The life insurance industry in India is growing at a very healthy rate. These days, we have some excellent private life insurance companies, along with the Life Insurance Corporation of India (LIC), offering some of the most helpful term insurance plans. Term insurance has many beneficial features. One of them is the option to attach riders. The best term insurance plan with riders in India helps you to get the most suitable and tailor-made life cover possible. They offer other benefits too. What are they? Let us find out in the article below.
Understanding a Term Insurance Plan with Riders
How does the best term insurance plan with riders in India work? It is quite simple to understand. There are two main components here:
- Base plan – The base plan refers to the basic term insurance plan that the insurer offers. It has a standard life cover for the pre-fixed number of years.
- Added riders – Riders are add-on covers that you can attach to the base term life insurance policy. Each rider is available at an extra cost. The riders help you to customise the policy and make it work in your favour. Riders are used because different people have different life insurance requirements. A base plan alone may not cater to everyone’s individual requirements. But when the riders are added, the plan becomes more suitable and matches the needs of the policyholders.
So the best term insurance plan with riders in India is nothing but a basic term insurance policy with some add-on covers attached to it.
The Popular Term Insurance Riders in India
As mentioned above, different people have different needs. Consequently, the riders have been designed to ensure the people find their right matches and are able to customise their plans in a proper manner. Some of the most common and popular term insurance riders in India include:
- Critical Illness Rider – This is one of the most commonly used term insurance riders. Here, a sum is promised if the policyholder gets any one of the listed critical illnesses during the policy period. The critical illnesses covered include stroke, heart attack, organ failure, etc. The policyholder is free to use the sum assured in any way he wishes.
- Accidental Disability and Death Benefit Rider – The accidental disability and death benefit rider works by offering a separate sum assured if the policyholder becomes disabled following a road accident. The disability may be temporary or permanent, partial or whole. A death benefit is paid out if the policyholder dies in the road accident. This death benefit is over and above the death benefit given under the base policy.
- Accelerated Death Benefit Rider – The accelerated death benefit rider promises to pay a part of the sum assured if the policyholder gets affected by a terminal illness. Treatment costs of a terminal illness are very high. The monetary assistance received from this compensation helps the family of the policyholder to cope with the economic struggles at a difficult time.
- Income Benefit Rider – If you opt for this term insurance rider, your family will get a monthly income for a fixed number of years after your demise. This payment will happen over and above the payment of the death benefit.
- Waiver of Premium Rider – At times, the policyholder loses his job or is unable to earn an income due to some health conditions. If this rider is taken, and the policyholder is unable to earn a living, all his future premium payments are waived off while the policy remains in action. This is one of the handiest term insurance riders for sure.
Always remember that adding a rider will push up the premium rates. You may not require all of the above-mentioned term insurance riders. So go over the clauses of each, understand them and only choose the ones that are of most use to you.
The Best Term Insurance Plan with Riders in India
Take a look at the best plans in this category:
- HDFC Life Click 2 Protect Plus
- Max life insurance Term Plan
- Bajaj Allianz iSecure Term Plan
- SBI Life eShield Term Plan
- Bharti Axa e-Protect Term Plan
- Aegon Life iTerm Plan
If you are looking for a good term plan where to which you can add the riders of your choice, go for any one of the above-mentioned plans and you will have an excellent life cover for yourself.
In a nutshell
The best term insurance plan with riders in India is indeed a very handy life insurance cover to have. As you can see from the points mentioned above, there are many advantages available from these covers. You also have many options to choose from. So go ahead, compare the term insurance quotes and find your ideal term plan with the best riders. Choose wisely and stay adequately covered.