Critical illness covers are normally added as additional riders to the basic insurance plan. You can choose different riders and extend the coverage span for your and your family’s benefit.
Most insurance companies and banks maintain their individual list of critical illnesses covered by them. However, it differs from one plan to other, depending on the terms and conditions maintained by the concerned plan.Some of the common ailments that are covered by such plans include Alzheimer’s disease, angioplasty, appalling syndrome, aplastic anaemia, cancer, brain surgery, deafness, coma, blindness, deafness, encephalitis, etc.
What happens to the term plan if the insurer is in a coma?
A comatic state happened due to improper brain functioning leading to a prolonged phase of mental unconsciousness and failed response to external stimuli. Such conditions may happen due to oxygen deprivation, toxin contact, severe head injury, an alarming increase in glucose levels, etc. Generally, no term plan pays any maturity benefits during the survival of the insured. In case the insured goes into a coma, the term cover remains active, provided all the dues are cleared, either up till the expiration of the term or the life of the insured. Adding a critical insurance rider along with the basic term cover decreases the financial tension for undergoing treatments.
Important features of critical illness rider with term plan during coma
Adding a critical illness rider to the basic term plan offers a host of benefits, including the following:
- The plan pays a lump sum amount of life cover.
- The premium value remains unchanged throughout the plan tenure, implying that the premium rate remains unaltered despite being diagnosed with a coma.
- With all the application of the respective terms and conditions of the concerned policy, the plan is applicable and can be exercised both within and outside the geographical boundaries of India.
- Eligible for tax benefits under Section 80D of the Income Tax Act, 1961.
- Provides significant coverage for taking proper care of both daily as well as medical expenses.
How to receive the critical illness benefit in case of coma?
Most of the term insurance policies offer you the choice of the method of receiving the death benefit and rider benefit. You receive the entire benefit amount for the listed critical illnesses, and this benefit amount payable becomes equivalent to the critical illness cover as per your choice during the onset of the concerned plan.
Several plans even waive the consequent premium dues if the insured becomes comatose or becomes permanently disabled. This has been so designed becomes under most such circumstances; the person loses the regular income flow making it difficult for premium payments. Under normal circumstances, you can avail of three preferable options to receive the critical illness facilities:
- You can opt for receiving the benefit payout in a single-time lump sum payment
- You can even choose to receive this benefit as a regular income source
- Depending on the circumstances, you can even opt for segregating a certain percentage of the total value as a lump sum payment, while the remaining is to be distributed as a regular source of income.
Important insurance companies offering benefits during coma
Some of the most important and popular insurance companies that offer critical insurance coverage during a coma include:
- Max Life Insurance Company
- HDFC Life Insurance Company
- Tata AIA Life Insurance Company
- PNB Met Life Insurance
- Kotak Life Insurance
- Edelweiss Life Insurance
- India First Life Insurance.
The principal target of any standard-term insurance plan is to offer overall financial protection to the insured and the family during any unfortunate circumstances. However, to enjoy coverage against injuries and accidents that might lead to coma, it is best to opt for rider benefits at the cost of an extra premium apart from the base amount. This way, you can enjoy protective coverage despite any accidental circumstances.