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How To Modify Life Insurance With Riders?

Published On Mar 15, 2021 12:00 AM By InsuranceDekho

Life insurance policies are mainly designed to cover the possibility of premature death. They then serve as a method for replacing revenue. However, one can face a range of other unpredictable and unexpected life threats when you may need additional coverage. This is why life insurance companies offer rider plans to enhance the coverage of standard life insurance plans.

What Are Life Insurance Riders?

Riders are added life insurance benefits that are entirely optional. They may or may not be linked to the basic/primary policy. If they are attached, they come into action on the occasion of a single incident and have financial protection over and above the basic sum assured.

Also Read:- 4 Most Preferred Life Insurance Rider

How To Modify Life Insurance With Riders?

You can add different types of riders to your life insurance plan at an extra premium, eliminating the cost of purchasing separate policies for different needs.
Here are the different riders available-

Type of Rider


Accidental Death Benefit Rider

Under accidental death benefit rider, the sum assured is paid to the nominee in case the life assured passes away in an accident. 

Accidental Total and Permanent Disability Rider

Under Accidental Total and Permanent Disability rider the insurance company provides the life assured with rider benefit in case he/she suffers total permanent disability caused by an accident, forcing the life insured to quit working. 

Waiver of Premium Rider

This is a very significant and advantageous rider that provides a provision that allows the policyholder and his/her nominee(s) to gain insurance benefits without having to pay premiums in the case of a predefined event or illness. The coverage continues to be effective, but the balance premiums are waived.

WOP Rider on CI

This rider has four vital conditions: cancer, open chest CABG, first heart attack and stroke. Upon diagnosis in any of these 4 serious diseases, future premiums charged under the contract and riders (if any) will be forgiven while the life cover as well as all riders will begin.

Women CI rider

This rider deals with the critical illnesses of women. A certain proportion of the amount provided by the standard package (sum assured) will be paid upon diagnosis of any of the diseases covered.

Income Rider

This is the rider that authorises the nominee(s) of the policy holder(s) to obtain a certain amount as a guaranteed income in the event of the death of the policy holder within the duration of the plan.

Critical Illness Rider

Often referred to by other names such as major surgical assistant rider and dreaded disease rider, it offers extra protections for serious illness. For most cases, the extra coverage is equal to the sum assured by the basic insurance which is paid upon diagnosis of the condition. The diseases covered differ among insurers.

Term Assurance Rider

It provides the profit in the form of a rider, equivalent to a term plan. Adding that to the basic policy enhances the risk scope at a reduced rate. Some insurers provide annual premiums instead of a lump sum settlement. In certain schemes, the term insurance profit of the rider could have a limit of Rs 25 lakh under all policies of the life guaranteed of the insurer.

Guaranteed Insurability Option Rider

Insurance continues to adapt as one gets older. With more liabilities, one would like to boost one's life cover. In such a case, the GI rider comes handy. Having the GI rider "insures your insurability" in the future by granting you the right to buy extra protection at various life stages without further medical review.

Following are some tips that can help you modify your life insurance plans with riders:

1. Choose the Correct Rider

There are many types of life insurance riders available, before purchasing a rider along with your policy it is advised to choose a rider that will enhance your life insurance policy. Choose a rider which will provide you maximum benefit and will satisfy your insurance requirements.

2. Choose a Budget Friendly Rider

Usually life insurance riders are purchased along with the base plan in exchange for an extra premium amount. It is advisable to purchase a life insurance rider which will not bother your pocket and will also satisfy your insurance needs.

3. Check Insurance Provider’s Term and Conditions

When you purchase a life insurance rider make sure you thoroughly check the terms and conditions of the insurance provider for it. 

You May Also Like to Read:- The Difference Between A Critical Illness Rider And A HospiCash Rider

All About Waiver of Premium Rider


Adding a rider will help you tailor your life insurance policy. Such advantages are valuable for those who want to maintain risk coverage in one location or through a single insurer. However, decide the need for each particular rider rather than opt for it solely because of a low premium. As a result, life insurance premium riders enhance your basic policy and improve your safety from unforeseen disasters.

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