Term Insurance with Critical Illness and Accidental Disability Policy

Many term Insurances include additional benefits in their policies like critical illness and disability benefits. These benefits are considered basic covers that every insurance provider must offer. Term Insurance with Critical Illness and Accidental Disability Policy offers various benefits and coverage during times of crisis.

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What is Critical Illness and Accidental Disability Policy?

Critical Illness policy covers various life-threatening illnesses and other peculiarities like including surgery expenses. 

Accidental Disability policy covers disabilities that happened due to any accidents in a policyholder's life. These disability covers are mostly provided for permanent disabilities that occurred due to accidents. 

What is Term Insurance with Critical Illness and Accidental Disability Policy?

Term Insurance provides complete security to the beneficiary of the policyholder in case the insured life passes away during the policy term. Many Term Insurances in India have several benefits offered under their policies for their customer’s convenience. Some benefits offered are critical illness and accidental disability covers.

Almost all insurance companies provide Term Insurance with Critical Illness and Accidental Disability policies. These policies cover the customer's illnesses and side effects caused due to the illness and surgeries that the policy covers.

What is a Term Insurance Rider?

Although all insurance providers offer rider options, the difference in the coverage amount and some add-on benefits help the customer make the policy comprehensive. 

Some of the riders are:

  • Critical Illness Rider
  • Accidental Disability Rider
  • Waiver of Premium

Let us learn about critical illness and accidental disability riders in detail.

  1. Critical Illness Rider

    A Critical Illness rider commonly covers - heart attack, cancer, stroke, coronary artery, kidney failure etc. When a critical illness is detected, the policyholder can get their coverage amount within 24 hours.

    The following are covered under the critical illness scheme:

    • Hospitalization Fee
    • Medication Expenses
    • Surgery Expenses
    • Doctor Fee
    • Coverage until recovery
  2. Accidental Disability Rider

    Accidental Disability riders provide coverage against several disabilities that arise due to an accident. If the disability is permanent (fully or partially), it will be covered under the accidental disability rider. It helps provide a lump sum to cover various hospital and living expenses.

    Some accidental disabilities are:

    • Permanent Blindness
    • Permanent Deafness
    • Permanent Loss of Speech
    • Inability to walk or leg paralysis
    • Complete Paralysis
    • Neurotic Disorders etc.

    If the disabilities mentioned above are caused due to any accidents that happen in a policyholder's life, they can claim their sum assured amount under the Accidental Disability Benefit.

Features of Term Insurance with Critical Illness and Accidental Disability Policy

Although all insurance policies provide similar features, some remain specific to Term Insurance with Critical Illness and Accidental Disability Policy.

Some of the features are listed below:

  • Cashless claims – Cashless claims are available for services at more than 10,000 hospitals.
  • No Sub-limits – No sub-limits are needed for hospital room rents, hospital expenses, specific diseases and doctor fees.
  • Cashless Home Health care – If the patient's doctor recommends the treatment from home, they can avail medical attention at home without paying for the medication and treatment expenses. 
  • Daycare procedures – Medical expenses for 586 day-care procedures, apart from the 24 hours hospitalization of the patient, are also provided.
  • Hospitalization expenses – Covers all pre and post-hospitalization expenses. Pre hospitalization for up to 60 days. Post hospitalization up to 180 days.
  • Preventive Health Check-up – On every renewal, policyholders can avail a free medical check-up. Thus, these policies help their customers to get well overall.

Benefits of Term Insurance with Critical Illness and Accidental Disability Policy

Benefits offered by Term Insurance with Critical Illness and Accidental Disability Policy are almost similar in all policies. Some of the benefits provided are listed below:

  • Death Benefits – Upon the death of the policyholder, the nominee of the policy gets the promised sum assured amount. Death benefit covers offered up to 1 crore.
  • Tax Benefits – Tax Benefits offered under this policy are provided under Income Tax Laws of India (Section 80 C).
  • Waiver of Premium benefits – If a customer loses their job and is not able to pay the premium amount, they can use this benefit for paying their premium. The policy remains active. 
  • Income Benefits – If the sum assured is offered to the nominee of a policy in case of a policyholder's death, they also can customize their payout option as monthly payouts. Thus, this can act as a source of income in the absence of any other source of income in a family.
  • Sum assured at an affordable premium – These plans provide extensive coverage. The sum assured amounts are offered in each policy at a very low affordable premium. 

Why Buy Term Insurance with Critical Illness and Accidental Disability Policy Cover?

Term Insurance with Critical Illness and Accidental Disability policy is add-on protection. A critical illness cover helps the policyholder cover their hospital, medical and treatment expenses. The policyholder can only focus on recovery without worrying about finances.

Accidental Disability cover offers protection for permanent and partial disabilities occurring due to an accident. Accidental death benefits are also provided for the policyholder’s beneficiary.

Eligibility for Term Insurance with Accidental Disability Policy

If any disability is not mentioned for coverage under any Term Insurance, then the policyholder cannot get any claims for those disabilities. 

Some disabilities that are qualified for coverage are:

  • Permanent Blindness – Covers the policyholders for losing their sight permanently due to any accidents
  • Permanent Deafness – Covers the policyholder for losing their sense of hearing permanently due to any accidents, coverage is provided
  • Loss of Limbs – Covers the policyholder for losing their limbs (hands or legs), coverage is provided for them
  • Permanent Paralysis – Covers the policyholder against full or partial paralysis

Exclusions in Critical Illness Cover

There are several exclusions in a Term Insurance with Critical Illness Cover. If the policyholder experienced any critical illness that falls under the exclusions category, they could never enjoy any benefits offered under critical illnesses. Also, there are a few criteria under which the policyholder cannot enjoy any critical illness benefits. 

Some exclusions in critical illnesses are:

  • Critical illness is diagnosed within the waiting period
  • Death occurring within 30 days of the diagnosis of critical illness or a surgery
  • Critical illness is developed due to tobacco, smoking, alcohol or drug intake
  • Congenital disorder
  • HIV or AIDS illness 
  • Infertility or Hormone Replacement Treatment
  • Cosmetic surgery or dental care
  • Treatment outside of India

Exclusions in Accidental Disability Cover

Some exclusions in accidental disability cover are:

  • Death occurs within 12 months of purchasing the policy
  • Accidental death due to alcohol or drugs intake
  • Participation in any adventurous sports doesn't count as an accidental disability
  • Accidents due to car or bike racing
  • Accidents due to street racings 

In Conclusion

Term Insurances with Critical Illnesses and Accidental Disability provides for the most critical times in a customer's life. With the help of term insurance, customers can stay secured and live a stress-free life without worrying about any misfortunes.

Written By: PolicyBazaar

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