Rewrite A Term Insurance Critical Illness Rider is an additional benefit that you can add to your basic term insurance policy. This rider provides financial protection if you’re diagnosed with any of the critical illnesses covered under the policy, such as cancer, heart attack, stroke, kidney failure, or other major life-threatening conditions.
How It Works:
Lump Sum Payout: Upon diagnosis of a covered critical illness, the rider offers a lump sum payout. This amount can help cover medical expenses, loss of income during recovery, or any other financial obligations you may have.
Standalone from Death Benefit: The critical illness rider payout is separate from the death benefit of your term insurance policy. This means you can receive the critical illness benefit without affecting the sum assured that your family would receive if you passed away.
Key Benefits:
Financial Protection During Illness: Covers the high medical costs associated with critical illnesses.
Income Replacement: The payout can help replace your income if you’re unable to work while recovering from the illness.
Comprehensive Coverage: Provides an extra layer of financial security along with life insurance, ensuring you’re protected in multiple scenarios.
Cost-Effective: Adding a rider to your existing term insurance is generally more affordable than buying a separate critical illness policy.
Example:
Imagine you have a term insurance policy with a sum assured of ₹1 crore. You add a critical illness rider of ₹20 lakh. If you’re diagnosed with a critical illness covered under the policy, you’ll receive ₹20 lakh as a lump sum to help with treatment and other expenses. This does not reduce the ₹1 crore death benefit, which your beneficiaries would still receive if something happens to you.
Commonly Covered Critical Illnesses:
Cancer
Heart Attack
Stroke
Organ Transplant
Kidney Failure
Paralysis
Major Burns
Adding this rider to your term insurance provides a more comprehensive safety net for you and your family, ensuring you’re financially supported through serious health crises. and make it seo optimized
source
