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.  

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What is a Critical Illness Rider? 

The critical illness rider is a must-have benefit while purchasing a term insurance policy. A critical illness rider offers additional financial protection at the time of any medical/health emergency. A Critical illness does not come with an announcement, hence having a rider benefit helps to face critical situations. Critical illness Rider has a lot of unique benefits such as: 

  • It acts as an income replacement

  • The life assured is not required to spend an additional amount as the premium remains the same 

  • Avail dual benefit with the help of this benefit 

  • It provides additional coverage that takes care of your medical and daily expenses. 

  • It provides coverage for all the major ailments such as cancer, heart attack, coronary artery, artery bypass surgery, paralysis, stroke, major organ transplant, etc. 

Why buy Term Insurance early?

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

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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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 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 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 gets a lump sum amount on the diagnosis of any one of the below mentioned critical illnesses: 

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 (%) – As per 2019-20 IRDAI Annual Reports 
Bharati AXA Flexi Term  18/65 1 Crore 34 96.62
Bajaj Allianz eTouch Online Term 18/65 75 Lakh 34 99.82
DHFL Pramerica Flexi Term 18/65 1 Crore 35 99.57
Edelweiss Tokio My Life+ 18/60 No Upper Limit 12 94.38
Kotak Life e-Term Life 18/65 1 Crore 37 99.32
Max Life Insurance Online Term Plus 18/60 1 Crore 40 99.53
SBI Life Insurance Poorna Suraksha 18/65 2.5 Crore 36 98.88

 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 the death of the policyholder and the remaining half will be given as a monthly payout for the next 15 years (increasing annually at 10%).

    The policy also allows you to choose any one of the 3 critical illnesses covered 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 a 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 styles. 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. 

Things to Consider When Buying a Critical Illness Rider with Term Insurance 

  • Here are few parameters to consider before buying critical illness rider: 

  • Avail tax benefit under section 80D and 80C of the Income Tax Act, 1961. 

  • The amount of sum assured selected under the policy is payable in case of insured’s demise or total permanent disability. 

  • The amount of benefit payable will be equivalent to the cover of critical illness chosen. 

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

  • The payment of premium is done in form of installments 

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Final Thoughts: 

Due to the hectic schedule these days, everyone 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 secure as one need not worry much about the financial obligations that may occur at any point in time as an eventuality will not come with prior notice.

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