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Term Insurance with Critical Illness Rider
The term insurance plan is the most basic as well as the oldest form of life insurance and provides the payment of a lump sum amount (sum assured) on the death of the policyholder, provided that the death has occurred within the policy term or tenure. In case, the policyholder survives the policy term, his cover will cease and nothing will be paid to him.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
Do You Need Critical Illness Riders with a Term Plan?
Life is unpredictable & Illnesses always come unannounced and affect your physical as well as financial well-being. Not only will you have to take care of the hefty hospital's bills. Besides this, chances of skipping work or, in the worst case scenario, being asked to quit your job will increase your anxieties as well. Such consequences definitely impact your income flow and ability to cope with the huge medical bills.
The critical illness rider has been created with the goal to protect yourself and your family when it comes to dealing with huge medical bills. With this rider, the term life insurance get a lump sum amount on the diagnosis of any one of the below mentioned below:
36 Critical Illnesses that Covers by Term Insurance
- Alzheimer's Disease
- Angioplasty
- Aorta Graft Surgery
- Apallic Syndrome
- Aplastic Anaemia
- Benign Brain Tumor
- Brain Surgery
- CABG (Coronary artery bypass graft)
- Cancer
- Cardiomyopathy
- Chronic Lung Disease
- Chronic Liver Disease
- Coma
- Deafness
- Encephalitis
- Heart Valve Surgery
- Loss of Independent Existence
- Loss of Limbs
- Loss of Speech
- Kidney Failure (End Stage Renal Failure)
- Major Burns
- Major Head Trauma
- Major Organ/ Bone Marrow Transplant
- Medullary Cystic Disease
- Motor Neurone Disease with permanent symptoms
- Multiple Sclerosis with persisting symptoms
- Muscular Dystrophy
- Myocardial Infarction (First Heart Attack)
- Coronary artery by-pass grafts (with surgery to divide the breastbone)
- Parkinson's Disease
- Permanent Paralysis of limbs
- Poliomyelitis
- Primary Pulmonary Arterial Hypertension
- Stroke resulting in permanent symptoms
- Systematic lupus Eryth. w. Renal Involvement
- Total Blindness
Best Term Insurance Plans with Critical Illness Riders
|
Name of the Plan |
Min/Max Entry Age |
Maximum Coverage Amount |
Number of Critical Illnesses Covered |
Claims Settled (%) |
|
Bharati AXA Flexi Term |
18/65 |
1 Crore |
34 |
92.4 |
|
Bajaj Allianz eTouch Online Term |
18/65 |
75 Lakh |
34 |
91.7 |
|
DHFL Pramerica Flexi Term |
18/65 |
1 Crore |
35 |
90.9 |
|
Edelweiss Tokio My Life+ |
18/60 |
No Upper Limit |
12 |
93.3 |
|
Kotak Life e-Term Life |
18/65 |
1 Crore |
37 |
91.2 |
|
Max Life Insurance Online Term Plus |
18/60 |
1 Crore |
40 |
97.8 |
|
SBI Life Insurance Poorna Suraksha |
18/65 |
2.5 Crore |
36 |
96.7 |
Disclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.
1. Bharati AXA Flexi Term
Bharati AXA Flexi Term provides the insured with the flexibility to choose from 3 different life coverage (death benefit) pay-out options:
- Lump sum – One-time payment of the sum assured
- Monthly Income – Monthly payout for 15 years where the income will increase by 10% every successive year
- Lump sum plus Monthly Income – Half of the sum assured is given at death of the policyholder and the remaining half will be given as monthly payout for next 15 years (increasing annually at 10%).
