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Critical illness: Rider or Standalone

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09 Aug, 2023 by  Rahul Raj M.A

I'm thinking about buying term insurance and I came to know about something called a critical illness rider.

So my doubt is

If I add the critical illness rider to my term insurance and I get one of the listed illnesses and make a claim, can I still make a claim for a critical illness if I get a different one later?

Also if I opt for standalone critical illness insurence is it possible to claim again once we claim it for any of the illness previously ?

Advisor Best Practices

1 Answer

15 Aug, 2023

Hello Rahul,

When you purchase a critical illness rider alongside your term insurance and are diagnosed with a listed critical illness, the rider will provide the claim payout, and subsequently, the rider coverage will terminate. In contrast, if you choose a standalone critical illness plan, the claim payout structure varies across insurers. Typically, standalone policies delineate between minor stage illnesses and major stage illnesses. If you're diagnosed with a minor stage illness listed in the policy, the insurer will pay a specific percentage (say 25%) of the cover amount. Subsequently, if you are diagnosed with a major stage illness listed in the policy, the insurer will subtract the previously paid amount (75%) and then provide the remaining percentage of coverage, i.e. remaining 75% of the cover amount.

Hope this clarifies!

Thank you!

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