All about Permanent Disability Rider

What is that sense of dread you feel when you step out without anticipating rain in the month of June but it is starts drizzling and you are wearing your favorite leather shoe? Because that is how it feels when you buy a life insurance cover without any rider benefits. We insure things like our phone or house or car but fail to secure our lives completely. By plugging riders in your insurance plan, you can turn it into a Poora Plan or a complete plan and get 360-degree protection from any unforeseen event. Let's look at the benefits provided by the permanent disability rider.

What Is Permanent Disability Rider?

A rider is an additional benefit that can be added to your insurance plan to maximize the coverage you get from the policy. The permanent disability rider gives you protection if you were to meet with an unfortunate event causing permanent disability due to an accident. It makes you eligible for a payout benefit which will be paid over a period of time. The sum paid to you can become an income replacement for your family or can aid you in getting proper care and treatment for the injury.

Features of Permanent Disability Rider

• You have the flexibility to pay the premiums as per your convenience with options like a single, limited or regular payment
• The rider will protect you till the end of the policy term
• 120% of the rider sum assured is paid over a period of five years
• You can select the rider at the time of buying the policy or during any policy anniversary

Eligibility Criteria

The eligibility criteria for buying a permanent disability rider is the age limit. The minimum age limit is 18 years of age and the maximum is 60 years of age. The total rider premiums, excluding health riders, should not exceed 30% of the premium of your base policy.

Terms and Conditions of Permanent Disability Rider

When you get an insurance policy, there are certain terms and conditions that you need to be aware of. Without knowing these exclusions, you shouldn't go on to buy any insurance plan. Here are the terms and conditions that have to be followed to claim the permanent disability rider offered by Kotak Life Insurance:

• The disability of the insured person is such that:
  • The insured is unable to earn an income from the date of the accident
  • The insured is unable to use their hands or above the wrist
  • The insured is unable to use their feet or above the ankle
  • The insured is unable to use one of the hands or above the wrist and one of the legs or above the ankle
  • The insured is blind in both eyes
• The rider will protect you till the end of the policy term
• 120% of the rider sum assured is paid over a period of five years
• You can select the rider at the time of buying the policy or during any policy anniversary

Terms and Conditions of Permanent Disability Rider

When you get an insurance policy, there are certain terms and conditions that you need to be aware of. Without knowing these exclusions, you shouldn't go on to buy any insurance plan. Here are the terms and conditions that have to be followed to claim the permanent disability rider offered by Kotak Life Insurance:

Exclusions in Permanent Disability Rider

Below are some exclusions for claiming the permanent disability rider offered by Kotak Life Insurance:

• The disability is due to self-inflicted injuries, attempted suicide, insanity, immorality, committing any breach of law or being under the influence of drugs, liquor, etc.
• The person became disabled when engaged in aviation or aeronautics other than as a passenger on a licensed commercial aircraft operating on a scheduled route.
• The disability is caused due to injuries from war (whether declared or not), terrorism, invasion, hunting, mountaineering, motor racing of any kind, other dangerous hobbies or activities, or being on duty in military, paramilitary, security or police organization.
• The insured person is disabled due to nuclear contamination; the radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature.

A Poora Plan aims at giving you the most of the insurance policy you buy so that you are not left uninsured under any circumstances. Kotak Life Insurance encourages you to get a Poora Plan so that your policy is not left adhoora without a rider.

List of Bhayankar Bimaari (Critical Illness) That Are Covered in 37 Critical Illness

Most people want to live their lives to the fullest but are they aware of the uncertainties that are marked along the journey? To overcome the unknown nature of life, you need to be ready for all kinds of situations. This is what a Poora Plan does for you by completing your life insurance plan with rider benefits. It secures you from circumstances like getting diagnosed with a major illness and completes your adhoora insurance policy. Just the way having airbags in your car provides you with that extra safety while driving.

What Is Critical Illness Rider?

A rider is an additional benefit that can be added to your base plan to increase the coverage and secure yourself from unforeseen events. There are numerous riders that can be added to an insurance policy out of which critical illness rider is one of them. Critical illness rider provides coverage from a number of major illnesses and extends these perks beyond the insurance policy benefits. Kotak Life Insurance gives you protection from thirty-seven major health ailments and makes you eligible for a lump sum payout on the diagnosis of the illness. The usage of the lump sum amount is not limited just to medical expenses and income replacement but can also be used to pay for indirect expenses like home loans, bills, rent, etc. With the ever-present ambiguity in life, this kind of rider benefit safeguards you and your family by presenting you with Poora Plan which is a base plan with rider benefits.

