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Top Life Insurance Riders You Must Consider

Updated On Nov 29, 2021

A life insurance rider is an add-on to an existing policy that adds extra coverage and risk protection. Life insurance riders aid in the extension of the policy's coverage. Riders cover everything from child education to accidental disability and everything in between. Riders are custom-made and tailored to the specific demands of an individual.

Riders are a viable option alongside their range of coverage options. They are cost-effective since they allow you to dramatically increase plan coverage for a little monthly payment. Furthermore, they entitle you to tax breaks. An individual’s perception of financial stability is extremely essential. As a result, life insurance riders are a very cost-effective financial option. To find out the benefits and importance of riders for an individual, read on.

Significance of Riders in Life Insurance

Following are the key reasons why an insured individual should have riders on their insurance policies -

1. Additional Coverage

The benefit of full coverage is ensured by purchasing a rider on an existing plan of an insured individual. For example, purchasing a rider on medical insurance guarantees that it will cover the respective medical expenditures, household expenses, and so on.

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2. Flexibility

Another advantage of buying a rider is that they are quite flexible. Individuals have a plethora of alternatives to select from depending on their respective needs. On the other hand, it is also important to consider the conditions, age, gender, and other factors. As a result, it is advantageous to the respective insured individual.

3. Cost Effective

A Rider allows an insured individual to have complete coverage without having the need to buy a new plan. Riders are more cost effective and affordable as a result of this rather than investing in new insurance. An insured individual can receive greater coverage for their existing insurance plan at a lower cost by purchasing a rider.

4. Tax Rebates

Under this rider, an individual gets the benefit of tax rebates on the amount that they pay for their insurance plan. For example, an individual may be able to deduct the amount paid for an Accidental Death Rider under Section 80C of the Income Tax Act of 1961. In addition, the sum paid for the Critical Illness Rider is tax deductible under Section 80D of the Income Tax Act of 1961.

Some Popular Life Insurance Riders

Following are some of the popular life insurance reiders - 

1. Accidental Death Benefit Rider

Under this rider, it’s ensured that if an individual is diagnosed with a life-threatening condition and is getting treatment, they will receive a specified proportion of an amount. This rider also provides financial assistance to the insured individuals in order to get treatment.

2. Income Benefit Rider

Under this Rider, it is ensured that the insured person takes care of their loved ones' immediate and long-term requirements. In addition to the amount granted under the basic plan, the insured individual is entitled to a certain amount of income each year for a set number of years under this rider.

3. Accidental Disability Benefit Rider

Under this rider, it is ensured that when the insured individual is rendered partially or permanently disabled as a result of an accident. This rider will provide a source of income for the respective insured individual and their family by providing a certain amount at regular intervals for a set period of years.

4. Premium Rider Waiver

Under this rider, it is effectively ensured that it will waive off future insurance payments if the insured person becomes financially incapable as a result of an emergency, such as being diagnosed with a major sickness, getting disabled inadvertently, and so on. The insurance stays in existence after the premiums have been waived, which is the most significant advantage of this rider.


In the long run, a rider is an excellent way to improve the coverage on an existing life insurance policy for an insured individual. The comprehensive coverage guarantees that unique problems are addressed on a case-by-case basis. As a result, an individual may choose the rider choice that best suits them.

Also Read: How Can Waiver Of Premium Rider Be Beneficial?

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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