Term insurance with critical illness rider?

POSTED BY ingrid ON September 25, 2010 4:44 pm COMMENTS (6)

Is there any term insurance policy with critical illness/disability rider (life cover plus some amount if diagnosed with any critical illness)? Can you please suggest if there are any?

eg. if I need 30 lakh life cover, and 5 lakh in case of critical illness.

6 replies on this article “Term insurance with critical illness rider?”

  1. Dear Dr. Shyam Kumar, You can opt for “Platinum Protect “term insurance with Dread disese ( critical illness ) Ride from Max newyork Life insurance. Please note that the DD rider is NOT for medical expences of hospitalisation. This rider provides for any financial loss that is evident when attacked by. One will have to rest for long or his earning capacity gets reduced resulting in financial loss. The sum assured against this rider is payable in lumpsum on the diagnosis of the onset of it and if the person lives for 30 days. This is a living benefit. In short it partially covers the disability DUE to critical illness.

  2. Dear Dr. Shyam Kumar, You can go in for Platinum Protect term cover with Dread Disese (critical illness ) Rider from max NewYork Life insurance co Ltd. This rider gives the lumpsum payment on the diagnosis of the critical illness if the person survives for 30 days. This is only to compensate the financial loss suffered, due the illness. Nothing to do with medical expences. Please do not mistake this to be medical reimbersement plan.
    Please visit http://www.maxnewyorklife.com and /or http://www.money2watch.com

  3. arindam says:

    The difference between Mediclaim and CIB rider in a policy is nicely explained by another gentleman in a different thread (just search for it). In short, mediclaim – while is essential – will cover only cost of treatment, and that too only till the individual illness cover, e.g. 1.5 Lakh for heart surgery, while CIB will provide you lump sum (equal to sum assured udner CIB). Mediclaim will continue even after the payment, CIB will cease after first payment.

    Now coming to the main question, I am also searching for term+CIB. I found: LIC has CIB only for group insurance. ICICI Pru does not offer one for normal term insurance (online+offline). ICICI Lombard offers a general CI insurance, Kotak Preferred term (offline) offers CIB on Term (and this is the one I’ll probably get for myself). The total premium for 12L, 20 Yrs is almost same for ICICI Lombard (12L, 5 yrs only) is renewed 4 times. So now I have to see the finer details before committing. I have not studied others since I found the death claim settlement is not that good for many.

    Disclaimer: I am not an agent

    1. Ashish says:

      Dear Arindam, have you taken CIB rider on term plan? iam searching for one. Not able to get from LIC

  4. The premium of SBI & LIC is TOO high as compared to ICICI or Ageon Religare plans. I suggest you to take health insurance plan separately rather than critical illness rider. There is more benefit in mediclaim policy.

    As far as service from pvt. companies are concerned, there may be some problem, although they’re improving as IRDA is more strict now. I suggest you to email the customer department of insurance company rather than making phone calls & explaining the whole story again. This way you always have written proof & also saves time.

    Hope it will you.
    MoneySavingsHelp

  5. rakesh says:

    You can look at SBI and LIC, they have critical illness policy with term plan.
    Avoid private companies their customer service is not good, my experience has been bad.

    Rakesh

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