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Tata AIA Term Insurance plans help secure the financial future of the family members of the policyholder by protecting them from eventualities of life. The uncertainties might vary because of income loss, critical illness, or the unforeseen death of the insured. When an individual buys the Tata AIA Term plan in India, he/she can select to extend the protection by adding a rider and paying a small amount of extra premium.
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One such rider benefit offered by TATA AIA company is a critical illness. Let us learn more about this rider here.
Term Plans
Tata AIA Critical Illness benefit is the coverage offered for life-threatening and longtime illnesses that generally needs expensive medical treatment. The critical illnesses covered could be heart diseases, cancer, renal diseases, third-degree burns, loss of limbs, liver diseases, etc. The coverage provided under this plan is a smart way to safeguard your and your family member's peace of mind. The plan generally works by providing a lump sum amount on the diagnosis of a critical illness.
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Fortunately, Tata AIA term insurance is one such plan that helps you and your family members in difficult times. So, you can easily opt for a specially designed Tata AIA Term Insurance plan that covers the following critical illnesses:
| List of Critical Illnesses Covered Under Tata AIA Term Insurance Plan | |
| Alzheimer’s Disease | Apallic Syndrome |
| Aplastic Syndrome | Bacterial Meningitis |
| Benign Brain Tumor | Blindness |
| Chronic Recurrent Pancreatitis | Coma of specified severity |
| Creutzfeldt- Jacob Disease | Deafness |
| Encephalitis | End-stage Liver Failure |
| End-Stage Lung Failure | Fulminant Viral Hepatitis |
| Kidney Failure requires regular dialysis | Loss of independent existence |
| Loss of limbs | Loss of speech |
| Major Head Trauma | Major organ/Bone Marrow transplant |
| Medullary Cystic Kidney Disease | Motor Neuron Disease with Permanent Symptoms |
| Muscular Dystrophy | Parkinson’s Disease |
| Permanent Paralysis of Limbs | Poliomyelitis |
| Progressive Scleroderma | Severe Rheumatoid Arthritis |
| SLE with Renal Involvement | Third Degree Burns |
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.
Here are 4 reasons why you should consider this critical add-on coverage:
When the family’s breadwinner is diagnosed with a critical illness, the pressure on the patient and the family members is very intense. With Critical illness cover, your family does not need to worry about affording the treatment costs while taking care of the household-related expenses. This add-on acts as an income replacement, providing your family time to make things in order.
When you buy a term insurance plan with a critical illness benefit, you are eligible to receive additional tax benefits. The term insurance plan is covered u/s 80C of the ITA, 1961, while the cover of critical illness is exempted u/s 80D. Then, the benefits received are exempted u/s 10(10D). So, you can opt for a double tax benefit.
If you buy critical illness cover with your term insurance plan, the lump sum amount will help you cover your medical expenses. The lump-sum amount on diagnosis saves you and your family members from the worry of collecting funds for your treatment.
When you buy critical illness cover benefits with your term insurance plan, the premium amount that you pay remains the same during the whole term. So, if you are diagnosed with a critical illness during the policy term, your premium amount will not increase as this factor has already been considered during the premium calculation.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
The additional financial security offered to you and your loved ones in the form of a critical illness benefit is priceless. In the fast-moving world, there is no such way to foresee what might happen to whom and when. However, the single thing you have control over is being prepared for all things that can go wrong. Buying a critical illness cover benefit along with your term insurance plan is the first step towards a comfortable life.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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