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Which Riders are Suitable for Money-Back Plans?

Updated On Aug 19, 2021

A money-back plan is a life insurance plan along with an effective saving option. It provides benefits like survival benefit, maturity benefit, death benefit, regular payouts, and many more to help the life assured or the buyer to reach their life goals effectively.

The life assured can choose additional riders from a given list of riders that are provided with the money-back plan they choose to secure the aspect of their life more effectively or to cover an aspect that is not already covered in the traditional plan. 

Riders Suitable with Money-Back Plans

To help you choose riders that suit the plan you choose, there is a list provided down below - 

1. Guaranteed Insurability Rider

This rider is offered to the life assured to allow them to purchase additional coverage in the policy period. A guaranteed insurability rider shows most benefits when there has been a considerably large change in your lifestyles, such as the birth of your child, marriage, or an increase in your income. If your health goes downhill with age, you will be able to avail of extra coverage without giving any evidence. This rider may also provide a renewal of your base policy in the end. 

2. Accidental Death Rider

An accidental death rider pays the life assured an additional amount of death benefit if the insured dies accidentally. Generally, the additional benefit paid on the death of the life assured due to an accident is equivalent to the amount of the death benefit offered by the policy. This means that it doubles the benefit. In the unfortunate event of death due to accidental injury, the life assured’s family gets twice the amount of the policy. This is why this rider is also called a double indemnity rider. An accidental death rider can be an ideal choice because the double benefit will ensure good care of your surviving family's expenses if you are the only financial provider for your family.

Also read - Common Riders Available in a Money Back Policy

3. Waiver of Premium Rider

Future premiums are waived if the life assured undergoes permanent disability or loses their income as a result of injury or illness before a certain age under this rider. In such events, the rider saves the life assured from paying the premium due on the base policy until they are ready to get back to work again. The meaning of the term "totally disabled" is different for different insurers. So it is advised to be careful while you choose the terms and conditions of your specific rider.

4. Family Income Benefit Rider

If the life assured dies accidentally, a family income benefit rider will provide a steady flow of income to the family of the life assured. While purchasing this, you need to define the years your family where they are going to receive the benefit. The positive part of having this rider is that in case of death of the life assured, the surviving family is supported financially. 


To provide better security to your life, you can choose to add different riders to your money-back plan. These riders help you better cover different aspects of your life.

You may also like to read - When is The Right Time to Purchase 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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