Protect yourself and your loved ones from the financial burden of a serious illness. Get peace of mind and tax benefits with a critical illness life insurance rider.
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A critical illness rider is an optional add-on that policyholders can add to their base life insurance policy. It is one of the most popular riders that provides financial protection against severe and long-term critical illnesses that demand expensive medical treatments. The rider offers a lump-sum payout that can help cover medical expenses, easing financial burdens during a major health crisis or caused by the disease. You can add a critical illness rider when getting a base plan or later during policy renewals.
A Critical Illness rider is like a financial safety net. It's not the same as regular health insurance but rather designed to help you with serious medical conditions that are costly to treat.
Here's how it works.
Get Critical Illness Rider
Pay Premiums and Stay Protected
Ensure Peace of Mind and Get Tax Benefits on Premiums
Get a Lump Sum (if you ever get diagnosed with one of the specific severe illnesses listed in the policy.)
Reema, a 29-year-old, bought a term plan that provides coverage for a large INR 1 Crore for a 20-year policy term. Later on, she bought a critical illness rider for 10 Lakh and added it to her term life policy to cover the prevalence of various health issues. By choosing this rider, she increased her premiums from 655 Rs to 845 Rs, which remained quite affordable, as you can see.
Reema's life took an unforeseen twist when she had a stroke, resulting in permanent symptoms (a health concern striking people in their 30s and 40s). During this challenging period, she received the sum assured from her critical illness rider. This was one of the benefits she received that allowed her to attain proper medical care and address the problem of rising costs effectively. What's more? its term insurance plan remains effective until the term insurance policy expires.
A critical illness rider typically covers a set list of serious medical illnesses. However, the specific illnesses covered may vary between insurers. The commonly covered critical diseases are cancer, heart attack, and stroke.
ACKO Life Critical Illness Benefit Rider covers 21 critical illnesses. It includes life-threatening common diseases among women, such as breast cancer, cervical cancer, fallopian cancer and ovarian cancer.
Treating these illnesses is costly and affects your ability to work and earn money. This rider is like having a financial superhero to help you when battling a serious illness so you can heal and recover without worrying about money matters.
| Cancer of Specified Severity | Myocardial Infarction (First Heart Attack Of Specific Severity) |
| Open Chest CABG | Open Heart Replacement Or Repair Of Heart Valves |
| Coma Of Specified Severity | Kidney Failure Requiring Regular Dialysis |
| Stroke Resulting In Permanent Symptoms | Major Organ /Bone Marrow Transplant |
| Permanent Paralysis Of Limbs | Motor Neuron Disease With Permanent Symptoms |
| Multiple Sclerosis With Persisting Symptoms | Benign Brain Tumor |
| Blindness | Deafness |
| End Stage Lung Failure | End Stage Liver Failure |
| Loss Of Speech | Loss Of Limbs |
| Major Head Trauma | Primary (Idiopathic) Pulmonary Hypertension |
| Third Degree Burns | |
In case of a critical illness like cancer, heart attack or stroke - the critical illness rider comes to the rescue by providing financial support. The lump sum payout is for you to utilise however you see fit. It could be medical bills, paying off loans or even going on a much-deserved vacation to recover both mentally and physically, the choice is yours. Some of the pros to consider:
Critical illnesses like cancer or heart disease are very costly to cure. It allows you to insure yourself against the worst-case scenario - ending up with a huge medical bill - and provides a financial backstop so that you can stay out of savings-draining or debt-inducing collections cases.
Nobody needs more stress when dealing with a serious illness - but the last thing you need to worry about is having enough money. Critical Illness Insurance provides financial stability to allow you to recover without worrying about your money.
Your illness can also have an impact on your family, even if you are not the main breadwinner. True to its name, this insurance gives a one-time payout that will assist your family in maintaining itself as it is and cover the daily costs even when you are not in a place to work.
Specialised and necessary long-term treatments are expensive for critical illnesses. This insurance coverage will allow you to receive the best medical help as fast as possible, giving your body the best chance of making a full recovery.
Unlike many health insurance policies in India that have waiting periods for pre-existing conditions, Critical Illness Insurance typically doesn't have such waiting periods. This makes it accessible to most people, regardless of their health history.
It acts as a safety net in your financial plan, allowing you to continue working toward your financial goals, such as buying a home or saving for your children's education, even if you face a major health setback.
