Many of us think that we have a comprehensive insurance plan but often fail to realise that our insurance coverage does not cover critical illnesses. The number of critical illnesses that people are diagnosed with is increasing day by day. What would your loved ones do in your absence? Have you thought about their financial well being. A nominal fee that you pay to attach a critical illness rider will help you to a very large extent.
LIC New Critical Illness Benefit Rider Plan is a non-linked rider that focuses on reduces the financial burden that a life insured or his/her family members go through if the insured is diagnosed with any one of the pre-specified critical illnesses. Please note that this rider can be attached to only non-linked base plans offered by Life Insurance Corporation of India.
To buy the LIC New Critical Illness Benefit Rider Plan, one has to meet the eligibility criteria set by the insurer.
|Plan Type||Non-unit linked rider plan|
|Minimum Entry Age||18 years|
|Maximum Entry Age||65 years|
|Maturity Age||75 years|
Sum Assured – It is the amount that is received by the insured person at the time of maturity. In case the insured individual encounters death and the LIC New Critical Illness Benefit Rider Plan is still active, the sum assured is received by the legal heir or a nominee assigned by the insured.
|Minimum Sum Assured||Rs.1,00,000|
|Maximum Sum Assured||The maximum sum assured under this plan can be equal to or go up to the maximum sum assured on death as per the base policy. However, the maximum sum assured cannot cross Rs.25 lakhs.|
|Premium Payment Term||The premium payment term will be same as the base plan. However the following limits are applicable:
|Policy Term||The policy term will be same as the base plan. However the following limits are applicable:
|Premium Payment Mode||Same as the base plan|
The following conditions are covered by the LIC New Critical Illness Benefit Rider Plan:
|Cancer (of specified severity)||The diagnosis should be supported by medical/histological evidence of the malignancy. This covers leukemia, lymphoma and sarcoma.|
|Open Chest CABG||The undergoing of open heart surgery for the purpose of correction of one or more coronary arteries that have been narrowed or blocked via CABG or Coronary Artery Bypass Graft is covered. Diagnosis will have to be supported by an angiography.|
|Myocardial Infarction||The very first occurrence of a myocardial infarction resulting in the death of a part of the heart muscle due to inadequate blood supply to the required area.|
|Kidney Failure that requires regular dialysis||Final stage renal disorder that is presented as a chronic failure of both kidneys that is irreversible.|
|Major Bone Marrow/Organ Transplant||Undergoing of transplant of -
|Stroke resulting in permanent symptoms||A cerebrovascular that produces permanent neurological sequelae. This also includes thrombosis in intracranial vessel infarction of brain tissue, embolisation from an extracranial source or haemorrhage.|
|Permanent Limb Paralysis||Irreversible and complete loss of usage of two or more limbs due to disease or injury to either the spinal cord or brain. This condition must not be present for over 3 months.|
|Multiple Sclerosis||The clinical condition should have been persisted for a continuous 6 months.|
|Primary Pulmonary Hypertension(Idiopathic)||
|Alzheimer or Dementia||Medical condition should be confirmed by clinical evaluation and imaging tests.|
|Blindness||Blindness is total and irreversible loss of vision in both the eyes of the insured which is caused by an illness or an accident.|
|Third Degree Burns||The third degree burn scar should cover at least 20% of the surface area of the body.|
|Benign Brain Tumor||Benign Brain Tumor is covered if the tumor results in Permanent Neurological deficit with clinical symptoms which lasts for a continuous period of at least 90 consecutive days or if the insured person has gone through any surgical resection or radiation therapy to treat the brain tumor.|
This is a rider plan. No additional add-on can be added to this plan.
Benefits or claims will not be entertained in case it is associated with either of the following, either voluntarily or involuntarily:
Other exclusions are illness specific, as listed below:
|Cancer (specified severity)||
|Primary Pulmonary Hypertension(Idiopathic)||The below are excluded:
|Benign Brain Tumor||
|Alzheimer or Dementia||
|Open Chest CABG||
|First Heart Attack (specified severity)||
|Major Bone Marrow/Organ Transplant||
|Stroke resulting in permanent symptoms||
|Repair of Heart Valves or Open Heart Replacement||Catheter dependent techniques including balloon valvuloplasty/valvotomy.|
|Aortic Surgery||Surgery performed using minimal invasive techniques are excluded.|
|Rebate||Mode rebate is available. It will same as the base plan.|
|Grace Period||For yearly, semi-annual, and quarterly rider premium modes, the grace period is 30 days. Whereas, for monthly premium mode, the grace period is 15 days.|
|Revival||Revival of this rider completely depends on the base policy. All revival rules of the base policy is applicable on the rider.|
|Paid-up Value||Under the LIC New Critical Illness Benefit Rider Plan, no paid-up value is payable.|
|Surrender Value||No surrender value is available under this plan.|
|Free-look period||From the date of commencement of the policy, the policyholder will get 15 days to read the terms and conditions of the policy and if they do not agree to any terms, they can return the policy within the free-look period.|
Under this plan, tax benefits are available under Section 80C and Section 10(10D) of The Income Tax Act, 1961.
Life Insurance Corporation of India is one of the leading insurance provider in India. Headquartered in Mumbai, this state-owned insurance company is one of the largest insurance provider in the country. Founded in the year 1956, over 245 insurance bodies were merged to make it LIC. From group insurance plans to individual life insurance plans, LIC offers it all. It is one of the most trusted brand in the insurance industry in India.