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What Are The Benefits of Purchasing Riders With Life Insurance Policy?

Published On Jul 22, 2021, Updated On Aug 09, 2021

Those days are long gone now when individuals had to purchase many policies to cover various future demands and requirements. With riders in your policy, you can customise your life insurance plan with life insurance riders. A rider is an increase to the coverage provided by the base term life insurance policy. There are numerous riders available, such as medical insurance, support with your child's schooling and/or matrimony, and so on.

Riders are customised add-ons that can be adjusted to the unique needs and requirements of the customer and can be added to any type of insurance plan, including term, endowment, money return, and unit-linked. Riders provide several benefits, including boosting the cover up value of your policy to many times its initial value, improving the coverage and protection of your original cover plan, and making you eligible for hefty tax rebates.

Benefits of Riders on Life Insurance Policy

If you have riders in your insurance, you won't have to invest in as many policies, which saves you time and money. Riders provide the best benefits and incentives, as well as the opportunity to tailor them to your unique requirements. Here's how you can add these riders to your life insurance policy:

1. Accidental Death Benefit

If the policyholder dies before the plan's maturity date due to a mishap such as an accident, the family or direct nominees are entitled to double or triple the plan's maturity value, depending on the terms and conditions. This is one of the most sought-after riders and protects your family while you are away.

2. Guaranteed Insurability Rider

The Guaranteed Insurability Rider gives you the ability to purchase a particular amount of additional and expanded coverage at regular periods. This rider provides the insured with a variety of additional rewards on life's special moments.

You may also like to read:- Riders Meaning In Insurance- Rider Meaning In Life Insurance 

3. Cost Of Living Rider

This rider simply permits the insured to increase the amount of coverage purchased each year to keep up with escalating living expenses. The maximum sums that can be covered under this rider are determined by the cost of living index. Despite having to produce proof of insurance rates, this is routinely utilized to obtain low-cost insurance product upgrades.

4. Payor Benefit Rider

This supplement is added immediately to a kid's insurance plan and states that if the person who paid the child's insurance dies or becomes permanently disabled before the child reaches the age of majority, any premiums are thereafter cancelled or canceled.

5. Spouse Benefit Rider

This rider guarantees that the policyholder's partner will have level term insurance for the remainder of their lives. A clause in the plan that permits the spouse to transfer to a lifelong life insurance policy without having to produce proof of insurability is frequently included.

6. Rider For Monthly Disability Income Benefits

If an accident renders you permanently disabled or immobile, your family will be entitled to monthly disability income payments as well as death benefits if you suffer a fatal injury.

7. Premium Waiver Rider

The Premium Waiver Rider ensures that if you are unable to pay your policy's future premiums due to a misfortune, your policy will not be cancelled and you will instead receive a premium waiver.

 8. Return Of Premium Waiver

As the name suggests, the Return Of Premium Waiver rider permits you to receive any previous premiums paid if you are in a position where you cannot afford to pay premiums any longer.

Also Read:- 5 Reasons To Add Riders To Your Insurance Plan 


Invest in riders instead of several policies alone that will just empty your pockets. Not only do riders improve and widen the coverage of your life insurance policy, but they also help you ensure a safe future at low cost and offer several customisation options. Riders are wonderful additions to your policy that you should not miss out on and purchase them to get the maximum coverage on your policy.

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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