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Life Insurance 505 views August 6, 2021
Life insurance riders enhance your protection against uncertainties in exchange for the extra premium that you need to pay to the insurer. Yes, riders come as a supplement to the base life insurance plan. So, the insurance company charges a premium for both the base plan and the rider that you choose. Besides extra premium payment, riders come with some other conditions too. The terms and conditions will also differ based on the rider you choose. We’ll thus discuss here the riders available under term insurance and the conditions they come with. So, let’s read, understand and choose the right rider alternative for us.
Table of Contents
Life insurance companies offer you a wide range of riders on your base plan. These include critical illness rider, accidental death benefit rider, accidental disability rider, premium waiver rider, etc. Let’s learn about these riders and their terms and conditions below.
Critical illnesses such as heart attack and cancer not only affect you physically but also financially if you are not prepared for the same. One requires frequent medical attention and expensive surgeries to recover from such illnesses. The treatment costs can range from INR 3-5 lakh to even a crore depending on the severity of the illness. But if you choose this rider, you will get a lump sum amount upon the diagnosis of any of the following critical illnesses –
To get the benefit of a critical illness rider, you need to meet the following conditions –
Note – The waiting period is the time up to which you need to wait for the cover to begin.
Even base life insurance plans cover accidental death. Then, why should one attach an accidental death benefit rider to the base plan? Well, doing so will ensure double the sum assured to your nominee in case you die due to an accident. But the rider comes with certain terms and conditions you need to meet. At the same time, you won’t get the benefit of this rider under some circumstances that you could read here. Let’s talk about them below.
Firstly, insurers have defined accidental death as something caused due to a bodily injury from an accident. The rider will come into play only if the death happens within 180 days of the bodily injury before the cover expiry. Terms and conditions also include the exclusions one needs to contend with. Insurance companies don’t pay in case of accidental death due to the following circumstances –
If the accident causes disability to the insured, the insurer will pay a certain percentage of the rider sum assured for a specific period, helping him/her deal with the possible lack of income situation due to such an incident. Sounds interesting, but like all other riders, it also comes with certain terms and conditions for you to meet.
Below are the conditions that would apply to the accident disability rider.
As the name suggests, the premium shall get waived off. This rider comes into play when one gets injured in an accident or diagnosed with a critical illness and is unlikely to earn and take care of his/her family. With such a rider in place, the policy remains active even if you can’t pay the premium. The rider comes with some conditions that you could check below.