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Term Plan with Critical Illness

Diseases that affect the crucial body parts like heart and brain are categorized as critical illnesses by the World Health Organization (WHO). They are complicated and require expensive treatment. These critical illnesses often drain out people’s savings who do not have enough financial backup. It is where a term plan with a critical illness rider comes to use.

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What is a Term Plan with Critical Illness Cover?

Many health policies come with additional rider benefits, which can be added to the base plan for an extra premium. Some of the common riders are accidental death benefit riders, premium waiver riders, and critical illness riders. 

Term plans with rider benefits provide additional coverage against multiple life-threatening diseases.

What Does a Term Plan with Critical Illness Cover?

With rising inflation, the treatment costs of life-threatening diseases have become expensive for most people. Term insurance with critical illness rider covers most of the uncertain aspects of life like death and diseases.

Following are some of the life-threatening illnesses that are covered by the critical illness rider:

  • Cancer
  • Heart problems like first-time heart attack, heart replacement, or open-heart surgeries
  • Kidney failure
  • Lung diseases
  • Liver diseases
  • Organ replacement surgery

Policy Benefits

Besides the apparent benefit of getting financial protection against the rising costs of treatment, a few other benefits of a term plan with a critical illness rider. They are:

  • If a policyholder is diagnosed with a disease, then the premium amount remains the same, but it provides additional coverage without affecting the basic sum assured.
  • In some cases, if this rider comes into force, it waives off the payment of premiums in the future. 
  • They help in getting adequate medical treatment without worrying much about the financial expenses.
  • They provide coverage for hospitalization, medicines and surgeries.

Eligibility

Every individual fulfilling the following criteria is eligible for buying term insurance:

  • Any policyholder above the age of 18 years and less than 65 years can buy this additional rider. 
  • The maximum age expected at maturity of the policy varies from insurer to insurer.

However, it is also important to remember that children too are at the risk of contracting critical illnesses. The following table shows the best child plans with critical illness coverage:

Plan name

Insurer

Eligibility

Tenure

Coverage

Critical Illness Insurance

Bajaj Allianz

91 days – 80 Years

1 year

1 lakh – 50 lakhs

Critical Illness Insurance Plan

Bharti AXA

3 months – 55 years

1 year

Depending on requirement

Care Health Assure Insurance Policy

Care Health Insurance

5 years – 50 years

1-3 years

INR 10 lakhs – INR 2 crores

Cancer Medical Expn-Individual Plan

New India Assurance Health Insurance

0-70 years

1 year

INR 50,000 – 2 lakhs

Critical Illness Insurance Policy

SBI Health Insurance

0- 65 years

1-3 years

Up to INR 50,00,000

List of Few Term Plan with Critical Illness Benefits

Here are the comprehensive term plans that offer critical illness riders:

  1. Max Life Online Term Plan Plus

    This term plan can only be purchased online, making it convenient for potential buyers to complete the process from home. Online buying gives them the liberty to choose and customize their policy strictly according to their needs.

    • Eligibility:
      • The age of the applicant can be anywhere between 18-60 years.
      • The maximum age at maturity of the policy can be 85 years.
    • Features:
      • The tenure can be anywhere between 10-50 years.
      • Premium has to be paid only till retirement.
      • There are three payout options, and the customer can freely choose from them.
    • Benefits:
      • Provides a death benefit on the demise of the policyholder. 
      • Offers additional riders such as the critical illness rider, which protects the insured from life-threatening diseases.
      • Provides tax benefits as the premium amount paid can be deducted from the tax payable.
      • It can be bought online with minimum documentation.
  2. Max Life Smart Term Plan

    It provides many options to the customer in almost all of its aspects. If bought smartly, then this plan can provide financial protection for a longer time and secure the future for the entire family.

