Term insurance plans are the most basic form of life insurance which provides financial protection to the family in the event of the policy holder’s untimely demise during the policy period. The benefit of term insurance is that it provides substantial life insurance cover at an affordable premium.
Nevertheless, one may also face an adverse condition like a critical illness, during the policy term for which they might not have an insurance cover prepared. A term insurance plan alone does not cover health-related expenses but one can avail this benefit by adding ‘Riders’ to the existing term insurance plan.
Riders are added benefits that can be attached to your term plan. When attached to the primary policy, they come into play on the occasion of the definite event. There are different types of riders that can be added to the new or existing plan as per an individual’s needs.
Critical illnesses like cancers, cardiovascular diseases and chronic respiratory diseases account for 60 percent of total deaths in India. NCDs and mental health conditions are likely to increase in today’s stressful times. Contracting such critical illnesses can affect a policy holder’s family emotionally and financially.
A critical illness rider thus ensures that the exorbitant medical expenses are taken care of and the family can continue to maintain their standard of living.
Edelweiss Tokio Life Zindagi Plus makes you capable of giving a better life to your loved ones after your demise. You can choose a life cover as low as 25 lakhs and as high as 10 crores with its critical illness cover which covers 17 critical illnesses.
This rider pays out a one-time lump sum amount on diagnosis of any of the Critical Illnesses as specified in the policy document. The financial support provided by a critical illness cover will help you in both hospitalization and non-hospitalization expenses. Additionally, the amount is fully paid irrespective of the actual expense incurred towards the critical illness treatment.
The other benefits of riders are as follows:
Riders are available at a very minimal additional cost
The premium amount remains the same throughout the term of the policy
Apart from financial support, there are also tax-saving opportunities on the rider premiums as well as the lump-sum payout.
You can modify your term life insurance plan by adding a rider to get enhanced coverage and protection against critical illnesses.