INTRODUCTION
A Critical Illness Rider is an additional coverage choice that can be included in a life insurance policy and is provided by ICICI Prudential Life Insurance. If the policyholder is identified as having a critical illness, this rider offers a lump sum reward. The ICICI Prudential Critical Illness Rider's features, advantages, and comparison to other riders provided by other insurers will all be covered in further detail in this blog post.
Features of Critical Illness Rider :
1. Wide Coverage:
The fact that the ICICI Prudential Critical Illness Rider covers a variety of ailments is one of its primary advantages. This includes, among other things, kidney failure, cancer, heart attacks, and strokes. As a result, policyholders may rest easy knowing that, should they be identified with one of these dangerous illnesses, they would be financially protected. Specific illnesses like Major Organ Transplants, Coma, and Paralysis are also covered. Owners of policies can select the level of protection that best meets their needs.
2. Lump Sum Benefit:
The Critical Illness Rider provides a lump sum payment to assist the policyholder in managing their medical bills. In other words, the policyholder receives the entire sum at once, which is a huge comfort because it allows them to pay for the costs of the treatment upfront without having to worry about money running out at any stage. Additionally, they might use the amount in accordance with their various needs.
3. Tax Benefits:
In accordance with Section 80C of the Income Tax Act of 1961, policyholders with term insurance are qualified for tax benefits. This part of the tax legislation enables the policyholder to receive tax benefits for the policy premium of up to Rs. 1.5 lakh. The tax advantages are doubled for policyholders who purchase a critical illness rider and their regular term insurance. Choosing critical illness insurance in addition to term insurance increases the value of the tax benefits by introducing tax benefits under 80D to the pool of benefits.
4. Increased Survival Chances:
Due to the skyrocketing cost of critical illness treatment in India, many people are not able to afford the treatment. Many have to leave their treatment in the middle due to a lack of funds. Having a critical illness rider to support you over your term insurance policy will ensure that you never compromise your treatment due to the unavailability of funds. Chances of death decrease due to proper treatment, thereby increasing the policyholder’s chance to survive despite the critical illness.
The company's claims procedure is one of the features that distinguishes ICICI Prudential's Critical Illness Rider from other riders provided by other insurers. The claims procedure is basic and uncomplicated, and policyholders can anticipate prompt benefit disbursements. The business has a dedicated claims department that quickly manages the claims procedure. Online claim status tracking is also available to policyholders.
Any life insurance plan provided by the company can be enhanced with the ICICI Prudential Critical Illness Rider. Owners of policies can select the level of protection that best meets their needs. The rider may be added on later or acquired simultaneously as the life insurance policy. The amount of the rider's premium depends on the coverage selected, the policyholder's age, and other elements.
It is significant to remember that not all illnesses are covered by the ICICI Prudential Critical Illness Rider. Several exceptions include self-inflicted wounds, suicide, and illnesses picked up while participating in risky activities. Before acquiring the rider, policyholders should thoroughly read the policy paperwork and comprehend the exclusions.
CONCLUSION
In conclusion, the ICICI Prudential Critical Illness Rider is a beneficial addition to any life insurance policy. It gives policyholders comfort in knowing they will be financially covered in the event of a critical disease diagnosis. This rider is a fantastic choice for anyone wishing to increase the coverage included in their life insurance policy due to the wide range of covered conditions, lump sum rewards, simple claim process, tax advantages, and flexibility in picking coverage. Before acquiring the rider, it is crucial to consider the exclusions and carefully read the policy document. The ICICI Prudential Critical Illness Rider can provide policyholders and their families with financial support during a difficult period.
