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By adding a critical illness cover to your existing term insurance plan, you can ensure greater coverage in terms of life coverage and health benefits.
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Note: Know more about what is term insurance first before reading this article.
Term Plans
As we already know, only death benefits are being offered under a term plan. Hence, to maximize the policy term insurance benefits further, certain add-on covers are there, which can be availed at an additional cost. There are certain benefits that the policyholder can opt for along with the base policy by opting for these plans. These additional benefits are referred to as the riders. One such rider is the critical illness rider that a person can avail of along with the chosen term insurance policy.
As the present-day era seems to have an outburst of diseases, the security for getting the diseases treated properly is a much-needed aspect. Often, people tend to ignore this aspect due to the high amount of cost associated with the treatment. This results in an increasing rate of death as proper treatment is not availed by the patients. Considering this, term insurance plans have provided an option that whenever a policyholder will be diagnosed with a form of severe illness, it will be covered by the insurer. Ranging from hospitalization bills to the doctor consultation, surgery, etc. everything is covered in the critical illness rider.
The policyholder, however, needs to meet certain criteria or conditions laid down by the term insurance plans along which the rider is opted for. There are several best term insurance plans with critical illness cover that provide benefits against different critical illnesses. The lists of the illnesses which will be covered are provided by the insurance policies. Based on the requirements, a policyholder can buy that policy in case extra coverage is needed.
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Now, a person might think that he/she can avail of the term insurance plan as it provides the required security. Then why opt for the additional rider for critical illnesses? Well, there are more benefits a policyholder can be entitled to by opting for a critical illness rider along with the base term policy. In certain term insurance plans there are in-built riders attached to the policy. In such cases, there is no requirement of premium payment for getting the additional benefits. However, in most cases, the rider needs to be separately purchased along with the regular term insurance plans. The market offers the best term insurance plans with critical illness cover which benefits in ways not benefited by the regular insurance plans. The below are some of the basic difference of coverage and nature of these plans:
People in their 20’s or 30’s are mostly advised to go for the insurance policies with the critical illness riders. It is generally during this age when the person is energetic, gets a job, gets married, and also starts a family. The premium amount to be paid by the policyholder usually increases as the person ages. If there is even a delay of 10 years, then the amount of premium might get increased to over 50% for the same assured sum. Therefore, buying a term insurance policy with a critical illness rider even before turning 30 is quite helpful.
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
It is not usually thought upon in the earlier stages of life that a person might encounter life-threatening diseases later. Therefore, it is better to avoid such circumstances, which will not only deteriorate one’s health but will lead to losing all the savings of life. For all those unseen calamities that can be faced in later life why not prepare at the stage when one is capable of. Consider buying a term insurance with critical illness cover and stay prepared for the uncertainties.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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