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5 Reasons to Add Riders to Life Insurance Plan

Updated On Aug 13, 2021

Insurance policies are the need of the hour as they secure our future and help us in times of adversities but are they enough? A single insurance policy might cover hundreds of your needs but might also leave that one cover that you might require in the future. what would happen if you happen to need a cover which your policy is not covering? You will definitely be in trouble. Riders come to your rescue here and help you strengthen the cover of your policy at less cost and also provide much more benefits 

Almost everyone seeks a thorough insurance package, a program that empowers them to envisage their tomorrow. You may have a policy like this that doesn't satisfy your retirement needs, or you may have a policy like this during a point in your life when you need enough money for health care and to pay for your child's higher education.

What will you do? Is there another way to invest? No. Invest in riders and widen the scope of your policies to make them more inclusive.

A rider is an optional strategy that is applied to the basic policy in order to improve the plan's total coverage. Riders can be added to most types of life insurance policies at any time during the policy's life; they are tailored to the policyholder's needs and can even be personalised. They are very much cost-effective and it is strongly advocated that instead of buying into stand-alone insurance, one should invest in riders.

Advantages of Life Insurance Riders

Life Insurance Riders have several advantages in making the policies lucrative and safe for the consumer. They provide great benefits in the long term and must be added to the policy. Some of the benefits are listed here:

  • Say no to having to manage multiple policies with riders

By investing in life insurance riders, you can avoid the logistical complications and high premium expenses that come with various stand-alone plans. Add as many riders as you want to a single plan and escape the stress of remembering separate policies' deadlines.

  • Riders Provide Extensive Coverage

Increase the protection of a rider in a term plan against unavoidable circumstances like death or disability. Riders want to keep you safe from any misunderstandings. Riders increase your insured amount by adding an increased sum to your policy's overall coverage.

  • Save More On Income Tax

The Indian Income Tax’s Act 80 C, enables the policyholders to get rebates in life insurance premiums. Similarly, many sections allow different types of exemptions in the name of life insurance riders. 

  • Riders Come With Waiver Facilities Too

When an insured policyholder becomes disabled as a result of disappearances, the risk to riders is covered by financial aid. You are not obligated to cancel your insurance policy due to a lack of funds, but you are entitled to a waiver.

  • Increases The Total Policy Cover

Adding Riders to your policy increases the total policy cover of your insurance policy. You get the benefits of multiple policies in the same insurance policy at a very nominal cost and in the same management under the same profile. so in the long term, it increases the value and the cover of your insurance policy and pays you more and benefits than people with more than one insurance policy but no add on riders. 


Insurance riders are a lifeline to individual investors who can't really afford a lot of insurance and invest it all to protect their loved ones for a better future. They're convenient, versatile, and cost-effective, and they can help you save a lot of money. Invest in the riders you think you'll need in the future to live a happy, free life.

Also Read:  

Which Riders are Suitable For Retirement Plans?

How Can a Rider Make Your Term Insurance Plan More Efficient?

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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