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Different Riders To Opt With Your Term Insurance Plan

Updated On Jun 25, 2021

Before buying a term insurance you should understand the concept of rider, the term of the rider, the age of entry, sum assured and other factors that affect the policy. Some companies and plans allow riders only at the time of purchasing the insurance plans and new rider additions are not allowed during the renewal of the policy. You may not be able to add all the riders while buying the policy online. 

Riders offer additional benefits to insurance policyholders. When you include a rider, they will be applied to the occurrence of the event and you will get financial assistance higher than the basic sum assured offered by the insurance policy. 

You can consider some of the riders listed below to increase the effectiveness of the insurance policy. 

Term Insurance Riders For Your Term Insurance Policy

This is a list of riders that you can add to your insurance policy for some extra benefits:

1. Guaranteed Insurability Option Rider

Your requirements from your insurance will change with your age, lifestyle and external factors. The rider will ensure that your insurability will continue with the insurance company. The insurance company should not reject your application for plan renewal or offer a better insurance coverage. 

2. Term Assurance Rider

You can increase the risk cover to your basic term insurance policy with the subscription of a 'term assurance rider'. It is very easy to add this rider to your term insurance plan. By paying a nominal increase in premium, you can avail a higher sum assured. The term insurance company offers monthly payouts or lump sum payout.

You may also like to read:- Common Questions About Term Insurance Answered  

3. Critical Illness Rider

You should include the critical illness rider of your family has a history of critical illnesses. Critical illnesses are not included in term policies. Hence, you should opt for the critical illness rider. So that you can avail a lump sum amount towards the critical illness treatment. If the policy holder dies, due to a critical illness, the sum assured will be paid to the nominee. 

4. Accidental Death Benefit Rider

Incase of the accidental death of the policyholder, it might result in great financial stress on the dependent family members. Therefore, a clause for accidental deaths is included in the insurance policy with the subscription of the accidental death benefit rider. This allows children and spouses to overcome the financial stress as it delivers an additional sum along with the basic sum assured offered by the insurance company. 

5. Income Benefit on Accident Disability Rider

The income benefit rider should be included by the policyholders who are the only earning member in the family. The dependent family will have access to a fixed sum of money for a few years with the inclusion of the rider. The family will be provided with funds managed by the insurance policy and a smooth transition will be ensured.

Also Read:- Why is Claim Settlement Ratio Important While Buying Life insurance?  


As it is not possible to predict the future hence you should go for the most appropriate insurance policy to address your specific needs. It is advisable to include riders as they come at an extra low cost and you can gain enormous difference in payouts in addition to the sum assured.

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