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Critical Illness Term Insurance Rider

A Term Insurance Rider is an amendment to an insurance policy that can be added to the coverage in the policy. Riders are benefits that can be purchased with a Life Insurance policy. There are several riders which are available under Term Insurance. One of the most highly demanded among them is a critical illness rider.

It is a benefit that provides financial support in case of medical emergencies. The benefit goes into effect when a policyholder is diagnosed as suffering from one of the 10 specified critical illnesses and medical conditions: cancer, heart attack, coronary artery, bypass graft, stroke, kidney failure, major organ transplant, brain tumour, paralysis, coma and blindness. The policyholder is paid the entire sum assured under the rider. The benefit also covers medical expenses connected with recovery and rehabilitation after the critical illness. It should be taken into account that the payment is made immediately on the diagnosis and is not a reimbursement or linked to the cost of treatment. The policyholder is free to use that money as he / she chooses, for example, for any expense during the course of the illness.