HDFC Life Insurance has recently launched a rider called Protect Plus which provides protection against cancer, accidental death, and disabilities. A rider is an add-on cover to the base policy that provides additional benefits. Life insurance companies offer a range of optional riders that you can buy at an additional premium to suit your needs. Usually, one needs to choose the rider at the time of buying the policy. There are a host of riders that life insurance companies offer. The most popular ones are accidental death and permanent disability riders.
What does Protect Plus offer? There are three parts to it:
The Cancer Cover pays 25% of the rider sum assured on diagnosis of early stage cancer or Carcinoma-in-situ (CIS). In case, the customer is diagnosed with major stage cancer 100% of the rider sum assured is paid out (less any payout made for early stage cancer/ CIS).
The Personal Accidental Cover provides coverage against three sorts of accidents:
a) If the customer dies, the company pays 100% of the rider sum assured in addition to the claim amount payable under the base policy
b) In case of permanent disability, a regular monthly income equal to 1% of rider sum assured is paid for next 10 years.
c) In the event of partial disability, a percentage of rider sum assured (10%-75% depending on type of disability) will be paid.
The Accidental Death Cover pays 100% of the rider sum assured in addition to the claim amount payable under the base policy in an unfortunate event of death due to accident.
Buyers can opt for this rider with term plans as well as savings and investment plans (traditional & unit linked). The idea is to enhance the cover thereby providing additional financial protection for self as well as the family in case of an unfortunate event, the insurer said.
Customers can purchase this rider with some of the flagdhip products including Click 2 Protect Plus, Click 2 Protect 3D Plus, HDFC Life Sanchay, HDFC Life Sanchay Plus, HDFC Life Sanchay Par Advantage, HDFC Life Click 2 Invest, HDFC Life Click 2 Wealth, HDFC Life ProGrowth Plus, etc.
"Protect Plus has been designed keeping in mind the fact that one needs to address the dreaded disease – cancer, in addition to disability and death," Srinivasan Parthasarathy, chief & appointed Actuary, HDFC Life.