Critical illness rider with a term insurance policy comes in handy in covering the additional costs arising out of a treatment of critical illness. On the other hand, critical illness insurance come with wider coverage. Let’s know which one is better!
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
Availing a term insurance policy with critical illness rider is recommended when there is a family history of these ailments. As a regular term insurance wouldn’t cover the insured for medical expenses incurred, availing a rider plan is a better option.
But what if the rider is unable to meet the expenses? What if even after having a critical illness rider, the coverage is not sufficient enough? In such cases, the thought of having a standalone critical illness plan comes in.
Let’s dive into the discussion and weigh in the different factors that may tilt the balance towards Critical Illness Rider or buy Critical Illness Insurance as the better choice.
As medical technology advances, the chances of early detection of critical illnesses such as stage 1 cancer, Brain issues have become very high. This will increase the chances of full recovery for patients due to early treatment. However, it is essential to know that not all critical illnesses qualify for early-stage treatments under critical illness policies. To get the coverage benefits immediately after the diagnosis, Early Critical Illness coverage becomes mandatory.
A Critical Illness Rider is a policy attached additionally to a term insurance policy. The policy ensures a specific sum insured to be paid to the policyholder when a specified critical illness is diagnosed and requires immediate treatment. It is a one-time pay-out and the policy will be terminated immediately after the sum insured is released. The CI Rider is applicable to critical illnesses such as heart attack, cancer, stroke, bypass surgery, kidney failure, and major organ transplant, etc.
An Accidental Disability Rider is a policy added to the term insurance. It will come into effect when the policyholder meets with an accident that causes a permanent physical and mental disability. With the disability rider, the policyholder will get regular income for the next 5 to 10 years or a lump sum amount based on the type of coverage release chosen. Normally, the disability rider is also coupled with the Accidental Death Rider for better security. It is imperative to know that Disability Rider is only applicable to the policyholder who becomes disabled due to an accident during the policy period.
The main reasons to choose the best term insurance plan with a critical illness rider are,
Thus, opting for a Critical Illness Rider can solve the significant financial burden associated with the treatment expenses in the case of Critical Illnesses. Making a sensible choice between Critical Illness rider and Critical Illness Insurance depends on the health conditions, affordability of the premium, and many other factors. But having a CI Rider will add an extra cushion during challenging medical emergencies due to critical illnesses.
08 Dec 2023Long-term disability insurance for income replacement is a
07 Dec 2023In the world of making sure everyone can get important services
07 Dec 2023Income Replacement Insurance for self-employed is the term
07 Dec 2023Edelweiss Tokio Income Replacement Insurance Plan is a
07 Dec 2023An income replacement plan designed for High Net Worth