Kotak Life
Close

Buy a Life Insurance Plan in a few clicks

Close

Now you can buy life insurance plan online.

Kotak e-Term Plan

Kotak e-Term Plan provides a high level of protection to your loved ones in your absence. Know more

Kotak Guaranteed Savings Plan

Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality. Know more

Kotak E-Invest

Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs. Know more

Kotak Health Shield

Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability. Know more

Kotak Lifetime Income Plan

Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime! Know more

Benefits of Term Insurance with Critical Illness Rider

Benefits of Term Insurance with Critical Illness Rider
  • 9th Jul 2019 |
  • 5,512

A term insurance plan is an important insurance product in the industry. It offers a high sum assured at a low premium and provides financial security to your loved ones in your absence. Many people prefer a term insurance policy as compared to a traditional life insurance plan. Once you understand what term insurance is, you will be in a position to consider riders/add-on covers for your term plan. However, not many are aware of the benefits offered by an add-on cover to the term plan. If you buy add-ons for your policy, you will get an enhanced cover and your life becomes easier.

What are riders in insurance?

A rider is an additional benefit on your term insurance and it will come into play in case of a specific eventuality. It is over and above the basic term insurance cover. A rider is included in your term insurance plan or you have to opt for it. Based on your health and needs, you can choose term insurance with critical illness rider as a value-added insurance cover for critical illnesses. Riders are of different types and based on your plan, you can choose the one that works the best for you. While buying a term plan, availing of a critical illness rider is essential. Such a rider will provide for extra financial assistance in case of a medical emergency. An illness or an accident can come unannounced and this is when a critical illness rider helps. You need to understand how this rider works. When you have a rider for the policy, you will receive a lump sum on the diagnosis of a critical illness, which is specified in the policy. As per the terms and conditions of the policy, the detection of critical illness could terminate or continue and it is important to check the coverage very carefully before you decide on a rider. There are innovative critical illness riders, which include different diseases including lifestyle disease.

What are the Benefits of term insurance with critical illness rider?

Term insurance along with a critical illness rider has a host of benefits to offer. Some of these are listed below.

  • You can use this rider will act as a tool for income replacement
  • You can avail of the rider to take care of the medical expenses
  • You will get a double tax benefit
  • You can take additional coverage for major diseases like cancer, heart attack, paralysis, organ transplant, bypass surgery, kidney failure, and stroke

Things to keep in mind when buying a rider

Here are a few things you need to consider before you buy a critical illness rider.

  • The rider provides for tax benefit under Section 80C and 80D of the Income Tax Act
  • The sum assured amount chosen under the plan is payable in case of total permanent disability or demise of the insured
  • The benefit amount payable will be equal to the critical illness cover you have chosen
  • The benefit will be paid at the time of first diagnosis itself as there is no minimum survival period required
  • The premiums can be paid in installments

Consider your present health condition and financial requirement before you purchase a term plan. This will help you make a well-informed decision about choosing suitable riders.

Kotak e-Term Plan

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Insurance Policy for Housewife In India

What Is the Correct Age to Buy Term Insurance?

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

Calculating Term Insurance Premium

Different Types of Premium in Term Insurance

Eligibility Criteria for Buying Term Insurance in India

What Should You opt for - Limited or Premium Pay?

6 Types of Death not covered in Term Insurance Plan

Term Insurance with Critical Illness

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

Should You Have Multiple Term Life Insurance Policies?

Should You Buy a Term Plan After 40?

6 Reasons That Make Term Insurance a Must Buy

8 Things To Do After Buying Term Insurance

Why Should You Buy Term Insurance in 2022?

Endowment Plans vs Term Plans: Understanding the difference

Busting Myths and Facts About Term Insurance Policies

Cost of Term Insurance Likely to Increase Soon

Advantages & Disadvantages of Term Insurance in India

Why Term Insurance Is Better Than ULIP?

Term Insurance: Smokers vs Non-Smokers

What are the Documents Required for Term Insurance Plan?

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Increasing Term Insurance and Riders

Everything About Claim Settlement Ratio for Term Insurance

Is Term Life Insurance Plan an Investment or Expense?

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

Tips to Choose the Right Term Period for Term Insurance Plan

Insuring yourself against Ill Health with a Critical Illness Rider

Do I Need to Give a Medical Test for Term Insurance in India?

How Much Cover Should I Take In A Term Plan?

What is Critical Illness Policy

Why Buy Term Insurance Even at Rising Rates?

Comparing Term Plans – What Should You Look Out For

Insuring Protection Against Death With Death Insurance Rider

Difference Between Term Insurance vs Life Insurance

8 Factors to consider before choosing a Critical Illness Insurance

What is a short term insurance policy?

How Not To Get Your Term Insurance Claim Rejected

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Know How to Invest at Every Age for Larger Returns

Why Term Plan Should Be The First Step To Securing Your Future?

5 Term Insurance Benefits for Single Women

How Much Term Life Insurance Cover Do I Need in India?

Can I Get Term Insurance on Behalf of My Spouse?

What Types of Deaths Are Covered in a Term Insurance Plan?

