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Should I buy another term plan?

You can add the critical illness rider to your existing term plan HDFC Life Click2Protect Plus by paying an extra premium


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I already have a term plan for R1 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

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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 R10,332 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 R21,698 (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 R1 crore under this plan is R8,906 (for a 30-year-old non-smoker male for a 30-year term). And if you add the additional rider of critical illness cover (R10 lakh), the premium will be R13,074. If you add both accidental death benefit and critical illness rider, the premium will be R18,742 (SA will increase to 2 crore).

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