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ABSLI Critical Illness Rider

Due to several uncertain circumstances of modern life, every responsible person will purchase insurance for him and his family. The insurance plan that the person chooses to buy must offer adequate life cover and enormous benefits that are useful to the buyer and his/her family at times of need.

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However, just an insurance plan shall not serve all the financial requirements of the buyer’s family. The policy buyer should purchase other value-adding benefits along with the plan. Such benefits that add value to the purchased plan are referred to as riders. 

Aditya Birla Sun Life Insurance Solutions provide the most comprehensive and best protection plans that the aspirant policyholders can purchase along with the suitable set of riders that add value to the purchased policy. The policy buyers are free to choose the riders as per their requirements and customize the plans according to their preferences at a reasonable investment. 

If you are looking forward to purchasing a health plan from Aditya Birla Sun Life Insurance Solutions, it would be best if you consider adding ABSLI Critical Illness Rider. The rider assures the policy buyer with a lump sum amount in case of diagnosis of critical illness that includes cancer, stroke, heart attack, or any major operations such as organ transplantation.

Note: Know more about what is term insurance first before reading this article.

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Eligibility Criteria for ABSLI Critical Illness Rider

With the skyrocketing costs of healthcare in India in recent days, just a single visit to the doctor and a few tests may cost up to thousands of rupees that may not be affordable in your budget. The imagination of the costs in case of hospitalization due to terminal illnesses or major operations is far beyond our affordable limits. However, one can secure their life and also plan for such cases of serious illnesses of crucial operations by purchasing a health insurance plan along with the ABSLI Critical Illness Rider. 

The eligibility norms to be fulfilled in order to purchase the ABSLI Critical Illness Rider are as follows:

  • The candidates are eligible to purchase the rider any time between the age of 18 years to 65 years. However, the maximum age considered at the end of the term of the rider is 70 years.

*Note: Terminal illness meaning – It is such an illness that cannot be cured and is likely fatal.

Salient Features of Critical Illness Rider by ABSLI

It is well said that the best time to worry about money is when you have plenty of it. Similar is the case of one’s health. You should worry a bit and plan for future health-related concerns when you are absolutely healthy. The crucial aspect of such planning is the choice of the best life insurance plan with ABSLI Critical Illness Rider. Below-mentioned is the salient features of the rider.

With the purchase of ABSLI Critical Illness Rider, the policyholder is safeguarded from the exorbitant costs of prolonged treatments in case of first heart attack with a specific severity or severe cancer or permanent illness or disability as a result of stroke or any other operations such as organ transplant or bone marrow transplant. The ABSLI Critical Illness Rider shall relieve the policyholders from their worry about finances for such prolonged treatments.

  • The rider term of ABSLI Critical Illness Rider shall remain the same as the term of the base plan, or the term extends till the insured person attains the age of 70 years, whichever is earlier. The minimum rider term is 5 years, and the maximum term is 52 years.
  • The premium paying term shall remain the same as that of the base plan. The minimum term for paying the premium is 5 years, and the maximum term for the same is 52 years. 
  • The payment mode of the premium for ABSLI Critical Illness Rider shall remain the same as that of the base life insurance plan.
  • A 5% discount is offered on the rider premium annually to the customers who purchase the rider directly from the official website of ABSLI.
  • The rider can be opted for only at the time of issuing the policy.

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Benefits/Advantages

ABSLI Critical Illness Rider protects the buyer against four major critical illnesses mentioned below.

  • First heart attack of particular severity
  • Cancer of specific severity
  • Stroke that results in permanent disability or illness
  • Bone marrow or any other major organ transplant operations.

In such unfortunate events where the insured person is diagnosed to necessarily undergo prolonged treatment for any one of the above discussed critical illnesses, 100% of the assured rider sum will be paid to the insured life in case he/she survives for 30 days after the date on which the diagnosis was confirmed. 

The Process to Purchase of ABSLI Critical Illness Rider

The spiralling costs of healthcare and medication have led to an utmost necessity of securing our lives with an appropriate life insurance term plan and, in turn, retain the financial stability of our family in unfortunate events such as our death or treatment for critical illnesses. ABSLI Critical Illness Rider enables salaried individuals to cover their life against the diagnosis of 4 critical illnesses. 

