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Is the Critical Illness Rider Worth It?

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Is the Critical Illness Rider Worth It?
December 26, 2022

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A term insurance plan provides your family with financial security when they need it most. These policies offer life coverage for a specific time. They do not provide additional maturity benefits, making them the most affordable life insurance policies. Many people purchase term plans for their family’s financial future, but they make the mistake of forgetting about riders. Most term policies offer a critical illness rider. Let’s see whether the rider is worth the additional premium or not.

What Is the Critical Illness Rider?

The critical illness rider provides a lump sum payout if the policyholder gets diagnosed with a covered critical illness. The life-threatening diseases covered include stroke, heart attacks, kidney failure and cancer. Treating these illnesses often requires a significant investment. The payout from the rider helps you pay for the treatment and can replace any lost income while you recover.

Benefits of the Critical Illness Rider

  • Income Replacement

    A critical illness could mean a long recovery that keeps you out of work for a month or more. You might have to take a leave of absence or even resign if there’s a long road to recovery. Losing your monthly income could cause financial distress at home, especially if you’re a breadwinner. The payout from the critical illness rider can help replace any lost income.

  • Low Cost for High Coverage

    Critical illness riders provide high coverage amounts. The payout helps you shoulder the cost of treatment for heart attacks, cancer and kidney failure, all of which require a few lakhs. The premium you pay for your term plan and the critical illness rider is worth the high payout.

  • Better Chances of Survival

    Your critical illness rider provides a quick payout, allowing you to access funds for your treatment. The sooner you get treated, the better your chances of survival. Without the rider, you might have to borrow money or arrange for funds, which can delay your treatment and lower your survival rate.

Finding a Suitable Plan

If you’re looking for a term plan with critical illness cover, you’ve come to the right place. Our new HDFC Life Click 2 Protect Super policy comes with three riders, including one that covers critical illnesses. Although the plan does not offer maturity benefits, you can opt for the return of premiums. On maturity, you will receive a maturity benefit equal to the sum of all premiums paid.

Term plans provide life coverage, making them the most reliable way to safeguard your family’s financial future. You can use term plans with other investment and financial tools to plan your finances for the future.

ARN: ED/12/22/31014

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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