I already have a term plan for ₹1 crore in HDFC Life Click 2 Protect Plus. It does not cover accident benefit and critical illness. I am planning to take ICICI PRU iProtect Smart - Life option which has both benefits. Do I need to take this additional term plan or ask HDFC Life to add those benefits and pay a revised premium?
- Vasanth Vasudevan
To begin with, you should first find out whether buying a stand alone critical illness and personal accident cover will be more beneficial or adding a rider to your existing term plan.
You can add the critical illness rider to your existing term plan HDFC Life Click2Protect Plus by paying an extra premium. For example, the premium for a basic life cover for 30 years will be ₹10,332 for a 30-year-old non-smoker male. If you add an additional critical illness cover to the basic cover, the premium will be 15,979 (for 20 lakhs). If you add both accidental death benefit and critical illness riders, the premium will be ₹21,698 (SA will increase to 2 crore).
The ICICI Pru iProtect Smart - Life option which is again a term plan. The premium for the basic cover of ₹1 crore under this plan is ₹8,906 (for a 30-year-old non-smoker male for a 30-year term). And if you add the additional rider of critical illness cover (₹10 lakh), the premium will be ₹13,074. If you add both accidental death benefit and critical illness rider, the premium will be ₹18,742 (SA will increase to 2 crore).