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What Is A Term Insurance Rider?

Published On Nov 22, 2021

What is a rider? A rider is a supplement to existing insurance that adds additional coverage and benefits. To meet one’s demands, life insurance companies provide a variety of extra riders that an individual may purchase for an additional yet affordable price. They are effective tools for extending the coverage of any life insurance policy.

Riders are like an attachment on insurance policies that help supplement the comprehensive coverage in the respective insurance policy. If simply put, riders are like an addition to or modification to an existing insurance policy that provides additional coverage or risk protection. To find out more information on riders, read on.

Some Common Term Insurance Riders

Following are listed riders that an individual can add to their respective insurance policy -

  • Accidental Death Benefit Rider

In this rider, an individual can purchase the benefit of coverage by paying a single, limited, or regular premium. With this rider, an individual’s beneficiaries can get additional benefits as a result of this rider in the event of an unfortunate or uncertain accident or event. The maximum value insured under the accidental death benefit rider may have an upper limit that varies from insurer to insurer.

  • Critical Illness Rider

When an individual adds a critical illness rider to their standard insurance, the policy pays a lump sum if they are diagnosed with one of the conditions covered by the policy. Heart attack, renal failure, cancer, coronary artery bypass, major organ transplant, paralysis, stroke, and other serious diseases are among the critical illnesses covered by this rider. Depending on the terms and circumstances, the insurance may continue or cease after a diagnosis of the covered disease. After decreasing the amount provided to you as a lump sum on diagnosis, some insurers may provide reduced coverage.

  • Permanent Disability Rider

This rider is available to an individual if they are permanently incapacitated as a result of an accident or unforeseen events. When an individual adds a permanent disability rider to their basic plan, the insurance company may pay them a certain sum on a regular basis for a set amount of time. This coverage can be combined with the accidental death benefit rider. This rider ensures that an individual will have a source of income if they are unable to work due to an accident or event.

  • Income Benefit Rider

If an individual is the principal breadwinner in their household, this rider is advised in those cases as a safety belt. In the event of a calamity during the policy's term, an individual’s beneficiaries will get additional income every year for a set amount of time. This is in addition to the standard benefits provided by an individual’s basic insurance plan.

  • Guaranteed Insurability Rider

This rider allows an individual to obtain additional insurance coverage for a specified amount of time without having to undergo a medical exam. When an individual experiences a big change in their living circumstances, i.e., the birth of a child, marriage, or an increase in their salary, a guaranteed insurability rider can help in those cases. If an individual’s health deteriorates as they become older, they'll be able to seek for more coverage without having to provide proof of insurability. This form of rider may also allow an individual to renew their base policy without having to undergo medical exams at the conclusion of its term. One thing to remember is that riders with guaranteed insurability may expire at a particular age.


In an insurance policy, an individual may incorporate a variety of riders. However, before deciding which ones must be included, one should always familiarise themselves with the numerous advantages, inclusions, and exclusions. An individual should also consider the extra premium they might have to pay to include these riders. To make the best decision, an individual must take the time to study and analyse numerous riders available.

Also Read:

Factors To Consider While Buying Life Insurance Policy

Difference Between NPS, ELSS and FD

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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