A Critical Illness rider usually pays the critical illness sum assured when you are diagnosed with any type of Critical Illness listed in the policy. This is usually a separate cover to the death benefit in a term life insurance policy.
An accelerated rider is not a separate cover. It pays the rider sum assured as an advance after deducting it from the base death benefit cover in your base term plan. Your death benefit sum assured reduces to the amount paid off.
Before signing up, always check whether your Critical Illness rider is Accelerated or regular.
If your term insurance cover is Rs. 1 Crore and your accelerated CI rider cover is Rs. 10 Lakhs. In case a Critical Illness is diagnosed during the term of the policy, the policy will payout Rs. 10 Lakhs from the base 1 Crore term insurance cover. In case of death after a few years, the policy will pay the remaining sum assured of Rs. 90 Lakhs.