Serious diseases like cancer can turn your life upside down. Even if you have good health insurance to cover your medical bills, you may still have to stop working for months or even years. This means no regular income, and your family may struggle to meet daily expenses.
That’s where a Critical Illness Benefit can help. If you choose this option with your term insurance, the insurance company will give you a lump sum amount in cash if you are diagnosed with a covered serious illness. This amount could be ₹10 lakhs, ₹50 lakhs, or even ₹1 crore — you decide when buying the benefit.
You can use this money for anything — paying bills, running the household, or even getting special treatment. But remember, in most cases, this payout will be deducted from your total term cover.
In short, a critical illness rider gives you extra financial security during one of the toughest times in life.