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Are you worried about the financial impact of a critical illness? The LIC New Critical Illness Benefit Rider offers a safety net that can ease your concerns. As a trusted LIC Agent in Kolkata, I’m here to guide you through this valuable addition to your life insurance policy.
Table of Contents
Key Takeaways
- The LIC New Critical Illness Benefit Rider provides financial protection against 15 major illnesses.
- It offers a lump sum benefit upon diagnosis, helping manage medical expenses and maintain your lifestyle.
- Premiums are affordable, starting from just over Rs. 1 per thousand sum assured for young policyholders.
- The rider can be attached to new or existing LIC policies, subject to eligibility conditions.
- There’s a 90-day waiting period and certain exclusions apply, so read the policy document carefully.
What is the LIC New Critical Illness Benefit Rider?
The LIC New Critical Illness Benefit Rider (UIN: 512A212V02) is a non-linked, non-participating, individual health rider that provides financial support if you’re diagnosed with any of 15 specified critical illnesses. It’s designed to reduce the financial burden during challenging times, giving you peace of mind and allowing you to focus on recovery.
Key Features of the LIC New Critical Illness Benefit Rider
- Coverage for 15 Critical Illnesses: From cancer to heart attacks, this rider covers a wide range of serious health conditions.
- Lump Sum Benefit: Receive the entire Critical Illness Sum Assured upon diagnosis of any covered illness.
- Flexible Sum Assured: Choose a sum assured between Rs. 100,000 and Rs. 25,00,000, based on your needs and budget.
- Affordable Premiums: Protect yourself without breaking the bank, with premiums starting as low as Rs. 1.07 per thousand sum assured for a 20-year-old male.
- Tax Benefits: Enjoy tax advantages under Section 80D of the Income Tax Act (consult your tax advisor for details).
15 Critical Illnesses Covered
The rider provides coverage for the following conditions:
- Cancer of Specified Severity
- Open Chest CABG
- Myocardial Infarction (First Heart Attack)
- Kidney Failure Requiring Regular Dialysis
- Major Organ/Bone Marrow Transplant
- Stroke Resulting in Permanent Symptoms
- Permanent Paralysis of Limbs
- Multiple Sclerosis with Persisting Symptoms
- Aortic Surgery
- Primary (Idiopathic) Pulmonary Hypertension
- Alzheimer’s Disease/Dementia
- Blindness
- Third Degree Burns
- Open Heart Replacement or Repair of Heart Valves
- Benign Brain Tumor
Eligibility and Terms
- Minimum Entry Age: 18 years (completed)
- Maximum Entry Age: 65 years (last birthday)
- Policy Term: 5 to 35 years (same as base plan)
- Premium Paying Term: 5 to 35 years (regular premium) or 5 to (Policy Term – 1) years (limited premium)
- Maximum Cover Ceasing Age: 75 years
Why Choose the LIC New Critical Illness Benefit Rider?
- Financial Security: A lump sum payout helps manage medical expenses and maintain your lifestyle during recovery.
- Comprehensive Coverage: Protection against 15 major critical illnesses provides broad-spectrum security.
- Affordable Protection: Low premiums make it accessible for most policyholders.
- Customizable: Choose a sum assured that fits your needs and budget.
- Peace of Mind: Focus on recovery without worrying about financial strain.
How to Add This Rider to Your Policy
As your LIC Agent in Kolkata, I can help you add this rider to your new or existing LIC policy. Here’s how we can proceed:
- Assess Your Needs: We’ll discuss your health history and financial goals to determine the right sum assured.
- Choose a Policy: If you don’t have an LIC policy yet, we’ll select one that complements this rider.
- Complete the Application: I’ll guide you through the paperwork, ensuring everything is filled correctly.
- Medical Examination: If required, we’ll arrange for any necessary medical tests.
- Policy Issuance: Once approved, your policy with the Critical Illness Rider will be issued.
Sample Premium Rates
Here’s a glimpse of the annual premium rates (in Rs.) per thousand Critical Illness Sum Assured for regular premium policies:
| Age (years) | Policy Term: 10 years (Male) | Policy Term: 10 years (Female) | Policy Term: 20 years (Male) | Policy Term: 20 years (Female) |
|---|---|---|---|---|
| 20 | 1.07 | 1.08 | 1.20 | 1.36 |
| 30 | 1.82 | 2.16 | 2.74 | 2.91 |
| 40 | 4.65 | 4.52 | 6.75 | 5.80 |
| 50 | 10.96 | 8.47 | 14.24 | 10.12 |
Note: These rates are subject to change and exclude taxes.
Important Considerations
- Waiting Period: There’s a 90-day waiting period from the policy commencement or revival date.
- Survival Period: The benefit is payable only if the insured survives for 30 days after diagnosis.
- Pre-existing Conditions: Illnesses diagnosed within 48 months prior to the policy start date are not covered.
- Exclusions: Certain conditions like self-inflicted injuries, alcohol abuse, and war-related incidents are not covered.
Remember, your health is your most valuable asset. The LIC New Critical Illness Benefit Rider offers a layer of financial protection that can make a significant difference during challenging times. As your dedicated LIC Agent in Kolkata, I’m here to help you make informed decisions about your insurance needs.
Ready to secure your future with the LIC New Critical Illness Benefit Rider? Contact me, Somenath Naskar, your trusted LIC Agent in Kolkata, at 7980031260. Let’s work together to create a comprehensive insurance plan that gives you and your loved ones the protection you deserve.
Frequently Asked Questions
Can I add this rider to my existing LIC policy?
This rider can only be attached at the inception of a new base policy. However, we can explore options to incorporate similar coverage into your insurance portfolio.
What happens if I’m diagnosed with multiple critical illnesses?
The rider benefit is payable only once during the policy term, upon the first diagnosis of any covered critical illness.
Are the premiums fixed throughout the policy term?
The premiums are guaranteed for the first 5 years. After that, they may be subject to revision based on LIC’s experience with this rider.
Is there a surrender value for this rider?
This rider doesn’t acquire any surrender value. However, under certain conditions for limited premium paying policies, a portion of the premium may be refunded upon surrender of the base policy.
How does the claim process work for this rider?
In the event of a diagnosis, you’ll need to submit the claim form along with medical reports and other required documents. As your LIC Agent in Kolkata, I’ll assist you throughout the claim process to ensure a smooth experience.
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