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5 Reasons To Add Riders To Your Insurance Plan

Updated On Jun 23, 2021

Everyone wishes to have a term insurance plan with the widest coverage, a plan that secures your future in the best way possible. You might be at such a stage in life where you need to secure enough funds for your healthcare and funds your child’s higher studies as well and your current life insurance might not be covering either of your needs. What would you do in such a case? Invest into another policy? No. Invest in riders and widen the coverage of your policy. 

A rider is an add-on to the coverage of the base term insurance policy. There are various types of riders such as coverage for health care, critical illness, accidental death, disability, or for funding for your child’s education and/or marriage, and so on. 

Top 5 Reasons Of Adding Riders To Insurance Plans

It is highly recommended and advised that instead of having multiple policies one should have riders instead. Have a look at the top 5 reasons to add riders to your insurance plan- 

1. Say No To Multiple Policies

Multiple policies are not easy to handle and will ultimately increase the cost of the premium amount and would increase the hassles with many dues and legalities. You don't have to go through the hassle of getting a new policy just to bridge the gap by selecting appropriate riders. You won't have to choose between different stand-alone policies if you have a rider

Must Check:- Term Insurance Benefits

2. Better Protection And Enhanced Coverage

The primary purpose of adding a rider to your term insurance plan is to ensure the future of your family. The death benefit of a term plan is adequate, but it will be useless if you are injured in an event that makes you unable to support your family monetarily. Riders, when added to a term plan, greatly increase protection against accidents, disability, and job loss. Moreover, it adds to the total cover up of your plan and thus increases the overall benefits including the maturity benefits of the insurance. Riders protect you against any potential hazards that you are likely to face in the future thus giving you enhanced protection and wider coverage.

You may also like to read:- 3 Unpopular But Useful Life Insurance Riders  

3. Save More On Your Taxes

The Income Tax Act of India, under sections 80C and 80D makes your plan more comprehensive and saving-friendly in nature. For example, if you opt for a medical rider, you may get an exemption of about Rs. 25000. Similarly, different riders come with different and better tax benefits, and all of them in the end help you save more. 

Must Check:- Term Insurance Company

4. The Facility Of Premium Waiver

What if you meet an accident that leaves you disabled for a specific time period and you’re unable to pay your premiums for a good time, don’t worry, with a rider your policy won’t lapse and you won’t lose your plan. With a rider that offers premium waiver benefits in your plan, you are entitled to avail premium waivers in case of any emergency. You will be allowed to have the policy with paying premiums and you’ll get the policy benefits too. 

5. Enjoy Special Benefits

Imagine buying a single child care plan and getting hands-on the A to Z of what your child would need growing up i.e. education, healthcare, etc. While this might rarely be possible or very expensive with stand-alone policies, a child care rider will provide you with this. There are several other special benefits that come with riders and needless to mention they not only secure your future but add to the total cover-up of your plan.

Also Read:- 

What Is A Child Rider In Life Insurance Policy?

Take Away

There are multiple reasons as to why you should add riders to your insurance plan, all of them ultimately lead to a safe and secure future. These 5 reasons are the primary reasons why one should invest into profitable and safe riders instead of stand-alone policies. 

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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