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  • Importance of Riders in Life Insurance

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    Having financial safety is very important for an individual, and life insurance is one of the most important tools which can help contribute towards achieving that. Anyone who financially supports a family member (dependent) automatically becomes an ideal candidate for purchasing a life insurance policy, the basic purpose of which is to provide financial protection to your loved ones in case of your sudden demise.

    Speaking of life insurance, it is something which varies depending on the individual’s needs. Different individuals have differing financial situations and requirements, which further affect their life insurance needs as well. The amount of cover that Mr. A needs, may be drastically different from what Mr. B may need, considering that Mr. A has far more in assets than Mr. B. One of the most important aspect which can help enhance the value that a life insurance policy provides to the policyholder, is, the add-on rider.

    Riders can be simply defined as coverage enhancements which one can opt to take over and above their base life insurance plan, to increase the scope of its coverage. Add-on riders can be taken at the time of purchasing a policy, or even at the time of renewal. The premiums charged for these riders are over and above the base plan premium.

    Importance of Having an Add-on Rider

    • < Allow for policy customisation – If you have aterm life insurance plan which provides basic coverage against the risk of death, having an add-on rider with the plan allows you to customize the plan. With the right rider, you can get enhanced coverage against a potential risk which may not be covered under your policy.
    • Make insurance more economical – As has been mentioned in the previous point, having an add-on rider eliminates the need to purchase an additional life insurance policy. The resultant benefit which one gets is not having to pay additional premiums towards a separate life insurance policy. The premiums charged for an add-on rider are significantly lower as compared to the premiums payable for a fully functional life insurance plan. Therefore, having an add-on also saves you tremendous amounts of money as well, which is always a good thing.
    • Eliminates the need for an additional policy – There are many risks which life insurance policies provide cover against such as cover against permanent disability, total/partial temporary disability, loss of income, accidental death, critical illness, and many more. However, rarely would you find an instance where a single policy provides cover against multiple risks. Which is where the add-ons are important. You can attach a rider to your base plan to get additional coverage, without having to purchase another policy to get the same coverage.

    Most Popular Add-on Riders Available With Life Insurance

    Under life insurance, policyholders have plenty to choose from in terms of add-on riders to enhance the coverage provided under their base plan. Here are some of the most popular add-on riders which are commonly offered by insurers.

    Accelerated Death Benefit Rider

    • If the insured policyholder has been diagnosed and is undergoing treatment for a life-threatening illness, the accelerated death benefit rider will provide them with a fixed percentage of the sum assured.
    • This rider can be of invaluable financial help especially at times when the policyholder’s family has to shell out a majority of their savings towards getting adequate treatment for the insured.

    Accidental Death Benefit Rider

    • This rider will provide an additional amount of sum assured (rider sum assured) if the policyholder happens to pass away following an accident.
    • The amount of the rider sum assured can differ from provider to provider, and is determined based on the base plan sum assured.
    • Some insurers may limit the maximum amount that can be provided as rider sum assured.
    • The premium rider stays unchanged for the complete policy period.
    • Certain life insurance providers may not offer this rider with a term plan, so check before purchasing.

    Critical Illness Benefit Rider

    • As the name suggests, the critical illness benefit rider is offered when the policyholder is diagnosed with any of the listed critical illness. Following the diagnosis, the rider will provide the insured with a lump sum amount to take care of medical expenses involved in treatment of said illness.
    • The critical illness benefit rider usually provides cover for a number of critical illnesses such as cancer, stroke, heart attack, paralysis, kidney failure, coronary artery bypass graft surgery, major organ transplant, etc.
    • Based on the terms and conditions stated, the policy coverage may or may not continue after the diagnosis of the critical illness.
    • In certain cases, after the critical illness benefit rider has been paid out, the policy cover amount may be reduced by the amount rider benefit sum assured.
    • Before you opt for this rider, make sure you understand the terms and conditions of the rider in full and find out what it covers.

    Accidental Disability Benefit Rider

    • The accidental disability rider kicks into action in case the insured policyholder has been rendered permanently or partially disabled following an accident.
    • This rider acts as a source of income for the insured and their family following the accident, as it provides them with a fixed amount, which is a specific percentage of the sum assured, at regular intervals, for a fixed number of years.
    • The accidental disability rider is usually offered along with the accidental death rider.

    Income Benefit Rider

    • The income benefit rider is especially useful in cases where the policyholder wants to ensure that the short and long-term needs of their loved ones are taken care of.
    • Under the income benefit rider, the beneficiary is entitled to receive an additional amount of income per year, for a fixed number of years, in addition to the sum assured provided under the base plan.

    Waiver of Premium Rider

    • This rider basically waives off future policy premiums in case the policyholder has become financially incapacitated to pay policy premiums due to an emergency such as being diagnosed with a critical illness, due to loss of income, or due to a an accident-led disability.
    • The biggest advantage of this rider is that the policy continues to provide cover, even after the premiums have been waived.
    • If the policyholder has not opted for this cover, but they are, due to an emergency, unable to pay future policy premiums, then their policy will lapse after the grace period is over, and they will not be eligible to receive any death benefit.

    If you are looking to enhance the protection which your life insurance plan currently provides, getting an add-on rider is the ideal option. With many insurers now offering a wide range of add-on covers over insurance plans, you have plenty of options to choose from.

