Axis Max Life Group Accelerated Terminal Illness Rider

Axis Max Life Group Accelerated Terminal Illness Rider (a non-linked, non-participating, Group pure risk health insurance rider | UIN: 104B028V03) pays 100% of the death benefit under the base plan of this rider.

In these days of increasing stress, the chance of anyone contracting a Terminal Illness like a heart attack or cancer, etc has increased. Thus, employers must provide adequate protection to their employees. Group insurance policies come with optional riders/add-ons that enhance the financial protection of the workforce. However, one can avail this benefit only once during the lifetime of the insured member.

Axis Max Life Group Accelerated Terminal Illness Rider is one such popular rider, which offers peace of mind to both employees and employers in case of a terminal illness diagnosis.

The following are the criteria and key details of Axis Max Life Group Accelerated Terminal Illness Rider:

The term Terminal Illness refers to any condition that an insured member is suffering from, which, in the opinion of a medical professional, is likely to cause the life insured to pass away within 6 (six) months of the medical professional's certification date. If a member is diagnosed with a Terminal Illness while this policy is active, the company will pay 100% of the death benefit under this rider's base plan upon the policyholder's notification of claims for the group member, up to a maximum of Rs. 50 lakhs upon the approval of the filed Terminal Illness claim.

When the basic policy's death benefit is paid out, the Terminal Illness benefit will be deducted from the funds. Therefore, the Terminal Illness benefit is not an extra benefit; rather, it just accelerates the death benefit under the base policy. The insured member may only get the Terminal Illness benefit once in their lifetime.

The Policyholder is required to inform the Company of any change in the occupation or profession of the Member(s), occurring during the term of this Rider. The company has the authority to charge the policyholder an amount equal to the additional premium that is due. However, failing to do so will not lead to rejection of the claim, but the Company shall have the right to deduct an amount equal to the additional premium for the Member from the claim amount.

Note: There will be a form prescribed for any change in occupation, and it will be a part of the policy contract. Information on a change in occupation will be used to verify whether any change in the Premium Rate is required.