BENEFITS OF GROUP CRITICAL ILLNESS RIDER

BENEFITS of GCIR:-

• The Critical Illness Accelerated benefit is payable upon the first incidence of any of the 8 specified diseases and evidenced as per the diagnostic criteria specified. The rider shall terminate on payment of the Critical Illness benefit.
• The Group Critical illness (Accelerated) Benefit pays a lump sum amount as a percentage of Sum assured out of the Sum assured under the life cover in the event of occurrence of 8 diseases covered under the rider.
• No Critical Illness Benefit shall become payable to a member if the disease occurs within 90 days of the start of the coverage for that member of the scheme. This period of 90 days shall be called “Waiting period”.
• In case of death nothing is payable under this rider. However, under the base plan (i.e., the scheme on which the rider is opted for) benefits as under shall become payable :
  1. A benefit equal to base sum assured if no critical illness benefit is payable or has been paid earlier.
  2. If critical illness benefit is payable or already paid, the benefit is reduced by the amount of critical illness benefit payable or already paid. In other words, the difference between the base sum assured and the critical illness benefit already paid is payable on death.