Term Plan with Critical Illness and Disability Rider

Critical Illness cover and disability rider benefits are essential requirements in a Term Insurance Plan. They help customers choose a particular term insurance plan. Knowing about Term Plan with Critical Illness and Disability Rider is a necessity if an individual decides on choosing a plan.

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What is Term Plan with Critical Illness and Disability Rider?

Term Plan with Critical Illness and Disability Rider provides coverage for various critical and terminal Illnesses. Some plans cover more than 40 critical illnesses.

Critical Illnesses provides coverage for hospitalization or medical and surgery expenses under a particular plan. Disability Rider provides for permanent disabilities of a customer. This benefit acts as a monthly income if the customers lose their income or cannot work due to any disability.

How is Critical Illness and Disability Rider Helpful?

Details on when a Term Plan with critical illness and disability rider can be beneficial are provided below. 

  1. Critical Illness

    Critical Illness coverage is provided for a set of chosen illnesses under a particular plan. Under this option, coverage is provided for hospitalization, medication and surgery expenses that occur due to a critical illness mentioned in the plan. With critical illness insurance, a customer can stay stress-free about hospital expenses and focus on recovery. 

    Some critical illnesses that are commonly covered by various term insurance plans are:

    • Heart Attack
    • Heart Valve Replacement due to defects or abnormalities
    • Coronary artery diseases requiring a bypass or other surgery
    • Aorta surgery 
    • Stroke
    • Cancer
    • Kidney failure
    • Viral Hepatitis
    • Liver Failure
    • Major Organ Transplant including Kidney, Lungs, Liver, Heart and Bone Marrow
    • Paralysis
    • Multiple sclerosis
    • Primary Pulmonary Arterial Hypertension
    • Alzheimer’s Disease
    • Coma
    • Terminal Illness
    • Anaemia
    • Diabetes
    • Brain Surgery etc.
  2. Disability Rider

    Disability Income rider benefits paid to the customer with a disability is a monthly income of 1% of the sum assured to be provided during the policy's maturity. Disability Rider is only provided for customers with permanent disabilities. The policyholder must have been disabled for at least six months before receiving any income benefit under disability rider. 

    Disability riders are provided for common disabilities under all Insurance plans. They are:

    • Permanent Blindness
    • Leprosy
    • Deafness
    • Paralysis
    • Dwarfism
    • Intellectual Disability
    • Mental Illness
    • Autism Spectrum Disorder
    • Cerebral Palsy
    • Muscular Dystrophy
    • Parkinson’s Disease
    • Dystonia
    • Neuromuscular disease
    • Multiple Sclerosis
    • Epilepsy
    • Thalassemia
    • Haemophilia
    • Sickle Cell Disease
    • Acid Attack Victims

Term Insurance Plans Offering Critical Illness Riders

Some of the Term Plans with critical illness and disability riders are given below:

  • Aviva i-Life Total Term Plan
  • Kotak Preferred Term Plan
  • ICICI Pru iProtect Smart Term Plan
  • Max Life Online Term Plan Plus

However, you can always consult your insurance provider other than the above mentioned to learn about term plans with critical illness cover.

  1. Aviva i-Life Total Term Plan

    Aviva i-Life Total Term Plan is designed for providing an extensive coverage option for securing the policyholder’s family. It offers financial protection and covers various critical illnesses and disabilities. 

    Its features and benefits give customers their reasons for buying a term plan.

    Eligibility

    • Entry Age: minimum - 18 years and maximum - 65 years
    • Maturity Age: minimum - 23 years and maximum - 75 years
    • Policy Term: 10 years, 15 years up to 30 years and 57 years
    • Minimum Premium Payment: Rs. 3525
    • Premium Payment mode: online and offline
    • Premium Payment Frequency: yearly, half-yearly, quarterly and monthly

    Features

    • This plan is affordable for customers from various financial backgrounds.
    • Plans can be customized during several life milestones that happen in a customer’s life. 
    • According to several new changes like – marriage, childbirth etc., the customer can either increase or decrease the sum assured amount and policy tenure.
    • Special discount on premiums is provided for female customers and non-tobacco users.

    Benefits and Coverage

    • Death Benefits 
    • Critical Illness 
    • Disability Riders 
    • Tax Benefits 

    *Tax Benefits are provided as per the Income Tax laws in India. Standard Terms and Conditions Apply

    Sum assured amount for this plan starts from 50 lakhs. Some plans provide accidental benefits of up to 1 crore. The maximum sum assured offered by some other policies has no limit.

