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Customize Your Policy with Life Insurance Riders

Updated On Jul 06, 2021

Gone are the times when people had to take up multiple policies for securing different needs and requirements of the future, with riders in your policy, you can customize your life insurance plan with life insurance riders. A rider is an addition to the base term life insurance policy's coverage. Many riders are available, including medical insurance, assistance for your child's education and/or matrimony, and so on. 

Riders are customizable add-ons that can be tailored to the customer's specific needs and requirements and can be added to any form of insurance plan, including term, endowment, money return, and unit-linked. Riders have a number of advantages, including increasing the cover up worth of your policy to many times its initial worth, enhancing the coverage and protection of your original cover strategy, and making you eligible for large tax rebates.

Customize Your Plan With The Following Life Insurance Riders

You won't have to invest in many policies if you have riders in your policy, which saves you time and money. Riders offer the best advantages and incentives, as well as the ability to customise them to your specific needs. Here's how you can customize your life insurance plan with these specific riders:

  • Accidental Death Benefit

If the policy holder dies before the maturity of the plan due to a mishap like an accident etc, the family or the direct nominees are entitled to receive double or three times the maturity value of the plan, according to the terms and conditions. This is one of the most sought after riders and safeguards your family in your absence. 

  • Guaranteed Insurability Rider

The Guaranteed Insurability Rider helps you to have the power to purchase a specific amount of extra and widened coverage at frequent intervals. This rider provides the insured with many special benefits on life occasions. 

  • Cost Of Living Rider

This rider essentially allows the insured to increase the amount of coverage purchased each year in order to catch pace with rising living costs. The cost of living index specifies the maximum amounts that can be covered under this rider. This is commonly used to obtain low-cost insurance product upgrades despite having to show proof of insurance rates.

  • Payor Benefit Rider

This supplement is added directly to a child's insurance plan, stating that if the person who paid the child's insurance dies or becomes crippled for life before the attains the age of majority, any premiums are subsequently cancelled or waived.

  • Spouse Benefit Rider

This rider ensures that the policy holder partner will have level term cover for the rest of their lives. A clause that allows the spouse to switch to a lifelong life insurance policy without having to show proof of insurability is often included within the plan. 

  • Rider For Mortality Deduction Charges Waiver

Rider for Mortality Deduction Charges Waiver of premium benefit provides you with the waiver of mortality deduction charges according to the terms and conditions of your plan.

  • Rider For Monthly Disability Income Benefits

If any accident leaves you disabled or immobile for life, your family will be entitled to receive monthly disability income benefits along with death benefits in case you meet a fatal injury. 

  • Premium Waiver Rider

The Premium Waiver Rider ensures that if there is a misfortune which renders you monetarilydisabled to pay the future premiums of your policy, your plan won’t be terminated and instead you will be receiving a premium waiver.

  •  Return Of Premium Waiver

As the word Return Of Premium Waiver suggests, this rider entitles you to receive all the premiums you have paid before in case you are in such a situation where you can’t afford paying premiums anymore. 

Conclusion

Invest into riders instead of numerous stand alone policies which will only lead to emptying your pockets. Riders not only enhance and broaden your policy’s coverage but help you secure a safe future at low costs and provide you with multiple customizations. Riders are great supplements to your policy which you shouldn’t let go off, to get the best benefits out of your life plan.

Also read

Life Insurance Riders: Taking Advantage Of Policy Benefits

Top 5 Term Insurance Plans With Critical Illness Rider

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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