Need your opinion about Max Life Critical Illness and Disability Rider. It covers 64 crittical illness.

Hello Shobit,

Here’s my take on MaxLife's new Critical Illness & Disability Rider, you’ve mentioned. 

This is a comprehensive rider - meaning if you claim this amount, your base sum assured does not reduce. (This is a change from their previous rider that was an accelerated one). Yes - you’re right, it covers 64 critical illnesses and that’s more number of illnesses compared to any other rider in the market. It also covers permanent and total disability within the same rider - which is a good thing, too.

Below are a few important points you should be aware of before making a purchase- 

• This rider has a maturity age limit of 85 years (which is good, as you’ll get cover until your old age)
• This rider has a waiting period of 90 Days - this means that for the first 90 days after you get the policy you cannot make a claim for the rider amounts
• It also has a survival period of 14 Days - this means that the amount will only be paid if you survive for 14 days after your critical illness is diagnosed
• The maximum cover you can get is 30 lakhs. If you think you need a larger cover amount, you cannot get it from this rider
• The cost of this rider is slightly higher compared to other similar riders in the market

So, you’ll have to weigh in the features you get and the cost you pay - and decide if it is suitable for you. 

Another main thing you should remember is - this is a Rider - and will have limitations compared to a standalone critical illness cover, which will cover even the early stages of critical illness. 

I would suggest that you compare this rider’s benefits to a standalone critical illness insurance policy - before making a decision. 

Hope this helps. Do reach out if you have a follow-up question.