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Article: Rider Riddle A critical illness rider with a life insurance policy is not a substitute for medical insurance. Our recommendation: to cover all fronts, go in for both.
- Article from:
- Business Today
- Article date:
- July 17, 2005
- Author:
CopyrightCopyright 2005 Business Today. Provided by ProQuest LLC. (Hide copyright information)
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Paramjit Singh, 36, is a Delhi-based garments exporter. Five years
ago, Singh, who lives with his wife and two sons, aged seven and
three, respectively, discontinued his health insurance policy because
his new Max New York Life Insurance policy offered him a critical
illness (CI, also called dread disease) cover.
Parveen Sharma, 49, a Max New York Life agent, also stopped the
Mediclaim policies of his two daughters Neha, 23, and Nidhi, 21, both
call centre workers and, instead, signed on for life insurance
policies with CI riders for them. Reason? "Every year, one has to pay
large premiums for Mediclaim, which does not give any returns," says
Sharma.
These two examples highlight what is ...