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Top 3 Riders In Life Insurance Plans

Have you been hearing a lot about riders but not sure and clear about what they are and why you should invest into them? Riders are basically add ons to your existing life insurance plans which enhance the coverage of your plan at nominal costs and according to your needs. There are different kinds of riders that people buy according to their needs but experts suggest that these three riders should be present in all the policies. Read more to know. 

Top 3 Riders In Life Insurance Plans

Here are the top 3 riders in Life Insurance Plans which are becoming increasingly popular with time and can be seen added to 90% of the common man’s policies: 

  • Premium Waiver Benefit Rider

Premium Waiver Benefit Rider is a non-linked, non-participating rider option, complemented by term insurance plans that permit this Rider (Base Plan). This option on the table effectively allows you to withdraw from future premiums paid under the Basic Plan until the end of the Rider Term if the life of the Basic Plan during the Rider Term has unfortunately been assured of. 

At the beginning or during the premium payment term (PPT) of the Basic Plan this Rider can be chosen together with the basic scheme only if the remaining premium payment period of the Basic and Riding Scheme is at least five years. This rider provides death benefits and participation in profits. However, there is no maturity benefit if the insured survives till the end of the rider’s term. 

If you happen to meet a misfortune that causes death, disability, crippledness or leaves you in such a condition where you can not pay the future premiums, having this rider in your policy will act as a boon as you would still be able to continue your policy. However, if the insured dies by suicide then the rider stands null and no benefits are given. 

  • Return Of Premium Rider

The Return Of Premium Rider or ROP states that in the event that the policyholder does not die in the stipulated term, a premium rider's refund shall be provided for the premiums paid on the life insurance policy. This reduces the net cost of the policyholder to zero. A policy with a provision of premium return is also known as a premium life insurance return.

A premium return rider allows policyholders to retrieve the premiums they paid during their policy if they do not die during the lifetime of the policy. The policy is often referred to as premium life insurance returns. 

Adding a premium rider's return to a term insurance policy can significantly increase the cost of the policy as it is giving you greater benefits in adversities. 

It depends on the probability of the policyholder investing money elsewhere at a higher return whether a return of a premium rider has financial significance.

  • Critical Illness Rider

A Critical Illness Rider expanses the benefits of a conventional insurance policy to make a personalised insurance package more flexible. This rider is one of many additional drivers a policyholder can choose to include in a life insurance policy, an expedited death benefits rider.

Insurance drivers give an extra financial protective capability to policyholders and friends, when they need this most depending on the specific wants, lifestyle choices, health conditions etc. 

This supplementary provision is not common but is growing increasingly popular. 

It is often a cheap ride and some insurance carriers may even include it without charge. Its own value, however, significantly surpasses the monetary value. The Critical Illness Rider helps to reduce families' financial responsibilities with regard to the recent terminal condition of a policyholder. When the insurer is first writing an insurance policy, it can establish a limit on the amount it is allocating, and the insurance company may include this driver.


The top three riders, namely Premium Waiver Benefit, Return Of Premium and Critical Illness Rider are great add ons to your policy. Consider adding them to your policy and live a carefree life.

Also Read: 

5 Reasons To Add Riders To Your Insurance Plan

Why Should You Buy Life Insurance Riders?

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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