Insurance
Critical Illness Rider
Also known as: Critical Illness Cover, Dread Disease Rider
Insurance add-on providing lump sum payment upon diagnosis of specified critical illnesses.
Detailed Explanation
Critical illness rider pays a lump sum amount upon diagnosis of major illnesses like cancer, heart attack, stroke, or kidney failure. This benefit is paid while the person is alive and can be used for treatment costs, income replacement, or lifestyle adjustments. The base life insurance policy continues after claim.