Is it a good idea to buy a disability rider with term insurance?

– Sea

Hi Sagar, It’s great that you already have a wide safety net. Talking about Disability Rider – This rider, as the name suggests, provides additional coverage in case of accidental disability. India remains a hotbed of fatal road accidents. No one knows what will happen if there is a sudden casualty. Even if the policyholder survives a major accident, he is likely to be permanently disabled. Not only does this threaten the financial resources of the family, but it also has the potential to drain out its regular source of income. It is preferable to have an accidental disability rider added to your policy to help you deal with the gravity of such loss. For example, if you choose a rider with a cover amount of 25 lakhs, the insurer will pay you this cover amount if you become disabled as a result of an accident.

Hi, I am planning to buy a critical illness plan while I do not have a critical illness right now, but for the sake of comprehensive coverage, I would like to add a critical illness plan to my protection portfolio. Please guide how it works and what should be taken care of before buying. I already have a health and term insurance plan with adequate coverage of 1 crore and 2 crore respectively.

-Sanjeev

Hi Sanjeev, You have a very wide security portfolio, which is great. Talking about the critical illness plan, it works differently from your regular health insurance plan to provide you maximum benefits. When diagnosed with a critical illness, such as heart disease, cancer, stroke, major organ transplant, or any other illness covered by the plan, the insurer will pay the full sum insured regardless of the cost of hospitalization. is bound to. Lump sum payments can also be used for other expenses such as paying hospital bills, home loan installments, investment premiums, day-to-day expenses, and other expenses that result in loss of income if you are unable to work. may arise. during the treatment and recovery period. The policyholder can use the lump sum payment to pay for hospital bills, home loan payments, investment premiums, day-to-day expenses and other expenses that may arise as a result of loss of your income while you are working during treatment. Unable to do more recovery phase. However, before buying a critical illness plan, it is important that you understand its various terms and conditions. Critical illness plans usually have a waiting period of 90 days from the date of issue of the policy. Claims made within 90 days of policy issuance are not approved by the insurance company. Also, in order to file a claim, most insurers require the policyholder to be alive for at least 30 days after the diagnosis of critical illness. However, there are fewer and fewer plans in the market that provide coverage from the very first day of diagnosis of the disease.

Question answered by Sanjeev Bajaj, Joint. Chairman & Managing Director, Bajaj Capital Limited