LIC Critical Illness Rider – All details with CIR Calculator. All the future plannings and prosperity of a family is largely dependant on one often ignored factor – health of the bread winner. Every body will agree that good health is required to earn. But often ignored factor is the expenses incurred to treat the illness and that too with reduced earnings. Situation becomes even worse if the affected disease is a major disease or in insurance terms Critical Illness.
But the good news is that LIC’s New Critical Illness Benefit Rider can help you to reduce the financial burden, in case, the Life Assured is diagnosed as suffering from any of the pre-specified critical illnesses. This rider shall be attached with non-linked plans at the inception of the base policy and will provide an add-on benefit to the base plan.
Plans to which Critical Illness Benefit Rider (CIR) can be added.
- LIC’s New Endowment Plan (Table No 814)
- LIC’s New Jeevan Anand (Table 815)
- LIC’s New Money back Plans (Table 820 and 821)
- LIC’s Jeevan Pragathi
- LIC’s Limited Payment Endowment Plan
- LIC’s Jeevan Labh (Table 836)
LIC Critical Illness Benefit Rider (CIR)- Diseases covered
- Cancer of Specified Severity
- Open Chest CABG
- Myocardial Infraction
- Kidney Failure Requiring Regular Dialysis
- Major Organ/ Bone Marrow Transplant (As Recipient)
- Stroke resulting in permanent symptoms
- Permanent paralysis of limbs
- Multiple sclerosis with persisting symptoms
- Aortic Surgery
- Primary (Idiopathic) Pulmonary Hypertension
- Alzheimer’s Disease/Dementia
- Third degree burns
- Open Heart Replacement or Repair of heart valves
- Benign Brain Tumor
LIC Critical Illness Rider Benefit (CIR) – Eligibility conditions and restrictions
|LIC’s Critical Illness Rider (CIR) – Eligibility conditions|
|Age at entry||18 Years Completed||65 Years (Last Birth Day)|
|Maturity Age||No restriction||75 Years|
|Term of the rider||Same as the base plan (with following restrictions)|
|5 to 35 years||(Regular Premium Policies)|
|10 to 35 years||(Limited premium policies)|
LIC Critical Illness Rider Benefit (CIR) – Premium Calculator for all plans
CIR Online premium calculator for all plans can help you to calculate and compare premium, with and without CIR benefit for all allowed plans. Premiums for all modes as per the data supplied by you is provided. Click the button given below to open Online – CIR Premium Calculator.
Critical Illness rider benefit – more details on the diseases covered
1. Cancer of Specified Severity
includes leukemia, lymphoma and sarcoma.
Excludes tumors carcinoma in situ, benign, pre-malignant, non melanoma skin carcinoma, prostate tumors unless having gleson score > 6, thyroid cancers classified as T1N0M0, lymphotic leukaemia < RAI 3,Non invasive bladder papillary cancer classified as T1N0MO, all tumors in presence of HIV
2. Open Chest CABG
Excludes: Angioplasty and/or other intra arterial procedures.
3. Myocardial Infraction (First heart attack of specific severity)
Excludes: Other coronary syndrome,angina pectoris, rise in cardio biomarkers or Troponin T.
4. Kidney failure with regular dialysis
Should be irreversible failure of both kidneys
5. Major organ/Bone marrow Transplant recipient
Includes Heart, lung, liver, kidney, pancreas which has irreversible end stage failure, Human bone marrow using haematopoietic stem cells.
Excludes: Other stem cell transplants.
6. Stroke resulting in permanent symptom
Excludes: Transient ischemic attacks, traumatic injury of the brain, vascual disease affecting only the eye or optic nerve or vestibular functions.
7. Permanent Paralysis of Limb
Loss of two limbs as a result of injury or disease or brain or spinal cord. Present for more than 3 months.
8. Multiple sclerosis with permanent symptom
Excludes: SLE & HIV
9. Aortic Surgery
Aorta means Thoracic and Abdominal Aorta
Excludes: Minimally invasive or intra arterial techniques.
10. Primary(idiopathic)Pulmonary Hypertension
Excludes: Pulmonary hypertension associated with lung disease, hypoventilation, thromboembolic disease, drugs and toxins diseases of left side of hear, congenital heart disease.
11. Alzheimers Disease / Dementia
Excludes: Non organic disease such as Neurosis, psychiartic illness, alcohol related brain damage.
Loss of vision in both eyes due to accident or illness not correctable by aids or surgical procedure
13. Third degree burns
20% of body scarring needed.
14. Open Heart Replacement or repair of heart valve
15. Benign Brain Tumor
Excludes: Cysts, Granulomas, Malformation of arteries or veins of brain, Heamtomas, abscessess, pituitary tumors, tumors of skull bones, tumors of spinal cord.
LIC’s Critical Illness Rider – Waiting Period
A waiting period of 90 days will be applicable from the date of commencement of risk or the revival of risk cover which ever is later, to the first diagnosis of critical illness under consideration.
LIC’s Critical Illness Rider – Survival Period
A survival period of 30 days is applicable form the date of diagnosis of critical illness listed above. If death occurs within the survival period, Critical illness benefit shall not be payable.
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Anish L J is a ‘Financial Planner’ and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.