LIC introduces Critical Illness Rider
Responding to the growing need of financial protection against
major illness, LIC is introducing a new rider, Critical Illness Rider along
with a few of the existing insurance plans w.e.f.
Endowment Plans (Table - 14 & 48), Jeevan Mitra Double and Triple Cover (Table-88 & 133), Money Back Plans (Table 75 & 93) and Jeevan Anand (Table 149).
The critical illness sum assured will be payable on the life assured surviving for a period of 28 days from the date of occurrence of any of the following critical illnesses :
Heart Attack (Myocardial infarction)
Stroke (Cerebro-vascular Accident)
Major Organ Transplant
3rd Degree Burns
Coronary Artery By-pass Surgery
Heart Valve Replacement or Repair
Aorta Graft Surgery
The benefit equal to the basic sum assured will be available upto maturity age of 60 years. Minimum and maximum sum assured for critical illness rider is Rs.50,000 and Rs.5,00,000 respectively. The additional premium payable for critical illness rider is Rs.4.15 per thousand sum assured or Rs.415 for sum assured of Rs.1 lakh for a person aged 30 years for a term of 20 years.
In addition to critical illness rider, Premium Waiver Benefit option is also available on payment of a small additional premium, whereby the premiums falling due on or after diagnosis of critical illness further premiums till maturity/death will be waived. For Premium Waiver Benefit it is Rs.2.75 per thousand sum assured or Rs.275 for a sum assured of Rs.1 lakh for a person aged 30 years for 20 years term.
This rider will cater to the needs of the policyholders who are health savvy.