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Importance of Health Insurance Riders

Published On Nov 09, 2021

A regular health insurance policy can be relied upon as they offer coverage for many healthcare expenses, some of which include medicines, diagnostic tests, doctor consultations, hospitalisation expenses, ambulances, daycare expenses, etc. But there are certain expenses, for instance, critical illness expenses, that are often not included as an in-built feature of health insurance plans. This is when riders come to your rescue.   

Health insurance riders are additional benefits that provide extra cover at additional cost. They make a policy robust and comprehensive and can be included at an affordable premium. Not all health insurance plans come with riders, but it is recommended to buy them after checking with your insurance company. Read below to know more about health insurance riders. 

Importance of Health Insurance Riders

Riders in health insurance are important due to the following reasons: 

1. Paying Off Debt: In some cases, an insurance company pays a lump sum amount in case of a positive diagnosis of a critical illness. The insured can use this amount not only to avail the required treatment but also to pay off debt as well if any. This means that the insured has the flexibility to use the amount at per their convenience. 

2. Funeral Expenses: In case of the misfortune event of death of the insured, the insured can use the amount to cover funeral expenses. Usually, the insurer pays Rs. 10,000 or 1% of the sum insured, still, it is better to check with your insurance company for the same.   

3. Paying for Your Child’s Education: Apart from paying for debt or funeral expenses, you can also use the amount that you receive in a lump sum, to pay for your child’s education, be it school, college, or further studies.   

Common Health Insurance Riders

There are several riders in health insurance to choose from, some of which are explained below: 

1. Critical Illness Rider: This rider offers you additional coverage in case you are diagnosed with any of the listed critical illnesses. It provides you with a lump sum amount that you can use as per your requirement. 

2. Daily Hospital Cash: In order to meet the hospitalisation expenses, this benefit offers a daily cash allowance to the insured. The allowance is paid by the insurance company for a specific number of days as specified in the policy document. The sum can be used for miscellaneous expenses.  

3. Maternity Expenses: Not all health insurance plans come with an in-built feature of cover for maternity-related expenses. This is why a rider of maternity expenses can be purchased, that covers the expenses related to childbirth, as well as newborn till the end of the policy term. 

4. Accidental Death: This rider offers cover for expenses arising due to accidental death. The benefit is paid to the kin of the insured. This is apart from the basic sum insured. 

Bottom Line

Although health insurance riders come at an additional cost, you should not escape buying them, if required. It is not mandatory to buy riders, but it is recommended to buy them as they offer greater coverage at an affordable premium. But before buying any rider, you must analyse your requirements and buy accordingly. For instance, if you are planning a family, then you can go for a maternity rider. Rest assured, you will be covered at all times. 

Also Read:

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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