List of Critical Illnesses Covered in Critical Illness Rider

Critical Illness
1. Cancer of Specified Severity	20. Primary (Idiopathic) Pulmonary Hypertension
2. Myocardial Infraction (1st Heart Attack of specified severity)	21. Motor Neuron Disease with Permanent Symptoms
3. Open Chest CABG	22. Multiple Sclerosis with Persisting Symptoms
4. Open Heart Replacement or Repair of Heart Valves	23. Angioplasty
5. Kidney Failure Requiring Regular Dialysis	24. Surgery of Aorta
6. Stroke resulting in Permanent Symptoms	25. Apallic Syndrome
7. Major Organ/ Bone Marrow Transplant	26. Loss of Independent Existence
8. Permanent Paralysis of limbs	27. Cardiomyopathy
9. Loss of Limbs	28.Brain Surgery
10. Third Degree Burns	29. Alzheimer's Disease
11. Blindness	30. Parkinson's Disease
12. End-Stage Liver Failure	31. Muscular Dystrophy
13. End-Stage Lung Failure	32. Poliomyelitis
14. Coma of Specified Severity	33. Medullary Cystic Disease
15. Major Head Trauma	34. Systematic Lupus Erythematosus with Renal Involvement
16. Benign Brain Tumour	35. Aplastic Anaemia
17. Deafness	36. Bacterial Meningitis
18. Loss of Speech	37. Encephalitis
19. Fulminant Viral Hepatitis

Features of Critical Illness Rider

• Protection against thirty-seven major illnesses
• Lump-sum payout on diagnosis of critical illnesses
• Flexibility for payment of premiums
• Option of opting for rider benefit while buying the policy or on the policy anniversary

Benefits of Critical Illness Rider

Here are some benefits of buying a critical illness rider along with your base insurance plan:

• You can avail tax benefit under Section 80C and 80D of the Income Tax Act, 1961 with the critical illness rider
• The rider covers some of the major illnesses which are not covered by a life insurance policy
• The thirty-seven major illnesses include cancer, brain tumor, Alzheimer's Disease, Parkinson's Disease, blindness, permanent paralysis of limbs, etc.
• Opting for the rider benefit enables you to use it for income replacement
• The rider can be availed to pay for medical expenses like treatment and medication

Get Poora Plan today and add rider benefits to enhance your life insurance policy because an aadha plan results in an adhoora coverage. Kotak Life Insurance encourages the new customers to buy a complete plan with riders that gives them 360-degree protection and the existing customers to add riders to their plans.

Benefits of Life Insurance with Critical Illness Rider

Have you ever had a pizza without cheese or a gulab jamun without the chashni? You cannot because it is just halfway there and no one wants an adhoora dish! But then why do most people buy an aadha life insurance policy? Rider benefits are those extra elements you just cannot do without. When the riders are combined with your insurance policy, they enhance the coverage and give you the maximum benefit. So let's run through what is Poora Plan and understand the benefits of critical illness rider in a life insurance plan.

What is Poora Plan?

A Poora Plan or a complete plan is a life insurance policy bought along with rider benefits (critical illness rider or disability rider) to maximize the coverage of the policyholder. This base plan can be any life insurance policy you may want to buy which best suits your needs. Poora Plan encourages you to add riders like critical illness rider or accidental death benefit rider to your life insurance policy.

Why is Poora Plan Important?

Let's consider two scenarios to understand the importance of Poora Plan:

Scenario one: Mr. Sharma has bought a term insurance policy without any riders. One day he gets diagnosed with a major illness and needs to pay for its treatment and other indirect expenses. But the illness he has been diagnosed with is not covered under his insurance policy. Due to this, he ends up paying for everything from his own savings.

Scenario two: Mr. Sharma has bought a Poora Plan, a term insurance policy with a critical illness rider benefit. One day he gets to know that he has been diagnosed with a major illness. He files for a claim and gets a payout for the treatment due to the rider benefit. With the help of the lump sum payout, he is able to pay for the medical expenses as well as manage his home loan installments, bills and get alternative therapy.

In the above-given scenarios, the first one depicts a situation where Mr. Sharma has to pay for the entire expense from his own pocket even when he had an insurance plan. Whereas the second one shows he gets a sum assured to recover from the illness without spending from his savings because he opted for a life insurance with the benefits of critical illness rider.

Not all of the incidences that may injure or harm you are covered under a base plan. A rider gives you that added protection. This is why it is crucial for you to have Poora Plan to secure yourself and your family from unfortunate circumstances.

What Is a Critical Illness Rider?

A rider is an additional benefit on your base plan which offers a certain type of advantage. It is over and above the basic insurance cover. You can choose a critical illness benefit rider to cover major illnesses and disorders. Such a rider will provide for extra financial assistance in case of a medical emergency. An illness can come unannounced and this is when a critical illness rider helps. When you have a rider for the policy, you will receive a lump sum on the diagnosis of a critical illness, which is specified in the policy.

Benefits of Life Insurance with Critical Illness Benefit Rider

Life insurance with critical illness benefit rider has numerous advantages to offer. Here are some of them:

• The rider covers thirty-seven major illnesses like cancer, brain tumor, Alzheimer's Disease, Parkinson's Disease, blindness, permanent paralysis of limbs, etc.
• The critical illness rider gives you a lump-sum payout
• You can avail flexible premium payment benefit which enables you to pay your premiums as per your convenience with options like single, limited or regular payment
• The critical illness rider can be bought at the time of buying the insurance policy or during any policy anniversary
• The rider benefit will act as a tool for income replacement
• The rider can be availed to take care of the medical expenses
• You will get a double tax benefit under Section 80C and 10(10D) with the critical illness rider

Life is uncertain which is why safeguarding yourself from the unforeseen situations goes a long way to protect your loved one from financial instability and stress. With the critical illness rider benefit, you can be worry-free about your indirect expenses like bills and loan installments and seek the best treatment available. As the rider acts as an income replacer, you are also able to pay off your rehabilitation expenses if any. Hence, Kotak Life encourages you to buy Poora Plan so that your insurance policy doesn't remain adhoora without the rider benefits.