New riders launched by Max Life Insurance – Critical Illness and Disability secure
A rider is an integral part of your insurance policy as it strengthens your base policy by offering you surplus benefits. Though riders are quite useful, you don’t need to purchase all of them to enhance the protection and coverage of your term policy. Instead, you need to prudently pick up the riders that resonate with your needs based on your needs. Before investing in a policy, you should go through it properly, what riders are coming with it, and what you need to add to make your policy sturdier.
Max life insurance has introduced a critical illness and disability secure rider to make its existing riders (accidental death and dismemberment rider and waiver of premium plus rider) stronger. The prime aim of the rider of Max Life term insurance is to offer comprehensive financial protection to policyholders against unanticipated situations like death, illness, and disability.
This rider of Max Life term plan protects customers against 64 critical illnesses and has coverage under which the policyholders can protect themselves along with their family members. As per the base Max term insurance plan, a policyholder can either choose a limited or regular payment option. This new rider is amalgamated with 11 of Max Life’s current products, including Max life insurance term plans, saving plans to monthly income plans, and so on.
Earlier, this rider was applicable only under non-linked plans. But this COVID-19 Pandemic has made customers realize the importance of various insurance policies, like Max life insurance policy and riders. So, customers are more inclined to purchase insurance policies like Max life insurance plans to offer better financial protection to their families. Therefore, to cope with the customers’ evolving needs, the company has introduced the “Critical Illness & Disability Secure Rider” that can be combined with unit-linked policies.
What is critical insurance cover?
This critical illness rider welcomes you with financial security against various menacing health diseases, including kidney failures, cardiovascular diseases, and cancer. If you are diagnosed with any of the listed critical diseases, you will receive a hefty amount from the insurer for your medical expenses.
Features of Max Life Insurance Critical Illness and Disability Cover
- Comprehensive Critical Illness cover: This rider offers you comprehensive coverage of up to 64 critical diseases based on your select variant.
- Flexible Payment Option: With this rider, you are free to choose premium options throughout the policy tenure. You may select either regular pay or you can go for limited pay as per your wish.
- Critical Illness Coverage for an Extended Period: This rider also offers an extended coverage period for critical illnesses. Now, for 2 variants, you can get coverage for yourself or your family members up to 85 years.
- Total and Permanent Disability cover: Under the selected variant, you may get coverage for Total and Permanent disability if you opt for this rider.
- Max Fit Program: This critical illness and disability insurance rider offers you wellness to ensure wholesome health and lesser renewal premiums. You just need to walk or run to be eligible for a discounted renewal premium based on the number of your completed steps and the number of healthy weeks amassed on the Max fit app.
Variants of Max life critical illness and disability rider
Let’s take a look at the variants of this critical illness and disability rider.
- Gold variant: This variant covers 22 critical illnesses, including one minor and 21 major illnesses.
- Gold Plus variant: All critical illnesses cover gold variants along with Total and permanent disability cover (TPD).
- Platinum variant: This variant covers 64 critical illnesses (5 minor illnesses and 59 major illnesses).
- Platinum plus variant: This variant covers all critical illnesses of platinum variant along with TPD.
- TPD variant: This variant covers any critical illnesses you may develop due to sickness, injury, or disease.
How to buy the critical illness and disability rider?
- Choose the base term policy and sum assured: Using the online life insurance calculator, you need to calculate the premium for your desired sum assured and tenure of the policy.
- Select Critical Illness Benefit Rider: Now, you need to handpick the critical illness and disability rider above your base policy so that you can offer extra financial protection to your family members in case of being diagnosed with a lethal health disease.
- Premium payment: Now, you need to fill up all imperative information and pay the premium to avail of the policy’s benefits.
- Fill out the Proposal Form: Fill up the proposal form mentioning your lifestyle habits, diseases, and medical history
- Medical test: After completing your proposal form, a medical test is recommended by the insurer before insuring coverage for this rider.
How does this rider work?
For Variant 1 & 3:
This rider offers Rs. 5 lakh or 25% of the sum assured to the policyholder for minor critical illness. However, suppose the insured is diagnosed with major critical illnesses or TPD. In that case, he/she gets 100% of the total sum assured minus the amount paid as minor critical illness claims (if any).
For Variant 2 & 4:
These two variants also offer the same coverage as the above for minor critical illnesses. For major illnesses or TPD, the policyholder gets 100% of the sum assured minus minor CI claim paid (if any)
For Variant 5:
If there is any TPD due to illness or injuries, the policyholder will get the sum assured on a valid TPD claim.
Why do you need a critical illness and disability rider?
After meeting with an ill-fated accident or injury, you may not resume your job immediately. In this scenario, the disability and accidental coverage will offer additional financial support to you and motivate you to combat the situation without compromising your financial status.
A critical illness insurance cover welcomes you with a hefty amount to support your lifestyle if you are diagnosed with a life-threatening disease.
So, Max life critical illness and disability secure rider protects you and your family with a comprehensive healthcare package. To receive optimal financial coverage, you just need to go through the max life insurance policy details and handpick the best variants under this rider.