5 Best Term Insurance Plans With Critical Illness Rider
Life is filled with unpredictable moments, which is what makes it interesting. No one can predict the future, but we can certainly prepare to handle such situations if they happen suddenly. A term insurance policy is the best way to safeguard your family’s financial future after your demise. Not only this, some riders extend the policy coverage and protect them against specific incidents. Critical Illness rider is one such essential add-on that offers a considerable coverage amount if the policyholder contracts a major illness such as cancer, diabetes, kidney failure, liver problems, etc.
Mr. Mohit Sharma, a 35-year-old man, buys a term insurance policy for 30 years and gets coverage of Rs 1 crore. He also opts for a critical illness rider for a slightly extra premium with a sum assured of Rs. 10 lakhs to secure himself from any major illnesses. Then, at the age of 42, he is diagnosed with kidney failure that requires immediate hospitalization and surgery. Mr. Sharma gets admitted to the hospital and completes the surgery successfully, and recovers to return to everyday life quite soon.
Since he had already availed the critical illness rider along with the term plan, he was able to get the rider assured amount, as a lump sum that helped him handle the medical and post-surgery expenses without any problems. If not, he would have to make arrangements for the funds from external sources or his savings. Plus, the term plan will continue to serve him till the end of the policy term by offering protection over his life and securing the financial commitments of his family after his absence.
After the COVID-19 pandemic, a lot of focus is on maintaining proper health, and it is necessary to stay fit because of the spiraling healthcare costs. Even the young population is at the risk of contracting some major sickness which makes it even more important to buy a term insurance policy with critical illness benefits, so you don’t need to bear the substantial financial burden.
Term Insurance Plans with Critical Illness (CI) Rider
There are many term plans available in the market, each having its own set of features and benefits. Choosing the right plan from among them requires research and patience. Therefore, to help you make decisions faster, here are the top 5 term insurance plans offering critical illness riders as an add-on to the standard policy.
List of 5 Best Term Plans with Critical Illness Riders
- Max Life Smart Secure Plus
- HDFC Click 2 Protect Life
- Aditya Birla Sun Life Insurance DigiShield Plan
- Exide Life Elite Term Insurance Plan
- Reliance Nippon Digi Term Insurance Plan
1. Max Life Smart Secure Plus
This is a pure term insurance policy from Max Life Insurance that is designed to help you meet any financial security requirements and provide a dependable support system during emergencies. Apart from the death benefit, you also get inbuilt benefits such as terminal illness cover, maturity benefit, accident cover, joint-life benefit, accelerated critical illness benefit, etc. In addition, the plan provides an inbuilt option to opt for an additional health cover, with accelerated lump sum payout in case life the policyholder is diagnosed with any of the 40 critical illnesses.
A comprehensive term policy from HDFC Life with 3 plan options like Life & CI Rebalance, Life Protect, Income Plus. The Life & CI rebalance option aims to achieve a balance of Death and Critical Illness benefit, as the critical illness cover increases at each policy anniversary with a corresponding reduction in life cover. In addition, there is a regular critical illness rider available with a lump sum benefit equal to rider sum assured, payable in case you are diagnosed with any of the 19 listed critical illnesses like cancer, stroke, blindness, kidney failure, etc. This amount could be utilized for hospitalization and treatment costs by the policyholder.
3. Aditya Birla Sun Life Insurance DigiShield Plan
This term insurance policy from Aditya Birla Sun Life Insurance offers many customization options to suit your needs and plan for the uncertainties of life. It has 10 different plan options that range from allowing you to choose a suitable life insurance cover, return of premiums, income benefit, terminal illness benefit, increase life cover at significant life events, etc. In addition, it provides an inbuilt accelerated critical illness (ACI) benefit option covering 42 specified critical illnesses, on payment of additional premium, or you may choose to buy the critical illness rider separately that provides a lump-sum amount on diagnosis of any of the specified critical illnesses.
4. Exide Life Elite Term Insurance Plan
It is a pure term life insurance plan from Exide Life Insurance, which provides life coverage for a substantial amount at an affordable premium. There are three different benefit payout options – 1) Lumpsum 2) Lumpsum with family income payout, wherein the 50% of sum assured is paid as a lump sum and the remaining is paid every month for 60 months and 3) Family income payout, where the sum assured is paid every month for ten years. To enhance your health protection, availing the critical illness rider makes sense as it covers the policyholder from the 25 listed major critical illnesses.
5. Reliance Nippon Digi Term Insurance Plan
This term plan from Reliance Nippon Life Insurance provides coverage against significant life risks through death benefit and inbuilt terminal illness benefit, which is payable in case of either untimely death or diagnosis of terminal illness during the policy term. From 5 different options to choose: Life secure, Enhanced life secure, Life & Income secure, Life secure with increasing income benefit & Whole life benefit, the policy has Reliance Nippon Life Critical Illness Rider available that pays the sum assured if the insured person is diagnosed with any of the 25 critical illnesses including cancer, heart attack, paralysis, major organ transplant, etc.
Buying term insurance with a critical illness rider can save you from purchasing another health cover since the rider protects you from incurring the treatment costs if diagnosed with any critical illnesses. This is the need of the hour for everyone concerned about their health and is looking to protect themselves from diseases or illnesses that will derail their plans for a safe and secure future. If you are looking for term plans with a critical illness rider, visit iiflinsurance.com and pick the right one as per your requirement.