The policy also allows you to choose any one of the 3 critical illness covers at the time of signing-up:
- Comprehensive Cover – Covers 34 critical illnesses
- Major Illness Cover – Covers 15 major critical ailments
- Heart & Cancer Cover – Covers 9 critical illnesses for heart and cancer
2. Bajaj Allianz eTouch Online Term
Bajaj Allianz eTouch Online Term is comprehensive term insurance plan that provides life, accidental and health insurance to its policyholders along with the benefit of premium waiver. In short, the plan works like a shield to protect the life assured against various odds. The plan comes in four different variants, viz:
- Shield – Life benefit + Premium Waiver benefit (in case of Accidental Total Permanent Disability)
- Shield Plus – Life Benefit + Premium waiver benefit + Accidental Total Permanent Disability Benefit
- Shield Super – Life Benefit + Premium waiver benefit + Accidental Death Benefit + Accidental Total Permanent Disability Benefit
- Shield Supreme - Life Benefit + Accelerated Critical Illness Benefit + Premium waiver benefit + Accidental Total Permanent Disability Benefit
3. DHFL Pramerica Flexi Term
DHFL Pramerica Flexi Term is a customizable financial shield to safeguard your family’s future financial needs. The plan offers the option of enhancing or adding a booster to one’s life cover as per the changing needs for changing life stages. As a policyholder, you also get the flexibility to choose from 5 different protection options:
- Life Cover
- Life Boost
- Life Smart Step Up
- Life Health Hike
- Life Total
4. Edelweiss Tokio My Life+
Edelweiss Tokio My Life+ is a non-participating, non-linked term insurance plan that not only covers the insured’s life but also provides financial security to his family at a very competitive price. With this plan, you can either choose to provide your family with a lump sum amount at one go or with a monthly payout (which should be a more preferred choice as a huge lump sum amount is not easy to manage and a lot depends on the individuals’ savings aptitude).
5. Kotak Life e-Term Life
Kotak Life e-Term Plan is one of the most economical pure risk cover term plans, that is designed to provide one’s family with the highest level of financial protection. There are 3 different plan options to choose from and in the event of the death of the life assured, his nominees will receive the death benefits:
- Life Option - Sum Assured on Death
- Life Plus Option - Benefit under Life Option + Accidental Death Benefit
- Life Secure Option - Benefit under Life Option + Waiver of Premium on Total and Permanent Disability
6. Max Life Insurance Online Term Plus
Max Life Insurance Online Term Plus policy is the most economical way of ensuring the financial well-being of the insured’s family, even in his absence. All you have to do is pay a nominal, annual premium, for a fixed period of time, and in case of your unfortunate demise during the policy tenure, your family is paid the sum assured.
This particular plan only provides a death benefit (no survival benefits) on the demise of the life assured, which he can choose from the following 3 options:
- Sum Assured
- Sum assured plus level monthly income
- Sum assured plus increasing monthly income
7. SBI Life Insurance Poorna Suraksha
SBI Life Insurance Poorna Suraksha is a non-linked term insurance policy that offers an inbuilt critical illness cover to its buyers. This plan is designed keeping in mind the individuals’ different financial planning style. They understand the fact that individuals like to change and adjust their financial planning from time to time.
Their ‘Life Stage Rebalancing’ feature is designed with an aim to rebalance the cover between Critical Illness cover and Life Cover.
At the time of buying the policy, the policyholder can split his basic sum assured between Life Cover and Critical Illness Cover in the ratio of 80:20. With each passing policy year, a certain percentage of the CI sum assured will increase (depending upon the chosen policy tenure) and the Life Cover sum assured will decrease by an equal ratio.
Final Thoughts:
Due to the hectic schedule these days, everyone in four Indians is at the risk of dying from 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 drain to the family as the treatment costs for these diseases can easily run into lakhs. Opting for one of these critical illnesses term life insurance coverage in India will surely prove to be helpful for you in the long run.
In the times of this global pandemic, the individuals must be secured with the apt coronavirus life insurance cover. Moreover, it is also a crucial time wherein we need to understand the importance of a life insurance policy and take those steps to protect our family. In these times of COVID-19, having a coronavirus life insurance policy makes the life secured as one need not worry much about the financial obligations that may occur in any point in time as an eventuality will not come with prior notice.