With the ever-increasing cost of healthcare and the unpredictable nature of life, getting critical illness coverage is a wise decision. Pay an extra small amount above your base insurance premium and stay protected.
The premium you pay for your Critical Illness Insurance is eligible for a tax deduction under Section 80D of the Income Tax Act. You can get a deduction of up to Rs. 25,000 per year if you're under 60 years old. If you're over 60, this limit goes up to Rs. 50,000.
Imagine you're a person who works hard to take care of your family and yourself. You're healthy and doing well, but life can be unpredictable. Chronic diseases that affect individuals include cancer, heart diseases, and kidney diseases, among others, despite the fact that an individual may be very much conscious of his or her health, regularly exercising and eating a balanced diet, among other habits. This is where a Critical Illness Insurance Policy comes in.
By being the breadwinner of the family, one risks being incapacitated from performing his/ her duties if he/ she falls sick. Critical illness insurance can provide money to cover medical expenses and help your family when you can't work.
If your parents or close relatives had critical illnesses, the chances of getting the same would be higher. This type of insurance can work to your advantage as it will help you feel safe and secure if you are in the same position.
If you run your own business or work freelance, you might not have the same benefits as salaried employees. Critical illness insurance can cover you during times when you can't work and need expensive treatments.
A critical illness can put you in a tough spot if you don't have a lot of savings. A critical illness rider can help with expenses such as health care costs and other expenses, so you do not have to borrow.
Stress can contribute to health problems. If you have a high-pressure job, having this insurance can be a good idea because it can provide financial support when you need it most.
To sum it up, if you're the main provider for your family, have a history of serious illnesses in your family, work independently, don't have significant savings, or have a high-stress job. You might want to consider getting a critical illness insurance policy.
Here's how you can easily buy ACKO Critical Illness Rider online.
Download the ACKO app
Share the necessary information
Medical Checkup (if required)
Payment
After completing the form and any required medical checkup, you'll need to make the premium payment. As per the IRDAI, the premium rates for the Critical Illness Rider are set at a fixed amount and will not be subject to change or review throughout the policy term.
And that's it! You've successfully purchased a Critical Illness Plan online in India. Remember that having this coverage can provide financial security and peace of mind during challenging times.
You may need the following documents when raising a claim against your critical illness rider.
Identity proof
Claim form (if required)
Test results with the first consultation prescriptions
Medical certificates confirming the diagnosis and that it is not due to a pre-existing illness
Other documents as requested for processing the claim
With ACKO, policyholders do not have to struggle through all the steps involved in the insurance claim process. Below are the procedures to follow to raise a claim.
If you haven't already, download our user-friendly ACKO app and log in using your account.
Within the app, navigate to the claim tab.
Next, you’ll be asked a few basic questions and requested the essential documents. Take a moment to verify all the details and ensure you have answered all the questions correctly, then proceed to submit your claim.
That’s all! We've made the process hassle-free for your peace of mind.
Imagine you have a Critical Illness Insurance policy. It's like a safety net that helps you financially if you get sick with certain severe illnesses. However, there are some situations where this safety net won't catch you, and those are called "exclusions." Exclusions are the things that the insurer doesn’t cover. Here are some of the exclusions of a Critical Illness Rider.
If you had a medical problem before you got the insurance and it's related to the critical illness you claim, it won't be covered. So, if you have a heart issue and buy the insurance, the insurer won’t pay for heart-related problems.
It has a waiting period when you purchase the policy; it can be 30 days to 180 days, depending on your policy. You cannot claim any policy benefits during this time period. For instance, the rider won't protect you in the event that you become ill.
It is important to tell the truth when you buy your policy. Not disclosing your health history or putting down false information can deny the claim.
If you are a thrill-seeker doing something risky in your spare time (such as extreme sports) and have an accident, your insurance might not cover that. Do your research before you buy to avoid any surprises during the claim process.
If you decide to try an experimental treatment for your illness that isn't widely accepted in the medical community, your insurance won't pay for it.
If your illness is connected to alcohol or drug abuse, the rider may not cover it. So, it's essential to take care of your health.
Here are some common questions about Critical Illness Insurance.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content, and before making any insurance-related decisions.
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Reviewed by Vaibhav Kumar Kaushik 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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