Accidental Disability Benefit Rider
Accidental Total and Permanent Disability rider provides financial aid to the life assured in case he/she surfers total and permanent disability caused during an accident. Accidental Total and Permanent Disability rider can be purchased with the base policy to increase the power of it’s coverage.
- Tax BenefitUp to 1,50,000**
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**Tax benefits are subject to changes in Income Tax Act.
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Accidental Total and Permanent Disability Rider
What is Accidental Total and Permanent Disability Rider?
Accidental Total and Permanent Disability rider is a non-linked individual rider. Ideal for providing additional coverage equal to rider sum assured on total & permanent disability, owing to an accident, this rider can be purchased over the base policy. It must be noted that the total and permanent disability also includes the loss of both arms or both legs, or one arm and one leg, or of both eyes.
Extremely helpful for policyholders with loss of income for their entire life, accidental total and permanent disability rider provide a lump sum amount. The choice to receive the amount in the form of lump sum or monthly installments is up to the policyholder.
The cause of disability must be caused by an unforeseen accident, solely and directly by external, violent, unforeseeable and visible means. Moreover, the term insurance company must be satisfied to provide the benefit amount. The judgement of disability being permanent is made 6 months from the date of the accident.
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Eligibility Criteria of Accidental Total and Permanent Disability Rider
Following is the eligibility criteria of Accidental Total and Permanent Disability Rider:
Eligibility Criteria for Accidental Total and Permanent Disability 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 policy)
Coverage Time Period
Same as life insurance policy term
Premium Payment Term
Same as life insurance policy term
Premium Payment Mode
Documents Required for Accidental Total and Permanent Disability Rider Claim
Documents required for the claim settlement process of accidental total and permanent disability rider include:
- Filled Claim Form
- Original Policy Documents
- Policyholder's Photo ID Proof, Address Proof
- Policyholder’s Bank Account Details
- Original or Copy of FIR
- Original or Copy of Police Inquest Report
- Original or Copy of Postmortem Report
- Sub-Divisional Magistrate’s Final Verdict
- Driver’s License of the life assured
Accidental Total and Permanent Disability Benefit Rider Exclusion
Some of the exclusions under Accidental Total and Permanent Disability Benefit Rider include:
- Self-inflicted Injuries
- Drug overdose or alcohol abuse
- Disability occuring after 180 days of the accident
- Participation in civil commotion, riots, war or rebellion activities
Importance of Purchasing Accidental Total and Permanent Disability Rider
Accidental Total and Permanent Disability rider can be a very useful rider, that you can add to your term insurance policy. The best way to enhance coverage and provide yourself with financial protection from the unforeseen accident is Accidental Total and Permanent Disability Rider. Below mentioned are some reasons that make accidental total and permanent disability rider a must have addition to your term insurance policy:
1. Financial Protection: Accidental Total and Permanent Disability rider provides financial protection to the life assured and his/her family in difficult circumstances such as accidental total or permanent disability caused during an accident. The life assured shall receive a rider sum assured, in case he/she suffers total and permanent disability caused in an accident, the rider sum assured can help the life assured to get urgent treatment for his/her disability. In case the life assured is unable to make a living for themselves/their family, this rider can provide financial aid, which can help the life assured and his/her family members to maintain a decent lifestyle.
2. Tax Benefits: Under a term insurance policy the life assured can avail tax exemptions as per the section 80C and 10(10D) of the Income Tax Act, 1961. The life assured can avail upto Rs. 1.5 Lakh for the premiums towards term insurance policy and rider, given that the premium does not exceed 10% of the basic sum assured. Purchasing an accidental total and permanent disability rider will double the tax exemptions under Section 80D of the Income Tax Act, 1961.
3. Multiple Payout Options: Under this rider, the life assured gets the option to choose the payout option which are as a lump sum or regular instalment. The rider benefit shall be provided as lump sum or regular instalments, in case the life assured suffers total and permanent disability which makes them unable to earn a living for themselves.
4. Income Replacement: If the life assured opts for regular instalment payout under this rider, the benefit amount can be as monthly income or regular source of income for the family of the life assured and life assured themselves. The life assured will have a significant amount to fulfill his or her daily expenses and help their family maintain a decent lifestyle. This rider can ensure income for the life assured in case he/she is unable to earn a living due to the disability caused by an unforeseen accident during the policy tenure.
5. Affordable: Accidental total and permanent disability rider provides coverage at an affordable price. The premiums for this rider are quite inexpensive. You can get extensive coverage at an affordable price.
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