Term Insurance with Critical Illness Rider - Know Top Reasons and Benefits

Why should you opt for a critical illness rider along with a term insurance policy?

Today, almost all the term insurance plans come with the critical illness riderBut many people are unaware of what this rider is precisely about, and will that certainly be beneficial to them or not? 

Such as 30 years old Sujith has already taken a term plan with a sum assured of Rs. 50 lakhs for a term period of 25 years. Sujith unexpectedly had his first heart attack and was hospitalized in a critical condition. Although he was safe back to his health after long and arduous treatments, he had to pay a considerable amount for the hospitalization and medicines, which almost took all his savings. His spouse was also not able to borrow some amount of money to pay the hospital bills. At this moment, he realized the importance of buying a term plan with a critical illness benefit rider because it is not possible to include it in his current term plan. 

Keeping Sujith’s life in our mind, now let us see how vital term life insurance with critical illness rider in our life is. 

What is a critical illness rider? 

Critical illness rider financially protects individuals against medical expenses for major illnesses, including cancer, kidney failure, paralysis, heart attack, stroke, and other life-threatening illnesses. The treatment for such diseases is usually expensive and may drain out all your savings towards your hospital bills. Therefore, by opting for a critical illness rider, managing treatment expenses becomes less burden. 

Several insurers offer term insurance for critical illness riders; however, you need to take enough measures to understand and choose the right plan with the critical illness rider that will cover major medical expenses.

According to the World Health Organization, the chances of significant health ailments like cancer, cardiovascular diseases, and stroke are higher in India. Therefore, holding a life cover with a critical illness rider becomes very important. 

Benefits of term plan with critical illness rider: 

  • It provides required cash flow during the hospitalized or recovery period. 
  • It provides financial security to your family in case you fall prey to critical illness
  • Lumpsum payout, no need of submitting medical bills to claim benefit.

 

Top 3 Reasons to buy a term plan with a critical illness rider:

Here are some practical reasons why you need to buy a term plan with a critical illness rider: 

  1. Tax benefit: Term policy with critical illness rider offers tax benefits under section 80C and 80D of the Income Tax Act. 
  2. Medical expenses coverage: The cost of healthcare in India is increasing day by day. This increased medical cost itself has become a massive burden for people. Therefore, they sell their properties or get loans at a higher interest rate for their treatments. But by opting for the critical illness rider, they can reduce a considerable burden of medical expenses, which gets covered by the term policy with the rider. 
  3. Increase your chances of survival: How a critical illness rider can increase your choice of survival? Yes, today, most people suffer or succumb to death because they cannot afford good treatment due to high medical costs and thereby go untreated. But when you get medical cover for a critical illness, your chances of getting the best treatment increase, and thus chances of your survival also increase. 

 

All the above-said highlights of the critical illness rider now would have given you a better idea of why you should opt for it. By choosing this rider option with your term plan, your income will not get affected anyways, as the lumpsum pay will help take care of medical expenses. Therefore, undeniably the critical illness rider for a term plan has many great things to offer you. 

You no longer need to wait or analyze the reasons; simply visit iiflinsurance.com, include the critical illness rider in your term plan, and become financially secure against medical costs. 

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