HDFC Life Group Critical Illness Plus Rider

HDFC Life Group Critical Illness Plus Rider is an add-on plan that offers financial protection to the family of the member in the event of a critical illness. The rider provides a lump sum benefit when the member is diagnosed with any of the 19 critical illnesses listed in the plan. This amount can be used by the member to cover the expenses incurred during the treatment of the illness. The rider can only be appended to the base policy at the time of inception or renewal.

Eligibility -Who is the HDFC Life Group Critical Illness Plus Rider for?

In order to be able to buy the HDFC Life Group Critical Illness Plus Rider, a group should fulfill certain eligibility criteria. These factors are listed in the table below:

Parameter	Eligibility
Minimum Entry Age	18 years
Maximum Entry Age	74 years
Maximum Maturity Age	75 years
Policy Term	1 year
Minimum group size	For employer-employee groups: 10 For other groups: 50

Sum Assured and Premium Range - What you get and what it costs

Sum Assured:

The policy offers a benefit to the member if he/she is diagnosed with a critical illness during the policy term. This amount is dependent on the benefit option chosen. The minimum sum assured is Rs.5,000 per member.

Premium:

The premium payment term under the plan is 1 year. The frequency of premium payment is the same as that of the base plan, i.e., annually, half-yearly, quarterly, or monthly.

• The scheme enables new members to join the policy during the term.
• If a member opts for the rider, he/she will be charged a rider premium that is in proportion to the duration for which he/she is covered. All applicable surcharges and duties will be charged as well.
• If a member leaves the group during the policy year, a proportionate premium refund is provided after the levies and taxes are deducted.
• In certain cases, members may also be allowed to get coverage under the scheme for 1 year from their joining date.
• If the master policyholder has collected the premiums from the members, but has failed to pay the same to the insurer within the grace period, HDFC Life takes responsibility for the claims that arise in this interval.

Plan coverage - What the HDFC Life Group Critical Illness Plus Rider covers

The HDFC Life Group Critical Illness Plus Rider provides a lump sum payout to the life assured at the diagnosis of any of the 19 pre-defined critical illnesses. The illnesses covered by the plan are as mentioned below:

• Open Chest CABG
• First heart attack of predefined severity
• Cancer of predefined severity
• Major transplant of organ or bone marrow
• Kidney failure that requires continued dialysis
• Benign brain tumor
• Stroke that causes symptoms of permanent nature
• Coma of a predefined severity
• Apallic Syndrome
• Loss of limbs
• Liver disease at the last stage
• Loss of eyesight
• Open Heart Replacement or the repair of heart valves
• Lung disease at the last stage
• Loss of independent existence
• Head trauma of a critical nature
• Burns of a critical nature
• Aorta surgery
• Permanent paralysis of the limbs

At the time of inception of the policy, the master policyholder chooses one among the available benefit options described below:

Additional CI Benefit

If the member is diagnosed with any of the 19 critical illnesses, a lump sum amount is paid to him/her. This amount is equal to the Rider Sum Assured, subject to the member surviving a 30-day period following the diagnosis. Once the Rider Sum Assured is paid out, the benefits under the base plan continue as usual. The rider benefits cease when the Rider Sum Assured is paid out or when the rider term is completed.

Accelerated CI Benefit

If the member is diagnosed with any of the 19 critical illnesses, the Sum Assured under the base plan to the extent of the Rider Sum Assured is paid as a lump sum amount on an accelerated basis. The Sum Assured paid under the base plan at the death of the member will be reduced based on the Rider Sum Assured already paid to the member. The rider benefits shall cease either at the payout of the Rider Sum Assured or at the completion of the rider term.

There is no death benefit or maturity benefit offered under the rider.

Exclusions - What the HDFC Life Group Critical Illness Plus Rider doesn’t cover

The insurer will not pay any benefit under the policy if the critical illness was caused by any of the following:

• For Additional CI Benefit option - Any critical illness condition where the death occurs within 30 days of diagnosis.
• Any ailment manifesting itself within 90 days of the member being covered under any critical illness plan.
• Irrespective of whether the member is sane or not, attempted suicide or self-inflicted injury.
• Solvent, drug, or alcohol abuse.
• Participation in a criminal activity with criminal intention.
• Any pre-existing medical condition for which treatment was received within 48 months prior to the date of issuance of the policy.
• AIDS or HIV.
• Failure to follow or seek medical advice.
• Radioactive contamination from a nuclear accident or the like.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

The key features of the HDFC Life Group Critical Illness Plus Rider are described below:

Products the rider can be used with	The HDFC Life Group Critical Illness Plus rider can be used with the HDFC Life Group Term Insurance Plan.
Waiting period	There is a waiting period of 90 days, applicable from the date the member is first covered for a group critical illness benefit with any insurance provider. If there is a break in the cover period, then the 90-day period applies from the date the cover recommences for the member.
Grace period	The grace period is as per the base policy to which the HDFC Life Group Critical Illness Plus Rider is attached.
Surrender of rider	If the policy is surrendered by the policyholder before the rider term is completed, an amount that is equivalent to the rider premium for the unexpired term minus the expenses, taxes levies, and commission is payable.
Discontinuance of premiums	During the premium payment term, if the rider premium payment is discontinued, the rider will lapse and no further benefits are payable under it.
Rider Cancellation	The master policyholder may cancel the rider but not the base policy by discontinuing the rider premium payment. In this case, the rider will terminate while the base policy continues.
Free-look period	The member can cancel the rider within 15 days, stating relevant reasons. If the policy was bought through the mode of distance marketing, the free-look period is 30 days from the inception date of the rider. When the insurer receives the free-look intimation, the rider premium will be refunded. If the rider and base policy are cancelled, HDFC refunds the sum of the rider and base premiums paid after deduction of the stamp duty and medical examination costs. Once the rider is cancelled, it cannot be revived, restored, or reinstated. If the cancellation of the rider is independent of the base policy, then the rider premium is returned after adjusting the medical examination and stamp duty costs. If the base policy to which the rider is attached is cancelled during the free-look period, the rider will also be automatically cancelled.
Alterations	The rider term and sum assured cannot be changed. The premium payment frequency of the rider can be altered if the frequency of the base plan is changed. The change in premium payment frequency of the rider cannot be done independent of the base policy frequency.
Nomination/Assignment	Nomination/assignment for the rider is according to the provisions of Section 39 of the Insurance Act, 1933.

Tax benefits – How you can save with the HDFC Life Group Critical Illness Plus Rider

The rider does not offer any specific tax benefits. Indirect and direct taxes are levied on the payments made under the policy, as applicable.

Other benefits – How you can save with the HDFC Life Group Critical Illness Plus Rider

HDFC Life is one of the top insurance solutions provider in the country with a competitive claim settlement ratio of 99.41% in the financial year 2013-14. The insurer has a dedicated customer service team that offers clarification to customer queries and resolution to issues. The insurer is also known to settle claims within the shortest turnaround time.

Why you should buy the HDFC Life Group Critical Illness Plus Rider from HDFC Life

HDFC Life has a vast network of offices around the country like most of the top insurers in the market today. The insurer operates out of 9,000 touch-points and 398 offices within India, making its products easily accessible to customers. The insurance provider has a competent financial consultancy team that caters to the varied needs of customers within the country and abroad.