Accidental Death Benefit Rider
Accidental death benefit rider provides financial aid to the family of the life assured in case of an unforeseen demise of the life assured caused in an accident during the coverage period. Accidental death benefit riders are very popular and often opted with term insurance policies.
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**Tax benefits are subject to changes in Income Tax Act.
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Accidental Death Benefit Rider
What is Accidental Death Benefit Rider?
Accidental death benefit is one of the most significant term insurance riders to have. The rider helps in dealing with the death of the life assured and the financial turmoil that comes with the unfortunate incident. Highly beneficial in minimizing the financial stress in the event of accidental death of the life assured, the rider provides for the loss of income that could affect the family for months or years.
Added to the base term insurance, the accidental death benefit rider provides the sum assured to the nominee. It must be noted that if the life assured does not immediately pass away after an accident, the term insurer provides the nominee with the sum assured 120-180 days from the date of the accident.
The accidental death benefit rider is advised to people who travel daily through a personal vehicle or public transportation.
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Eligibility Criteria of Accidental Death Benefit Rider
Following are the eligibility criteria of Accidental Death Benefit Rider:
Eligibility Criteria for Accidental Death Benefit Rider
Minimum Entry Age
Maximum Entry Age
Maximum Maturity Age
Minimum - Same as base policy’s sum assured
Maximum - No Limit (depending on the life insurance plan)
Premium Payment Term
Same as base policy term
Premium Paying Mode
Same as the base policy mode
Coverage Time Period
Same as base insurance policy term
Documents Required for Accidental Death Benefit Rider Claim
Below mentioned are the documents required for claiming accidental death benefit rider:
- Filled Claim Form
- Original Policy Documents
- Policyholder's Photo ID Proof, Address Proof
- Policyholder’s Bank Account Details
- FIR (copy or original)
- Police Inquest Report (copy or original)
- Postmortem Report (copy or original)
- Sub-Divisional Magistrate’s Final Verdict
- Driver’s License of the life assured
Accidental Death Benefit Rider Exclusions
Some of the key exclusions of the accidental death benefit rider include:
- Self-inflicted Injuries
- Drug overdose or alcohol abuse
- Participation in civil commotion, riots, war or rebellion
- Death/disability after 180 days of the accident
Importance of Purchasing an Accidental Death Benefit Rider
Accidental death benefit riders are one of the most popular riders that people often choose for their term insurance policy. This rider provides financial aid to the family of the life assured in difficult times. Below mentioned are some key reasons which make accidental death benefit a must have add-on for your term insurance policy:
1. Extra Layer of Protection: Accidental death benefit rider provides an extra layer of financial protection to the life assured and the family of the life assured, from the uncertainties of life. In case of an unforeseen demise of the life assured caused in an accident, a rider benefit amount along with the death benefit under the term insurance policy shall be provided to the family of the life assured. This rider can ensure financial security of the family of the life assured under difficult circumstances, the rider benefit payable under this rider can act as a shield, provide funds for the family to fulfil their immediate expenses, daily expenses, main their lifestyle and achieve their goals in the absence of the life assured.
2. Multiple Payout Option: Under the accidental death benefit rider, the rider benefit amount shall be paid as a lump sum or regular instalments which can act as a regular income for the family of the life assured. The nominee has the flexibility to choose the payout option according to their financial requirements and situation. In case the nominee opts for lump sum, the rider benefit shall be provided as a lump sum along the death benefit, and in case the nominee opts for regular instalments, the nominee shall receive equal instalments for a fixed period of time along with the death benefit.
3. Tax Exemptions: Premiums paid towards a term insurance policy and riders qualify for tax exemptions. The life assured can avail tax exemptions for upto Rs. 1,50,000 Lakh, provided that the premium payment does not exceed 10% of the sum assured, under Section 80C and 10(10D) of the Income Tax Act, 1961. The life assured can avail double tax benefits by purchasing the accidental death benefit rider as premiums paid towards the rider qualify for tax exemptions under Section 80D of the Income Tax Act, 1961.
4. No Medical Examination Required: Often, medical examinations are required to purchase a term insurance policy, in case the life assured/policyholder chooses to purchase accidental death benefit add-on for their term insurance policy, no such medical examination is required. As this rider provides additional financial protection from the unforeseen events, this rider does not require any medical examination. This is another significant benefit of purchasing an accidental death benefit rider.
5. Minimal Documentation: One of the major reasons why people often consider purchasing an accidental death benefit rider is that while purchasing this rider minimum documentation is required. The life assured is required to provide simple personal details in the application form and the insurance provider shall accept the application.
6. Easy Claim Settlement: In difficult circumstances such as an unforeseen demise of the life assured caused in an accident during the coverage period, the family would want a hassle-free claim settlement without getting into paper work. In such cases the insurance providers try to settle the claim as fast as possible without troubling the family member, minimum documentation is required keeping in mind the situation that family members are going through. The insurance providers provide an easy and quick claim settlement.
Term Insurance Companies
- ICICI Prudential Term Insurance
- Max Life Term Insurance
- HDFC Life Term Insurance
- Aditya Birla Sun Life Term Insurance
- Aegon Term Insurance
- PNB MetLife Term Insurance
- Kotak Life Term Insurance
- SBI Life Term Insurance
- Bharti AXA Life Term Insurance
- LIC Term Insurance
- Edelweiss Tokio Term Insurance
- Bajaj Allianz Term Insurance
- Exide Life Term Insurance
- Canara HSBC OBC Term Insurance
- IndiaFirst Life Term Insurance
- Tata AIA Life Term Insurance
- Pramerica Life Term Insurance
- Future Generali Life Term Insurance
- Aviva Term Insurance
- Reliance Nippon Term Life Insurance
- Star Union Dai-ichi
- Shriram Life Term Insurance
- Ageas Federal Life Term Insurance
Disclaimer: InsuranceDekho does not endorse, rate or recommend any particular insurance company or insurance plan.
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