefit payable will be equivalent to the rider sum assured of the critical illness chosen.

  • The benefit will be payable during the 1st diagnosis itself as there no minimum duration of survival is required.

  • Every term insurance with critical illness cover offers coverage against separate illnesses and has a distinct set of T&Cs for different plans.

  • The critical illness rider can enhance the policyholder’s survival chances by offering money to pursue the best treatments available.

  • Make sure you are aware of any waiting period or survival period to avoid future confusion.

  • The payment of the premium can be done in a single lump sum, or regular installments for a limited period or the whole policy tenure.

  • You will be eligible to avail of tax benefits under sections 80D and 80C of the Income Tax Act, 1961.

Documents Required to Claim Critical Illness Rider

Here is a list of all the documents you would need to claim your term insurance with critical illness rider:

  • Duly filled claims form

  • Original policy documents

  • Assured’s valid ID and address proof

  • All pre and post-hospitalization records

  • Medical test reports showing the diagnosis of the covered critical illness

  • Medical reports attending medical practitioner’s certificate

  • Assured’s copy of the canceled cheque or bank statement

Final Thoughts

Due to people’s hectic schedule these days, everyone is at the risk of getting diagnosed with critical illnesses like cancer or cardio-vascular ailments before they reach the age of 70. The treatments for these critical illnesses can lead to a massive financial burden on the family as the treatment costs for these diseases can easily run into lakhs. Opting for one of these term insurance with critical illness coverage in India will surely prove to be helpful for you in the long run.

FAQs

  • Is it good to take critical illness rider with term insurance?

    Ans: Yes, it is good to take term insurance with critical illness as it provides comprehensive coverage against a vast range of critical illnesses at affordable premium rates.
  • What is the rider benefit in case of diagnosis of critical illness?

    Ans: The rider sum assured is the rider benefit in case the policyholder is diagnosed with a critical illness specified under the plan. This amount will be paid to the policyholder on the diagnosis of the 1st critical illness or as per the policy’s T&Cs.
  • What is critical illness accelerated benefit rider?

    Ans: The critical illness accelerated benefit rider is where the term rider amount is paid on the diagnosis of the critical illness. This amount is deducted from the policy’s base sum assured, therefore in case the person suffers an unfortunate death later on during the policy term, the nominee would receive the new death benefit as follows: New Death Benefit = Base Sum Assured - Rider Sum Assured
  • What is not covered under critical illness insurance?

    Ans: Critical illness rider does not provide coverage against any injuries and provides a lump sum payment only on the diagnosis of the critical illnesses specified under the plan.
  • Does critical illness pay monthly?

    Ans: Term insurance with critical illness cover usually pays in a lump sum amount but can also pay on a monthly or regular basis depending on the policy’s terms and conditions.
  • What are the types of critical illness?

    Ans: There are several types of critical illnesses covered under term plan with critical illness. Some of them are stroke or heart attack, loss of limbs, cancer, multiple sclerosis, and Parkinson’s disease.
  • When can you claim critical illness insurance?

    Ans: You can claim your critical illness rider sum assured either on the day of the diagnosis or after a certain period of time depending on your policy and insurer’s T&Cs.
  • How to claim critical illness coverage?

    Ans: Submit the term insurance with critical illness cover claims form filled with accurate details and all the attached documents. Provide the non-relation certificate for any already present ailment or injury and the medical test report showing a diagnosis of the critical illness. Submit the updated documents, statements, and KYC details.
  • Why should you buy a critical illness term insurance instead of a stand-alone critical illness plan?

    Ans: You should buy term insurance with a critical illness rider attached to the base plan because this way you get coverage against the covered critical illnesses for a longer term (depending on the policy’s T&Cs). If you purchase a regular term insurance with critical illness cover, the coverage tenure and the renewal options might be limited whereas, in a term plan with critical illness, you may receive coverage for the whole policy term at nominal extra premiums.
  • How much term insurance with critical illness cover do you need?

    Ans: Before purchasing a term plan you should always analyze your needs and determine the appropriate critical illness rider sum assured for yourself. You can do this by taking into account recovery time, potential income loss duration, and the amount required to take care of regular monthly expenses. You should always compare term plans, online before buying the most suitable critical illness rider coverage for yourself.
  • Does Critical Illness pay out more than once?

    Ans: No, critical illness payout can only be made once.
  • What is the survival period for critical illness rider?

    Ans: The survival period for critical illness rider is 90 days in most term insurance plans. Thus the rider sum assured will be paid only if the policyholder outlives this period. In case of death during this period, the sum assured on death will be paid to the nominee.
  • What are the benefits of term life insurance?

    Ans: Here are 4 common term insurance benefits:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage

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