    • Eligibility: 
      • The minimum age for entry should be 18 years.
      • The maximum age varies between 60 years and 44 years, depending on the premium payment method.
      • The maximum age at maturity of the policy varies between 75 years and 85 years, depending on the policy benefits method.
    • Features:
      • The policy term can be anywhere between 10-50 years if death benefits and critical illness are chosen.
      • There are four premium paying terms – single, regular, limited, and pay till 60.
      • The sum assured entirely depends on the death benefit options chosen.
    • Benefits:
      • There are not one but seven payout options of the death benefit.
      • If the policyholder survives the tenure, they receive the premium paid as the maturity benefit.
      • It has excellent rider options that cover almost all expenses of critical illnesses.
  3. ICICI Pru iProtect Smart Term Plan

    This plan also gives the customer the liberty to select the plan's features according to their requirement. Moreover, it comes with the additional benefit of enhancing the coverage provided by the policy.

    • Eligibility:
      • The minimum age should be 18 years.
      • The maximum age varies between 55 and 65 years, depending on the features of the policy chosen.
    • Features:
      • The policy term depends entirely on how long the customer wants protection.
      • The premium can be paid as single, regular or limited.
      • The sum assured entirely depends on how much premium is decided.
    • Benefits: 
      • There are four payout options for the death benefit, and the customer can choose to receive the payment according to needs.
      • The customer can increase the sum assured at different stages of life if the need arises.
      • Provides coverage for critical illnesses, life-terminating diseases, and permanent disability in the form of rider benefits.
  4. HDFC Life Click 2 Protect

    It is an excellent plan that provides a wide range of benefits to the insured. In addition, it has an exceptional feature of balancing the life and critical illness cover along with an in-built feature of waiving off the future premiums.

    • Eligibility:
      • The age of the applicant can be anywhere between 18-65 years.
      • The age at maturity of the policy should be 28 or 75 years.
    • Features:
      • The policy term can be anywhere between 10-30 years.
      • The minimum sum assured is INR 20,00,000, and there is no upper limit.
      • Premium can be paid as single, regular or limited pay.
      • It automatically balances life and critical illness with ageing.
    • Benefits:
      • A lump sum amount is paid on the death of the insured as the death benefit.
      • If the insured is diagnosed with a critical illness, then they receive payment for treatment.
      • If the insured survives the tenure, then a maturity benefit is paid.
  5. Bajaj Allianz Life Smart Protect Goal

    This policy helps the customer safeguard the life goals and provide life assurance. It has a variant that includes coverage for child education along with providing life cover.

    • Eligibility: 
      • The applicant's age should be between 18-65 years, and the age of the child should be less than 18 years.
      • The age at maturity should be 85 years.
    • Features:
      • The minimum sum assured is INR 50,00,000, while there is no upper limit.
      • The premium can be paid as single, regular or limited pay.
      • The policy term would depend upon the type of premium payment option chosen.
    • Benefits:
      • The life cover is paid after the death of the policyholder.
      • Coverage for children's education can be added as an additional benefit.
      • The education coverage can be chosen as percentages of the sum assured, and it is paid only in case the policyholder passes away during the policy term.
      • The policy also provides other rider benefits.
  6. SBI Life Poorna Suraksha

    It is a convenient plan that provides life assurance and coverage for critical illnesses. The best fact is that the premium cost remains the same throughout the policy.

    • Eligibility:
      • The age of the applicant should be anywhere between 18-65 years.
      • The age at maturity of the policy should be between 28-75 years.
    • Features:
      • The policy tenure can be 10, 15, 20, 25, or 30 years.
      • The minimum sum assured is INR 20,00,000.
      • The maximum sum assured is INR 2,50,00,000.
      • Premium has to be paid regularly.
      • It re-balances the life cover and critical illness cover on every policy anniversary.
    • Benefits:
      • The sum assured on death is paid if the policyholder passes away.
      • If the policyholder is diagnosed with a critical illness, the coverage is paid as a one-time payment.
      • If the policyholder gets diagnosed with a critical illness, the future premiums are waived off.

In Conclusion

To sum it up, anyone willing to ensure an extra layer of financial protection against medical expenses can buy a term plan with a critical illness rider. It is an excellent benefit that safeguards the insured and their families from financial burden.


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