The ABSLI Critical Illness Rider is accessible to individuals who purchase a life insurance policy from Aditya Birla Sun Life Insurance solutions. This rider is offered with the intention to add value to the purchased insurance product. If the policyholders do not choose the rider at the time of purchasing the policy, they are provided with an option to add the rider to their existing term insurance plan. The policyholder can choose to add the rider to their existing plan or purchase a new plan along with this rider on the official website of ABSLI.

Documents Required

Following documents are to be furnished at the time of purchasing any ABSLI term insurance plan along with the ABSLI Critical Illness Rider.

  • Duly filled proposal form
  • Self-attested address proof
  • Self-attested proof of identity
  • Self-attested proof of income
  • Passport size photographs of the aspirant policyholder

The following documents shall be furnished as proof of identity or address at the time of purchase of the ABSLI Critical Illness Rider, along with a term plan.

  • Insured life’s Aadhaar card
  • PAN card of the life insured
  • Passport of the policyholder
  • Driving license
  • Ration card
  • Transfer or school leaving or matriculation certificate
  • Birth certificate of the life to be insured
  • Electoral Photo Identity Card or Voter’s ID

Additional Features

The additional features of Aditya Birla Sun Life Insurance Critical Illness Rider are as follows:

  1. Freelook, Grace Period and Reinstatement

    The free-look and grace period rules depend on the base plan to which the ABSLI Critical Illness Rider is added. The rider offers such benefits if the free-look or grace period is applicable as per the features of the base life insurance policy. Most of the life insurance policies, once closed or surrendered, are not allowed to be reinstated after the payment settlement. In such cases, it would be best if the customer considers purchasing a new term policy.

  2. Tax Benefits

    As per the latest guidelines of the Income Tax act, 1961, the policyholder shall be entitled to tax benefits under section 80D. However, the tax benefits are subject to change with several other aspects that are to be considered while calculating the tax amount. 

Terms and Conditions

  1. Loans

    The ABSLI Critical Illness Rider does not offer any loan benefits. 

  2. Termination of Rider

    Once you add the rider to your base plan, you are not permitted to optout of it. However, the benefits of the rider will cease instantly in case of termination of the base plan or after the settlement of the claim. The rider benefits will also terminate at the end of the reinstatement period. For such policies, the reinstatement period shall not attract any rider benefit.

  3. Nominations

    The policyholders are allowed nominations as per the provisions of the Insurance Act’s section 39. However, the guidelines are subject to change as per the amendments made over a period of time.

  4. GST

    The policyholders with the addition of ABSLI Critical Insurance Rider must pay GST and other levies only if applicable.

Key Exclusions 

The insured life under ABSLI Critical Illness Rider is entitled to the assured sum immediately after the diagnosis of any of the four critical illnesses discussed in the previous sections. However, there are certain exclusions under which the insured person is not eligible to avail of the benefits of the rider. The exclusions of this rider are mentioned below:

  • A pre-existing disease or illness, or injury manifested before the date from which the rider was added to the term plan.
  • Any injury or illness, or disease that manifests within 90 days from the date of purchase of the rider or revival of the rider.
  • ABSLI Critical Illness Rider shall not cover any congenital conditions. 
  • AIDS or any other sexually transmitted diseases.
  • Suicide attempt or self-inflicted damage regardless of the mental health of the insured person.
  • Injury caused due to involvement in illegal, criminal, or unlawful activities. 
  • Injury or illness caused due to the intoxication of liquor, drugs, narcotics, or poison except in cases where it is prescribed by a certified medical practitioner.
  • Illness caused due to nuclear contamination either intentionally or accidentally.
  • Damage caused while working at airlines except for the regular passenger airline trips.
  • Damage caused due to involvement in professional sports or any dangerous pursuits such as diving, riding, racing, underwater activities, etc.
  • Damage caused during wars, terrorism activities, invasions, hostilities, civil wars, martial laws, rebellions, revolutions, riots, civil commotions, etc.
  • Damage caused during naval, air force, or military training.

The ABSLI Critical Illness Rider enhances the value of the life insurance policy that the salaried person has purchased. It assures your family with a lump sum amount as a financial relief in case you are diagnosed with a critical illness. Adhering to the fact that the medication and operation costs necessary for any critical illness shall burn a hole in our pockets, it is recommended that you purchase a term insurance policy along with the ABSLI Critical Illness Rider. This rider only rescues you against critical illnesses but also offers 100% of the assured sum to your family based on the base plan to which the rider is added. This rider is sure to promote the financial safety of the policy buyer and his family.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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