    Importance of Riders in Life Insurance Reviews

  • Page 1 of 50 1 2 3 4 5
    • ICICI Prudential Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this insurance policy very long time back. The sum assured with them had been good and the premium i pay every month is around 3000 and i had been making the payments online. It has been a hassle free experience with them. Their customer support and the staff responses had been good so far.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2018
    • LIC Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken this insurance almost one and a half years back. The services which they had provided so far had been good. One of the known person of mine has came directly and i had taken this insurance, even they used to collect the premium every directly at the doorsteps. There has not been any issues faced so far.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying premium 30000 per year, the tenure of the policy is 30 years. I am paying the premium online. So far there hasn't been any issues with the services of LIC and being a Govt company the security for your investment is guaranteed.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jul 20, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      My life insurance policy is with LIC from last 14 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 3 months by cash and i am convenient with the payment options. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 1 year and it is a long term policy. The maturity period for this insurance policy is 10 years. I pay a premium of Rs 2000 on monthly basis through ECS and i am convenient with the payment options. I am happy with the returns and benefits of this policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 20, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 6 months and it is a long term policy. I am happy with the coverage and returns of this policy. I pay a premium of Rs 8000 once in 3 months by cash and i am convenient with the payment options. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 20, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have visited the branch directly to get the insurance policy. I have to pay the the premium for 25 years. Basically its a moneyback policy. I have got a very good response in the branch. I'm very much satisfied with the sum assured amount what they have provided for my policy. I'm not much interested to know about the policy details.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2018
    • Tata AIA Life Insurance
      "Clain Ratio is good. "
      0.5 5.0/5 "Blown Away!"
      I took this term insurance in the year of December 2016. I used the premium amount of Rs. 35000 i used to pay the premium yearly by using the credit card through online banking. They are offering a sum assured amount of 1.1 crore. I have to pay this term insurance for 10 years. I have spoke their customer care service and they were helpful to me.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 19, 2018
    • LIC Life Insurance
      "Excellent policy"
      0.5 5.0/5 "Blown Away!"
      I never called the customer care service of LIC. I used to pay the premium amount of Rs. 4200 for every month. I'm not aware of the sum assured amount . I have to pay this premium for 15 years. I used to make the payment through online banking. I have purchased this LIC policy for 5 years before.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2018
    • Bajaj Allianz Life Life Insurance
      "High Returns"
      0.5 5.0/5 "Blown Away!"
      I have a very less idea of Insurance sector, on my friends recommendation I ended up buying the ULIP Plan from Bajaj Allianz (https://www.bajajallianzlife.com/ulip/ulip.jsp.) The policy is great and personally I think it is one of the best investment plan with high returns. Service is fast and on time which is well facilitated from the customer services team.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 18, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 4.5/5 "Excellent!"
      I have a life insurance policy with LIC from last 1 year and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium of Rs 7000 once in a year by cash and i am convenient with the payment options. The maturity period for this policy is 16 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 18, 2018
    • SBI Life Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I took life insurance jeevan policy from Lic insurance company mainly because of the good returns, its 12 years of tenure period , the payment am doing through Ecs half yearly . There customer service and customer response is good .This policy covers accidental and critical illness coverage .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 18, 2018
    • LIC Life Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have my life insured with LIC from last 6 months and it is a long term policy. The tenure for this life insurance policy is 16 years. I pay my premium once in 3 months and for every premium thy charge GST with which i am not happy with. The coverage and returns are not up to the mark.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 17, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 10 years and it is a long term policy. I am happy with the coverage and returns of this policy. I pay my premium once in a year by cash and the payment is collected by the agent. The maturity period for this policy is 25 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 17, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my life insured with SBI LIFE from last 10 years and it is a long term policy. I pay my premium once in a year by cheque and i am convenient with the payment options. I am happy with the returns and benefits of this policy. The maturity period for this policy is after 25 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 17, 2018
    • LIC Life Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I took life insurance jeevan policy from Lic insurance company mainly because of the good returns, its 20 years of tenure period , the payment am doing through Ecs monthly . There customer service and customer response is good .This policy covers accidental and critical illness coverage for 50 years .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 17, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      l I have taken life insurance jeevan policy from the life insurance corporation of India . I pay the premium amount monthly which gets auto debited from my account . The policy coverage till 6o years with accidental benefits and critical illness . They gave the tenure period of 20 years and am satisfied with the premium amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 17, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance jeevan policy from Life insurance corporation of India . This policy covered with accidental coverage and critical illness coverage . This is good policy with good benefits . Overall am satisfied with customer service and response . I have choose tenure period of 20 years with policy coverage of 55 years and make the payment yearly through their agent
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 17, 2018
    • SBI Life Life Insurance
      "Poor policy"
      0.5 1.0/5 "Really Bad"
      I have taken sbi life insurance now i have closed it as they have false promise as i have taken this policy based on good returns after 5 years but at the time of closing they have make payment which they have deducted some amount of rs 80k above . I have contacted their customer service as there is no proper response from them. And i wont recommend any one for this bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 17, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken life insurance jeevan policy from Life insurance corporation of India . This policy covers with accidental coverage and critical illness coverage . This is good policy with good benefits . Overall am satisfied with customer service and response .And making the payment yearly through on-line net banking.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 17, 2018
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