What is Critical Illness Rider ?

LIC’s New Critical Illness Benefit Rider

LIC’s New Critical Illness Benefit Rider is a non-linked rider which will reduce the financial burden in case the Life Assured is diagnosed as suffering from any of the pre-specified critical illnesses. This rider shall only be attached with non-linked plans at the inception of the base policy and will provide an add-on benefit to the base plan.

BENEFIT

On first diagnosis of any one of the 15 Critical Illnesses as mentioned below, provided the same is admissible, the Critical Illness Sum Assured shall be payable. The Critical Illness Rider shall be payable only once during the term of the policy while the Policy is inforce. The Rider ceases to apply once the Critical Illness Sum Assured becomes payable.


The Critical Illnesses covered are

1.      Cancer of Defined Severity

2.      Benign brain tumour

3.      Permanent paralysis of limbs

4.      Alzheimer’s disease/Dementia

5.      A major organ or bone transplant

6.      Open heart replacement/Repair of Heart Valves

7.      Multiple sclerosis with persisting symptoms

8.      Open chest CABG

9.      Kidney failure

10.  Third-an degree burns

11.  Blindness

12.  Primary pulmonary hypertension

13.  Aortic surgery

14.  Stroke

15.  Myocardial infarction

2.    ELIGIBILITY:

The eligibility conditions of base plan with which this rider is attached shall apply subject to the following limits:
(a) Minimum age at entry:                           18 years (completed)

(b) Maximum age at entry:                          65 years (last Birthday)

(c) Minimum Sum Assured:                        Rs.100,000     

(d) Maximum Sum Assured:  An amount equal to the Sum Assured on Death under the base plan subject to the maximum as fixed in the base plan but not exceeding an overall limit of Rs. 25,00,000 Critical Illness Sum Assured taking all existing policies of the Life Assured under this rider and the Critical Illness Sum Assured under the new proposal into consideration.

 (e) Premium Paying Term: Same as under the base Plan subject to the following limits-Regular Premium Policies: 5 to 35 years

(f) Limited Premium Policies: 5 to (Policy Term -1) years

 (g) Policy Term: Same as under the base Plan subject to the following limits-Regular Premium Policies: 5 to 35 years Limited Premium Policies: 10 to 35 years

(h) Maximum cover ceasing age:                75 years

(i) Premium payment mode:                        Same as base Plan