Common Riders Available in a Money Back Policy
Published On Aug 15, 2021
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A money back insurance plan offers a wide number of riders that a policyholder can include in their basic insurance plan at the cost of an additional premium amount. The purpose of including these riders to insurance plans is to extend the coverage to stay protected against risks that can arise due to several possible life problems. Life insurance providers provide coverage against several life and non-life risks including accidents, critical illness, hospital cash etc. Some of the common riders available with a money back insurance plan are as follows:
Accident or Disability Benefit Rider
With this insurance rider, one can tide over any costs that can arise due to any accident that can result in a disability or death. The types of injuries sustained by the insured generally determines that amount of compensation that the insurance provider would give to the individual. The insurer would pay a portion of the sum assured for any partial disability whereas it would compensate the individual with a complete sum assured amount for permanent disability.
Waiver of Premium
This insurance rider protects the policyholder against loss of insurance cover of the money back policy in case the insured fails to make premium payment due to any reason. It is an extremely helpful rider for an individual who is not well or is not able to pay the premium because of any reason.
It is the same as a term life insurance plan and lets the insured plan a term insurance payment to the beneficiary in case they do not survive the term of the money pack plan. The nominee or insured does not receive any kind of amount in case the life assured survives the insurance period, just as a term plan.
Hospital Cash Benefit Rider
This insurance rider helps the policyholder in receiving daily cash for any kind of hospitalisation costs incurred during policy term. Generally, the insurance providers need the insured individual to be hospitalised for a minimum 48 days. This rider also provides various benefits of surgeries, intensive care unit stay, etc.
With the critical illness rider, the policyholder receives protection against several critical illnesses that can arise during the lifetime of the policyholder. This rider entitles the life assured to receive a guaranteed cash amount in case they get diagnosed with any kind of critical illness. This amount can be utilized by the insured to pay expenses for medical bills, renovation of home for critical illness patients, etc.
Accelerated Sum Assured
This insurance rider is very helpful as it lets the life assured in receiving the sum assured in case they get diagnosed with any kind of critical illness. The primary insurance plan gets terminated once the insurance provider pays the sum assured. It is a beneficial rider as it assists the policyholder in getting the sum assured without needing to keep paying the premium amount or requiring to wait for the entire term of the money back plan to receive the insurance amount.
At the time of buying a money back insurance plan, you can also choose to buy additional riders in order to get added protection at the cost of a nominal premium amount. Some of the commonly availed riders along with a money back plan are mentioned above, you can consider these riders to get comprehensive coverage from your insurance plan.
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.