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Should I buy a term plan with critical illness rider?

Carefully evaluate and compare term plans with rider and as a combination with standalone critical illness policy

I want to know about ICICI Pru iProtect Smart which offers critical illness as well. I don't have any term plan. I am 35 years old, with a wife and eight-year-old son. I am self-employed. I have a Mediclaim policy of United India (₹5 lakh basic and ₹10 lakh as super top-up for each of us). Please advice.
- Rahul

ICICI Pru iProtect Smart is an online term plan that covers against death, terminal illness, and disability and provides additional riders like accident and critical illness for an additional premium. However, this plan is little more expensive than pure term plans because of the additional benefits. If you opt for a cover of ₹1 Crore (which includes Death benefit/Terminal illness benefit & Waiver of premium on disability) under this policy, the annual premium will be ₹12,822 for a non-smoker of your age, 25 years term. And if you opt the one option with critical illness benefit of ₹10 lakh the annual premium will be ₹22,546.

If you find that a bit steep, you can try out the combination of a pure term life insurance cover plus a standalone critical illness cover.

For instance, you can buy a life cover for ₹1 crore with an annual premium of ₹9500 (Max Life Online Term Plan) and a separate standalone critical illness cover of ₹10 lakh with annual premium will be ₹4294 (Apollo Munich Optima Vital plan).

Carefully evaluate and compare term plans with riders and standalone ones with a critical illness policy. Accordingly take a decision based on your personal requirement.

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