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Saturday, December 12, 2015

Critical Illness Benefit Rider

 The Critical illness benefit rider will take care of your medical expenses in event of a critical disease. 
 

The Critical Illness Benefit rider is a very useful rider to add to your life insurance plan. As per this rider, in the event of diagnosis of a critical illness during the term of the policy, an amount equal/less to the sum assured in the critical illness rider is payable to the insured. The diagnosed illness must be within the purview of the insurance company's defined categories of critical illnesses. 


Companies often have a maximum limit for this rider and a clause that states that benefits will be paid only if the disease has occurred after six or 12 months of commencement of the policy.


If a claim is made under the rider, usually the benefit terminates and hence, no subsequent premiums are charged for this rider.


Some policies specify that if the insured dies within two or three months of claiming the sum under critical illness benefit rider, the sum paid under the rider will be deducted from the death benefit.


Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1.ICICI Prudential Tax Plan

2.Axis Tax Saver Fund

3.IDFC Tax Advantage (ELSS) Fund

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.BNP Paribas Long Term Equity Fund

9.Reliance Tax Saver (ELSS) Fund

10.HDFC TaxSaver

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

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