What Are The Advantages of Purchasing A Critical Illness Rider?

Life Insurance Riders, usually known as Riders, are optional supplements which can be added nominally to your existing life insurance plan. Different riders for various eventualities are available and can be added to the plan if you desire coverage and protection in the area.

Healthcare is one of the leading reasons why individuals get life insurance. Life nowadays is so uncertain and having health insurance will at least decrease your strain to half when you are protected with economic independence. One such rider that you can add to your plan is a critical illness rider.

What Is The Critical Illness Rider?

According to the Critical Illness Rider, the Critical Illness Rider may offer considerable advantages if an insured customer is diagnosed with a serious illness like cancer, AIDS, or any other disease requiring extensive care and costing a lot. The cost of this disease is paid only once for the whole coverage term.

Critical Illness Rider insurance programmes allow you to pay a lump sum if you are admitted to hospital with one of the illnesses listed in the insurance plan. This commonly involves conditions such as cancer, paralysis, cardiovascular conditions and breathing diseases, in addition to many others.

Advantages Of The Critical Illness Rider

1. The Premium Amount Will Stay Unaffected

Critical Illness Riders are typically considered by people at high prices however it is entirely wrong. The premium is the same throughout a policy duration once a term insurance has been applied for with a critical health benefit. The premium will not increase until a critical ailment is identified. In addition, insurance providers forgive future charges after diagnosis of critical disease.

2. Critical Illness Rider Helps You Save Taxes Too

Under Article 80C of the Income Tax Act of 1961 tax advantages are eligible for tax benefits in respect of the term plan payable. This allows you to deduct the sum of money paid up to INR 1.5 lakh from your taxable income. Moreover, Section 10 of the Revenue Tax Act excludes the benefits of this scheme (10D).

3. Your Medical Expenses Will Be Taken Care Of

In India, the cost of medical treatment increases daily. Given the increased medical expenditures, an insurance plan is simply needed to keep a hole from burning in your wallet. You can select a critical disease rider to cover all medical costs with your insurance coverage. Moreover, daily costs can also be paid by the insurer's lump sum. Medical expenses can be skyrocketing but with a rider in hand, you can sail through it. 

4. Survival Chances Are High 

Without an insurance policy, your financial burden is high as far as medical expenses are concerned. Very often people with severe ailments are not treated because the money is scarce. Death chances otherwise rise without adequate therapy. But you can receive prompt money with a critical benefit coverage that boosts survival opportunities to receive the necessary therapy. Since you will get better treatment, you will survive and live a long life.  

Endnotes

The majority of the Critical Illness Rider insurance policies provide the rider for a very nominal cost and ensure your life for a critical illness. Although these riders cover the majority of ailments, you should verify carefully whether or not your demands are fulfilled. In summary, Critical Wellness Rider is essential if you get old or are about to retire from your plan.

Also read:-

• Why Should You Add Riders to Your Life Insurance Plan?
• Everything You need to Know About Kotak Term Benefit Rider

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.