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What Riders Should Be Added Under Endowment Plans?

Updated On Aug 02, 2021

It is important to note that riders on an existing plan are contingent and only come into effect in the case of a certain incident. A life insurance policy's base sum assured is not covered by these products. Different riders are available depending on the insurer, and they can be discussed and altered during the policy purchase.  You can increase the security of your endowment plan by adding different riders, which we have covered in this article. 

What Riders Should Be Added Under Endowment Plans?

You can consider adding the following riders to your endowment plan -

  • Accidental Death Benefit Rider 

If the policyholder accepts this extra rider, the insurer will pay an accidental death benefit in addition to the Death Benefit to the beneficiary. 

No matter whether this rider is excluded, the needed entire protection will be paid. An additional sum is guaranteed in the event that the policyholder dies as a result of an accident. 

  • Accidental Total And Permanent Disability Benefit Rider

As a result of an accident, the Life Assured will get a Total and Permanent Disablement Benefit. As soon as a life insured's claim is approved. These payments are made once a claim is approved for a life insured who is incapacitated as a result of an accident. After six months from the date of the incident, the condition is deemed permanent. 

  • Term Benefit Rider

There is an additional benefit to the Term Benefit Rider over and beyond the Minimum Death Benefit. In the event of death, it permits policyholders to increase their sum assured. As a result, the policyholder feels a sense of security that was before absent. 

A variety of premium options are available to policyholders, as are personal tax discounts as allowed by law.

  • Rider With Lifeguard Benefits 

As long as the death of the proposer is proven to be accidental, the company will continue to pay future premiums on the insurance for all other benefits, subject to the following conditions:

  1. On the date of the Proposer's death, this benefit is in full force. 
  2. The age of the Proposer, as given in the Proposal form, has been verified to the satisfaction of the Company.
  3. The Company has received adequate proof of the Proposer's death within one year after the date of death, as well as any further conditions imposed by the Company. 


  • Indemnity Cover for Serious Illness 

Financial assistance may be available if a person suffers a catastrophic illness. If you are diagnosed with a critical sickness, it may pay you a percentage of your basic sum assured. The amount of insurance coverage offered by each insurer varies. 

An insured's self-inflicted injury, whether intentional or not, or suicide attempt will not be reimbursed by the Company. This benefit will only be awarded if a Consultant Physician confirms the existence of the condition. 

  • Hospital Cash Benefit 

If the policyholder is admitted to the hospital, the Hospital Cash Benefit pays you a daily stipend as well as post-hospitalization payments. 

The payment amount is set at the time of the approach and will not change. This benefit coverage can be acquired independently or as a rider to your current endowment insurance plan. 

  • Premium Waiver Advantage 

Waiver of Premium is a feature that can be added to an endowment plan to ensure that the policy runs smoothly in the event of a disaster. This provision ensures that the insurance continues unabated in the event of the policyholder's death by waiving any future premiums.


Riders serve as a safety net for upcoming events. They are an excellent technique to ensure the policyholder's safety. As a result, it's worth considering whether adding an extra rider to your policy is worthwhile.

Also read 

Know The Difference Between Endowment and Money Back Plan

5 Best Endowment Plans To Choose From In 2021

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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