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Term Insurance Plans with Critical Illness Cover

By adding a critical illness cover to your existing term insurance plan, you can ensure greater coverage in terms of life coverage and health benefits.

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

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Term Insurance Plans with Critical Illness Cover: Dual Benefits!

As we already know, only death benefits are being offered under a term plan. Hence, to maximize the policy term insurance benefits further, certain add-on covers are there, which can be availed at an additional cost. There are certain benefits that the policyholder can opt for along with the base policy by opting for these plans. These additional benefits are referred to as the riders.  One such rider is the critical illness rider that a person can avail of along with the chosen term insurance policy. 

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Why is Term Insurance with Critical Illness Cover Necessary?

As the present-day era seems to have an outburst of diseases, the security for getting the diseases treated properly is a much-needed aspect. Often, people tend to ignore this aspect due to the high amount of cost associated with the treatment. This results in an increasing rate of death as proper treatment is not availed by the patients. Considering this, term insurance plans have provided an option that whenever a policyholder will be diagnosed with a form of severe illness, it will be covered by the insurer. Ranging from hospitalization bills to the doctor consultation, surgery, etc. everything is covered in the critical illness rider.

The policyholder, however, needs to meet certain criteria or conditions laid down by the term insurance plans along which the rider is opted for. There are several best term insurance plans with critical illness cover that provide benefits against different critical illnesses. The lists of the illnesses which will be covered are provided by the insurance policies. Based on the requirements, a policyholder can buy that policy in case extra coverage is needed.

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Term Insurance with Critical Illness Rider vs.Regular Term Insurance

Now, a person might think that he/she can avail of the term insurance plan as it provides the required security. Then why opt for the additional rider for critical illnesses? Well, there are more benefits a policyholder can be entitled to by opting for a critical illness rider along with the base term policy. In certain term insurance plans there are in-built riders attached to the policy. In such cases, there is no requirement of premium payment for getting the additional benefits. However, in most cases, the rider needs to be separately purchased along with the regular term insurance plans. The market offers the best term insurance plans with critical illness cover which benefits in ways not benefited by the regular insurance plans. The below are some of the basic difference of coverage and nature of these plans:

  • The premium amount that is paid for a regular term insurance plan gets changed during the term of the policy. However, the term insurance policy activated with an additional rider requires the payment of a fixed premium along with the base premium.
  • A person availing of a regular term insurance plan gets the benefit of an assured sum on the death of the policyholder. If the policyholder passes away during which the term policy remains active, a sum assured is paid to the beneficiary of the policyholder. It is important to note that these regular term insurance plans provide financial support only during the death of the policyholder. If during the term of the policy the life insured is diagnosed with any critical illnesses, he/she won’t be getting any benefits from the insurance policy. This is just the opposite in case of a term insurance plan with critical illness cover.
  • However, purchasing a term insurance policy with the critical illness rider provides financial support during the times when the policyholder is diagnosed with any form of critical illness. If the insured comes across any form of the disease as listed in the policy, a lump sum amount will be paid to the policyholder. The coverage will not only provide financial support to get him treated but will also cover the daily expenses of the person’s family. Also, the term insurance policies offer various options for avail the payment. Either the policyholder can opt for taking the benefit as a lump sum or can take the benefit in the form of a monthly installment. 
  • The claim can be made once the policyholder is diagnosed with the illness. Also once the claim against the critical illness rider is made, the rider policy will terminate. However, the base policy will continue as it is. 

Who Should Opt for this Plan?

People in their 20’s or 30’s are mostly advised to go for the insurance policies with the critical illness riders. It is generally during this age when the person is energetic, gets a job, gets married, and also starts a family. The premium amount to be paid by the policyholder usually increases as the person ages. If there is even a delay of 10 years, then the amount of premium might get increased to over 50% for the same assured sum. Therefore, buying a term insurance policy with a critical illness rider even before turning 30 is quite helpful. 

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

Final Note!

It is not usually thought upon in the earlier stages of life that a person might encounter life-threatening diseases later. Therefore, it is better to avoid such circumstances, which will not only deteriorate one’s health but will lead to losing all the savings of life. For all those unseen calamities that can be faced in later life why not prepare at the stage when one is capable of. Consider buying a term insurance with critical illness cover and stay prepared for the uncertainties.

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


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