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Why Should You Opt for Riders In A Life Insurance Policy?

Jun 15, 2018 | 2 years ago | Read Time: 2 minutes | By iKnowledge Team

A life insurance cover protects your family in times of any unforeseen circumstances. Each of us are different, so should be our life insurance plan – tailored according to our needs. To address this, you can buy riders or add-ons and get more than just basic protection with an insurance plan. The add-on features may cost a bit more but they’re worth the extra premium. Here are some reasons why:

You can opt for waiver of premium benefit

Some life covers completely waive your premiums in case you are diagnosed with a Critical illness or have met with a devastating accident. This can be crucial because a huge chunk of your income is funneled towards your health treatment. What’s more, your cover will remain the same even after your premiums are waived.

You can get a Critical illness benefit rider

This rider helps you stay protected in case you are seriously ill, say for example you are diagnosed with cancer or have suffered a stroke. This rider can be of immense help because it can pay for your cancer and other such life-threatening treatments, which are otherwise prohibitively expensive.

Additional payout option on Accident death

An accidental death rider attached with your insurance plan can help your loved ones get an additional cover if the unforeseen event is a direct result of an accident.

You can be protected against Partial and Permanent Disability

This rider can keep you financially safe if you are disabled in an accident. In this case, the insurer pays a lump sum amount to help you get back on track.

You can ensure your dependents have a regular monthly income

Even with the sum assured (the pre-determined amount that needs to be paid by the insurer in case of your untimely death), it may sometimes not be possible for your dependents to make ends meet. In such a situation, club the income benefit option with your base insurance plan and ensure your family isn’t left cash-strapped.

You can be covered during a Terminal illness

If diagnosed with terminal illness, financial assistance will be provided by giving cash payouts (usually upto 25% of the sum assured) in such difficult times which can be used for treatment.  Remember that this amount will be deducted from the final payout after the insured’s death.

To sum up

On the surface of it, purchasing riders over and above a life cover may seem expensive. But if you look at it carefully, you’d realise that additional riders can further fortify your family’s future, be a god-send in case you are disabled in an accident or are diagnosed with a critical or terminal illness.

Advt. no.: IA/May 2018/4048

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