New Delhi, March 6 -- Despite taking both life andhealth insurance policies, policyholders are suggested to opt for acritical illness rider. This is because it helps policyholders manage their finances well in case of an eventuality.

Those who are not aware, a critical illness rider is attached to thelife insurance policy and provides financial protection against life-threatening critical illnesses.

During the policy term, if any of thespecific illnesses are detected, the insurer issues the amount as lumpsum. This money can be used for anything including treatment, compensating for loss of income, hospitalisation, among others.

This amount is given regardless of the total medical expenses incurred. And this money is disbursed only once...