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.
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
As we already know, only death benefits are being offered under a term plan. Hence, to maximize the policy 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.
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.
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:
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.
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.
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