Is PNB MetLife Critical Illness Rider Worth The Investment?

The likelihood of retaining good health for any individual is quite low due to the current socio-economic situation and lifestyle changes. Fortunately for individuals, medical progress has allowed for a reduction in fatalities as well as improved health and recuperation. The costs of facilitating such therapies, on the other hand, are quite expensive.

Two main critical diseases are covered by riders like the PNB Metlife Critical Illness Rider. The first is in the event of a first-time heart attack (Myocardial Infarction) of a certain degree. The second category is for cancers of a certain severity. In terms of diagnosis, these are subject to the rider's circumstances. This rider also allows you to customize the amount of coverage to meet your specific needs. To find out more on PNB Critical Illness Rider, read on.

Features Of PNB MetLife Critical Illness Rider

Following are the features of PNB MetLife Critical Illness Rider -

• Waiting Period - From the moment this rider is issued or the policy is reinstated, there will be a 90-day waiting period in force. As a result, any serious disease detected within this time frame will be excluded from the policy's coverage.
• Premium - From the date of the Rider Policy's establishment, the premium paid on the MetLife Critical Illness Rider will be evaluated every 5 years. The minimum yearly rider premium (excluding taxes) would be Rs. 75, while the highest annualised rider premium will be Rs. 80,450.
• Survival Period - To receive the benefit amount available under the MetLife Critical Sickness Rider, the policyholder must survive the health hazard for a minimum of 30 days after the illness is diagnosed.

Benefits Of PNB MetLife Critical Illness Rider

Critical diseases like cancer and heart attack are covered under the MetLife Critical Illness Rider. Medical therapy and treatments relating to these disorders are covered, including -

• Heart attack.
• Heart valve replacement.
• Surgery to coronary arteries.
• Major organ transplant.
• Cancer (Leukemia, Lymphoma and Seroma)
• Aorta surgery.
• Paraplegia.

If the insured commits suicide within one year of the policy's issuance, 80 percent of the Regular Premium paid will be reimbursed without interest.

Following are the benefits of PNB MetLife Critical Illness Rider -

• Ensured Sum

If the Rider amount promised is less than the Base sum guaranteed, the rider sum assured will be Rs. 5,00,000, with a maximum of Rs. 50,00,000. This is based on the cost of the premium. When the illness has been diagnosed and the following requirements have been met, the sum assured on the selected critical illness will be paid out to the policyholder:

1. The policyholder survives the illness for at least 30 days from the time the condition is diagnosed.
2. After a 90-day waiting period from the date of issue or reinstatement of the rider insurance, the illness is identified.
3. Heart attack and cancer are the critical disease criteria that must be met to qualify for this benefit. The intensity of the assault is taken into account.

• Free Look Period

The insured has 30 days from the date of issue of the Rider Policy to evaluate the policy document's terms and conditions. If the policyholder is unhappy with the terms of the policy or it does not satisfy their unique needs, they can cancel it by submitting a written request to the insurance provider, stating the reason for the cancellation. The Regular Rider Premium paid out will be refunded to the policyholder.

Endnotes

Riders are accessible for various situations and provide unique advantages. If the policyholder is diagnosed with a critical illness, critical illness riders provide rider benefits. It is only paid out once throughout the policy period to cover the expenditures incurred as a result of the severe illness.

Also read: How Can Term Rider Be Beneficial?

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.