Avail a crucial additional cover for a nominal additional premium.
The recent Global Burden of Disease (GBD) studies show that cardiovascular diseases are the leading cause of deaths in India. These diseases include ischemic heart disease, Chronic Obstructive Pulmonary Disease (COPD) and stroke.
Treatment for all of these critical illnesses is very expensive. While basic health insurance policies do cover these illnesses, thesum assured they offer is highly inadequate. For example, most health insurance policies offer a sum assured of 2 to 5 lakhs (family floater), while the treatment for ischemic stroke itself amounts to 6 lakhs. Here, traditional life insurance policies are also of little help because they grant the sum assured upon the demise of the insured.
This is where the critical illness rider is useful.
What is a Critical Illness Rider?
A critical illness rider is an optional add-on feature that can be bought to compliment the life insurance policy. It ensures that a lump sum (Sum Assured) is paid to the policyholder if he or she is diagnosed with any of the critical illnesses specified -inthe policy. Once the payout is made, the rider terminates while the life cover under the Base Plan and other riders (if any) continue.
What are the illnesses covered under the Critical Illness Rider?
Each insurance company covers a different array of illnesses under this rider. However, the critical illness rider typically covers:
Some companies also offer special Women Critical Illness riders.
What are the conditions of the Critical Illness Rider?
Although the critical illness rider covers the specified illnesses completely, there are a few scenarios where claims are rejected. Generally:
What are the types of critical illness riders available?
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