  2. ICICI Pru iProtect Smart Term Plan

    ICICI Pru iProtect Smart Term Plan aids the policyholder’s beneficiary in times of critical illnesses and disability. Among various term plans with critical illness and disability riders, this plan has features and benefits that make it one of the best term plans with critical illness and disability riders. 

    Eligibility

    • Entry Age: minimum 18 years to maximum 65 years
    • Maturity Age: minimum 23 years to maximum 75 years.
    • Policy Term: 5 years, 10 years up to 40 years. Life and Health Insurance policies start from 10 to 30 years
    • Minimum Premium Payment: Rs.2400
    • Premium Payment mode: online or offline
    • Premium Payment Frequency: yearly, half-yearly, quarterly and monthly

    Features

    • This plan is affordable for customers from various financial backgrounds.
    • Plans can be customized during several life milestones that happen in a customer’s life. 
    • According to several new changes like – marriage, childbirth etc., the customer can either increase or decrease the sum assured amount and policy tenure.
    • Special discount on premiums is provided for female customers and non-tobacco users.

    Benefits and Coverage

    • Death Benefits 
    • Critical Illness 
    • Disability Riders 
    • Tax Benefits 

    *Tax Benefits are provided as per the Income Tax laws in India. Standard Terms and Conditions Apply

    Sum assured amount for this plan starts from 3 lakh, 25 lakh up to 50 lakhs. Some plans provide accidental benefits of up to 1 crore. The maximum sum assured offered by some other policies has no limit.

  3. Kotak Preferred Term Plan

    Kotak Preferred Term Plan is an Insurance policy that offers various benefits and features for the nominees of the policyholders. Details about the plan are discussed in detail below.

    Eligibility

    • Entry Age: minimum 18 years to maximum 65 years
    • Maturity Age: minimum 23 years to maximum 75 years
    • Policy Term: 5 years to 40 years
    • Premium Payment mode: online or offline
    • Premium Payment Frequency: yearly, half-yearly, quarterly and monthly

    Features

    • This plan is affordable for customers from various financial backgrounds.
    • Plans can be customized during several life milestones that happen in a customer’s life. 
    • According to several new changes like – marriage, childbirth etc., the customer can either increase or decrease the sum assured amount and policy tenure.
    • Special discount on premiums is provided for female customers and non-tobacco users.

    Benefits and Coverage

    • Death Benefits 
    • Critical Illness 
    • Disability Riders 
    • Tax Benefits 

    *Tax Benefits are provided as per the Income Tax laws in India. Standard Terms and Conditions Apply

    Sum assured amount for this plan starts from 25 lakhs to 50 lakhs. Some plans provide accidental benefits of up to 1 crore. The maximum sum assured offered by some other policies has no limit.

  4. Max Life Online Term Plan Plus

    Max Life Online Term Plan Plus is provided as a result of a joint venture between Max India Ltd and Mitsui Sumitomo Insurance Co. Ltd. The plan offers comprehensive benefits to the customer and their beneficiaries.

    Eligibility

    • Entry Age: minimum 18 years to maximum 60 years
    • Maturity Age: minimum 23 years to maximum 85 years
    • Policy Term starts from 5 years, 10 years up to 50 years. Life and Health Insurance policies begin from 10 to 30 years.
    • Premium Payment mode: online or offline
    • Premium Payment Frequency: yearly, half-yearly, quarterly and monthly

    Features

    • This plan is affordable for customers from various financial backgrounds.
    • Plans can be customized during several life milestones that happen in a customer’s life. 
    • According to several new changes like – marriage, childbirth etc., the customer can either increase or decrease the sum assured amount and policy tenure.
    • Special discount on premiums is provided for female customers and non-tobacco users.

    Benefits and Coverage

    • Death Benefits 
    • Critical Illness 
    • Disability Riders 
    • Tax Benefits 

    *Tax Benefits are provided as per the Income Tax laws in India. Standard Terms and Conditions Apply

    Sum assured amount for this plan starts from 5 lakh, 25 lakh up to 50 lakhs. Some plans provide accidental benefits of up to 1 crore. The maximum sum assured offered by some other policies has no limit.

In Conclusion

As discussed above, there are various benefits in having Term Insurance with critical illness and disability riders. Customers must know their Insurance plan well before choosing them.

Written By: PolicyBazaar

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