Term Insurance With Riders In India

Insuring Against Accidents with an Accidental Death Insurance Rider

5 Benefits of Early Retirement Planning

Buying A Term Insurance Plan? Take These Factors into Account

How to Compare Term Insurance Online

Tax Benefits of Term Insurance in India

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

Can Senior Citizens Avail Term Insurance?

How To Choose the Right Sum Assured Under a Term Plan?

Understanding Term Insurance Riders

How Much Term Insurance Do I Need

Advantages of Buying Term Insurance in Your 50s

Individual Life Insurance vs. Group Term Life Insurance

Can I Buy Term Insurance for a COVID-19 Patient?

Why should single women purchase term life insurance?

Different Types of Protection Plans

4 Things To Expect From Your Term Insurance Plan in India

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

Importance of Term Insurance at Every Stage of Your Life

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

Term Plans are Definitely Cheaper than You Think!

Should Youngsters, Working Couples Buy Term Insurance Plans?

Can You Increase Your Term Insurance Cover?

5 Reasons to Buy Term Insurance When You are in Your 30s

Do You Need Term Insurance Cover After Retirement?

How to Ensure That Your Term Insurance Claims Are Never Rejected?

Why Term Insurance Is Important in times of COVID-19?

Why Premium Amount for Term Insurance is So Low?

While Buying Term Insurance Compare Features, Not Just Premiums

Term Insurance Basics You Should Know

Can Term Insurance Plans Be Purchased As A Gift?

Term Insurance: What Happens When You Don’t Pay Your Premiums?

Insuring Against Disability With Disability Insurance Rider

Do Beneficiaries Pay Taxes on Term Insurance?

Steps on How to Buy Term Insurance Online

Make Your Online Term Plan Your Familys Monthly Payout

Term Life Insurance Plan for Smokers vs Non-Smokers

How To Choose the Right Term Insurance Plan?

5 Things To Consider While Buying Term Insurance Plan

Ensure Protection Against Death, Disease & Disability With Life Insurance

Is It Good To Buy A Term Insurance Plan In 2022?

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

Is a Term Insurance Policy Portable?

What Should Be The Duration Of Your Term Plan in India?

Does Your Term Insurance Plan Cover Death Due to COVID-19?

Can I Make Changes to My Term Insurance Policy Post Purchase?

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

Why Should You Not Take A Term Plan Without Medical Test in India?

10-Year Term Life Insurance Policy - Explained in Detail

Side Effects of Covid-19 Booster Doses

How to Identify Term Insurance According to Your Needs?

Does Term Insurance Cover Accidental Death?

Which Death Type Does Your Term Plan Not Cover?

Planning For Son or Daughter's Wedding

What are incremental term insurance plans?

Is There Any Tax Benefit on Term Insurance?

Is ₹1 Crore Term Insurance Good Enough Cover?

Make Your Online Term Plan Your Family's Monthly Pay Cheque

How To Change The Nominee in Term Insurance?

Why Married People Should Buy Term Insurance Under MWP Act?

Reasons You Need Term Insurance Plan as a Self-Employed Person

Why Should You Add a Rider to a Term Insurance Plan?

Is term Insurance Needed for People With No Dependents?

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

How to Surrender Term Life Insurance When you have No Liabilities

Is Life Insurance Investment Worthy Enough

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

4 Reasons Why You Need Critical Illness Cover

4 Methods to Calculate How Much Term Insurance You Need

What Happens if you Hide Facts in your Term Insurance?

Why Buy Term Insurance Plan With a High Cover?

Best Investment Plans for Children - Secure Your Child's Future

Why is it important to buy term insurance plan?

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Why does every working woman need life insurance?

Online vs Offline Term Insurance: Which Is The Better Option To Buy

How Does Term Life Insurance Work? Learn the Benefits

Is Group Term Life Insurance Provided By Employer Sufficient?

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

What Is a Renewable Term Insurance Policy?

Protection for your family

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

What All Documents Required For Term Insurance In India?

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

Term Plan with Spouse Cover

Planning For Children's Future

All you need to Know about Term Insurance Plans for Housewives

8 Benefits of Term Insurance You Should Know

What Are Insurance Riders and How to Choose Them in a Term Plan?

Choosing Riders for Insurance Plans

Why Should New Parents Buy Term Life Insurance?

Why 1 Cr Term Plan Is Necessary For Family?

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

Gift Your Father A Term Insurance Plan This Father's Day

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

Term Insurance Age Limit – Term Plan for All Age Groups

Can I Extend the Tenure of My Term Insurance Plan?

Term Insurance Plans and Policies for Smokers

What Are the Best Term Insurance Plans for Planning Retirement?

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

9 Ways to Help Family Members in Financial Trouble

All About Term Insurance Inbuilt Coverage

9 Most Frequently Asked Questions on Term Insurance

Top 3 Reasons Why You Should Buy A Term Plan Now

What is Insurance Premium - A Detailed Guide

How Does A Term Life Insurance Work in India?

How To Calculate The Amount Of Term Life Insurance You Need?

Term Insurance – Why You Must Include In Your Financial Planning?

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

What is Term Insurance - A Complete Guide

Term Insurance Calculator - Everythng You Need To Know