Critical Illness Rider on Term Insurance

POSTED BY Ram ON April 20, 2012 10:40 am COMMENTS (3)

The question isn’t how beneficial this critical illness rider is – it sounds very beneficial to me. But, how technically restrictive is this? I mean to say – take a look at Aegon Religare’s wordings in this document at http://buyonline.aegonreligare.com/images/AEGON-Religare-WOP-Rider.pdf.

While I’m not a doctor (Ramesh…your inputs would be highly valued since you are one) – the wording sounds too restrictive…almost like a technical book where they’ve said that the sun and moon should align in a particular way and only then we will pass this critical illness claim :).

I might be wrong because I’m a layman as far as high sounding medical terms are concerned. Maybe the terms are all normal. But I got the feeling that if someone has cancer of a specific degree and not of a specific type and so on or if he has a bypass of a particular type only then the claim will be passed. It’s like the exclusions and specifications in the policy wording are so detailed that the insurance company could find a loophole.

Thanks,
Ram.

3 replies on this article “Critical Illness Rider on Term Insurance”

  1. Dear Ram, First of all I congratulate that you took the pain to try to understand all these things. Now you better understand why I recommend a plain vanilla CI policy from the general insurer & not a rider along with your life ins. policy.

    Thanks

    Ashal

    1. Ram says:

      Dear Ashal,

      You mean a critical illness health insurance?

      Could you please explain…maybe I’m not aware of this plain vanilla CI policy from the general insurer. What policy is this and how does it work? Even if you provide me some links, I can read up.

      Thanks,
      Ram.

      1. Dear Ram, the basic feature of a CI policy are similar to a CI rider, the difference lies in the fact that just like mediclaim policy, CI policy is also renewal no matter how many time you make claim. For more info, please visit individual sites of the insurers.

        Thanks

        Ashal

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