benefits of Add-on Riders in your Life Insurance

For a sense of greater financial security, riders are provisioned by insurers which can be opted with the base life insurance plans.

Riders act as important tool which forms a part of base plan sum assured as an add on benefit. Riders help us plan with additional coverage beyond the base sum assured at a minimal premium cost which otherwise could be quite high if a separate base plan sum assured is opted.

Riders is a source to meet our financial expenses and insures that adequate protection can be planned by way of rider coverage to sustain unexpected scenarios of critical illness, accidental death or disability in our life.

Some insurers also provide inbuilt riders along with the base plan either with no cost or low cost rider premium. The rider sum asssured is benefit payable along with base plan sum assured & also rider premium would be payable along with the base plan premium.

We can add below riders to our base plan considering the availability and terms & conditions of plan as per insurer & these riders vary as per the insurance plans and insurers:

• Accelerated death rider: In case of terminal illness being detected, partial rider sum assured is paid in lumpsum so that life insured can take care of his/her medical and family expenses. Post demise of the life assured, remaining rider sum assured would be paid to the nominee/beneficiary.
• Permanent disability and dismemberment rider: In case of permanent disability or dismemberement of any specified parts of body of the life insured, rider sum assured would be paid in lumpsum or monthly form (e.g 10% * rider sum assured / year for 5/10 years as specified in the plan).
• Accidental death rider: In case of death of life insured only due to accident, this rider sum assured is paid in lumpsum.
• Accidental disability rider: In case of disability due to accident only, this rider sum assured is paid in lumpsum or monthly form (e.g 10% * rider sum assured / year for 5/10 years as specified in the plan).
• Term rider: For additional finanical security for our family, this rider is opted. In case of survival of life insured, partial rider sum assured is paid to the life assured & in case of death of life insured, nominee would receive the entire rider sum assured along with base plan sum assured.
• Waiver of premium rider: In case of sudden financial loss due to medical illness or no regular income, this rider would assure that the policy would continue and future premiums to be paid would be waived and paid by the insurance company.
• Critical illness rider: In case of diagnosis of specificed critical illness in plan, this rider sum assured would be paid in lumpsum to meet the medical expenses to be incurred in future. This sum assured is payable if customer survives the waiting period of specified days mentioned by insurers.
• Income benefit rider: In case of death of life insured, rider sum assured would be paid in the monthly form (e.g 10% * rider sum assured / year for 5/10 years as specified in the plan) to meet the financial expenses of family along with the regular base plan sum assured.

Life insurance is an asset to our family and it brings in a lot of flexibility to plan our future.

Life insurance is made available by the insurance company however insurance brokers/aggregators also help us compare the available life insurance plans in the market for all insurers in one online portal which further helps us to compare plan features/premiums/riders/sum assured and decide to go for our desired plan.

Hence, we choose what we need and life insurance online platform is an absolute solution for it.

Best of Luck on your purchase of Life Insurance Policy!