Critical Illness Insurance also known as Dread Disease, provides a lump sum benefit to an insured in the event that he is diagnosed to be suffering from one of the critical illness (from 30-37 diseases, differs according to insurer)
2 Types of Covers:
1] Acceleration Benefit
- provides for prepayment of a portion of the sum assured
2] Additional Benefit
- sum assured is paid upon the diagnosis of a covered critical illness
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