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Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
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A terminal illness, often known as a life-limiting illness, is a condition that cannot be cured or adequately treated and is likely to cause the patient’s death. This end-stage disease usually refers to progressive diseases that worsen over time, such as cancer or advanced heart disease. Such diseases affect not only the physical health but also the emotional well-being of both the patient and their family. Frequent doctor consultations, hospital visits, medication, operations, and other expenses can cause a lot of financial strain. Even if you have life insurance, the impact of a terminal disease can be significant and has the potential to drain your savings considerably.
There are a lot of insurance companies that include terminal illness benefits in their policies. However, you can always add it as an extra rider to your base plan if they don’t. Since this option is available, an increasing number of people (particularly in metropolitan areas) are adding terminal illness insurance as a rider to their current life insurance plans because the additional coverage is a definite advantage.
The question of what is rider in insurance plan can be confusing for some. Put simply, a rider is a supplement to the basic insurance that adds additional coverage and benefits to your existing policy. Life insurance companies provide a variety of riders that you can purchase for an additional premium cost (as per your requirements). A terminal illness insurance rider can also be added similarly.
A terminal illness cover is a life insurance plan with a terminal illness rider. It covers a specific list of life-threatening diseases as per the insurance company’s policy. Terminal illness insurance is identical to life insurance, except instead of a death benefit, you receive tax-free payments as benefits of riders in insurance. If the unexpected occurs and you are diagnosed with a terminal disease, a rider benefit availed under policy will grant a lump sum payment that you may use to cover any expenditures.
If the insured is given a survival period of 12 months, the terminal illness benefits include giving the life insurance lump sum amount early. It is generally offered as part of a life insurance policy at no additional cost. In addition to this guaranteed payout, terminal illness insurance has several other advantages.
A life insurance policy with a terminal disease rider provides excellent coverage at affordable premium charges. If you have a terminal disease, it is usually better to cover a terminal illness with your base plan rather than a separate health coverage plan.
As part of the benefits of riders in insurance, policyholders can get at least 25% of the sum assured for treatment if they have a terminal disease.
Apart from providing financial security in a terminal illness or other unforeseen events, combining a terminal illness rider with a life insurance policy can give dual tax benefits. This is because the insurance premiums paid for both covers are eligible for exemption under sections 80C and 80D of the Income Tax Act, 1961.
It is always better to be safe than sorry, and this thought itself necessitates purchasing terminal illness insurance. Therefore, to protect your loved ones and yourself from the harsh realities of life, avail benefits of riders in insurance plans and get yourself the cover you need.
- A Consumer Education Initiative series by Kotak Life
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