Life Insurance Riders
Life insurance riders are the additional coverages that can be purchased along a life insurance policy and provide enhanced coverage. Life insurance riders are a great way to customize the life insurance policy according to one’s insurance requirements and budget. One can choose a life insurance rider that compliments his/her life insurance policy.
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What Are Life Insurance Riders?
Life insurance riders are additional coverage that can be purchased with a life insurance policy. Riders are a great way to increase the scope of coverage of your life insurance policy. Life insurance riders provide extensive coverage at an affordable premium rate. Life insurance companies offer a wide range of life insurance riders to help an individual stay financially protected even in unfavorable times when an emergency occurs. It is essential to choose a life insurance rider that compliments your life insurance policy and also fulfills your coverage requirements.
Types Of Life Insurance Riders
There are several types of life insurance riders that have different purposes and offer different benefits. Below mentioned are some popular life insurance riders in India:
- Accidental Death Benefit: Under this rider, a death benefit along with rider benefit is provided to the nominee, in case of an unfortunate demise of the life assured during an accident.
- Accidental Total and Permanent: Under this rider a lump amount is provided to the life assured in case he/she suffers total and permanent disability caused by an accident which makes it difficult for the life assured to make a living for themselves or their family and pay due premiums.
- Critical Illness Rider: This is one of the most preferred riders as this rider provides coverage for major critical illnesses such as heart diseases, tumors, cancer, organ failure, etc.
- Waiver of Premium: This rider helps in ensuring policy continuance by waiving off all the future payable premiums in case the life assured suffers disability caused in an accident.
- Accelerated Death Benefit Rider: Under accelerated death benefit rider, a part of sum assured is provided to the life assured, in case the life assured is diagnosed with a critical illness.
- Hospital Cash Rider: This rider provides a fixed amount of rider benefit to the life assured depending on the per-day expense of the hospitalization, in case the life assured is admitted to the hospital for a treatment.
- Surgical Care Rider: Under surgical care rider, a lump sum amount is provided to the life assured, in case he/she has to undergo an unavoidable medical surgery during the policy tenure.
- Income Benefit Rider: Under this rider, a pre-fixed number of monthly installments which is equal to the monthly income of the life assured is provided to the family of the life assured in case of untimely demise of the life assured during the coverage period.
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