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Top 3 Riders In Unit Linked Insurance Plans

Updated On Aug 30, 2021

An insurance rider is an addition to a policy purchased by an investor. It provides additional advantages in addition to those provided by the current insurance and is subject to specific terms and conditions. It's a way to get the most out of a life insurance policy by tailoring it to the investor's specific needs. 

A rider is an important instrument for extending the coverage of your life insurance policy. In most circumstances, a rider will incur an additional fee over the regular cost of insurance, however, there is also the potential of receiving a free rider. A rider can be added to insurance before or after it is issued. The possibility to add a rider after a contract has been signed is subject to the specific rider restrictions, which may differ from one organization to the next.

Top 3 Riders In ULIP 

Given below are the top three riders in a ULIP:

  • Critical Illness

This rider allows you to pay an additional fee to be covered if you are diagnosed with one of the critical illnesses listed in the policy document. The sum earned under the rider can be used to cover both medical and home expenses, similar to an income replacement plan. Though the critical illnesses covered by the policy may differ from one insurer to the next, cancer, heart attack, brain tumor, and other illnesses are covered by the rider.

  • Permanent And Partial Disability

It is beneficial if you are temporarily or permanently disabled as a result of an accident. In most circumstances, the insurance guarantees a specific amount for the following five or ten years. The insurance firm also waives all future premiums on the main insurance policy.

Must read: Which ULIP Plan Is Best?    

  • Waiver Of Premium

If the life assured is hospitalized for 6 months or more, the Premium Rider Waiver kicks in. In such circumstances, the life assured is unable to work and, as a result, is unable to pay the premium. The WOP will continue until the life assured is unable to work, depending on the degree of the illness or damage caused by an accident. The WOP can be in effect until the policy matures. For example, if a person suffers a spinal injury and is rendered bedridden for the rest of his or her life, all future premiums will be canceled, and the life assured will receive all maturity benefits when the policy matures.


You can get comprehensive coverage by adding a rider to your main insurance policy. A critical illness rider, for example, pays a lump sum amount that can be used to cover housing bills, loan EMIs, and other financial obligations in addition to medical expenses.

Purchasing a rider is far less expensive than purchasing a separate insurance policy. Furthermore, there are numerous sorts of riders from which to choose depending on one's need. As a result, it becomes simple to protect oneself at a low expense. You can personalize your insurance policy by adding a rider to any type of policy, including term, ULIP, endowment, and whole life.

Riders are optional features that can be added to life insurance plans. As a result, payments to riders are tax-deductible under the current tax regulations.

Also read: ULIP Vs. Money Back Plans    

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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