"Spending a whole day looking for insurance is fun," said nobody, EVER!

Importance of Riders in Life Insurance

You can purchase different rider along with your life insurance policy depending on your needs. A rider not only enhances your policy but is also extremely helpful to you from a financial point of view. Hence, you must purchase a rider based on your needs.
 4.5 / 5.0   by 17399 users
Used this product? Write a review >>

Fees & Charges

Promised Interest Rate

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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
  • LIC Life Insurance
    "Must Have"
    0.5 5.0/5 "Blown Away!"
    Its is feasible and I can get the loan based on the policy coverage. I took the Jeevan anand policy probably I make the premium around Rs. 15,000 per year it has term of 20 years, Almost I paid it for 15 years , remaining 5 years to go. LIC Is good for tax benefits.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • SBI Life Life Insurance
    "Excellent Policy"
    0.5 5.0/5 "Blown Away!"
    I had taken this insurance policy a long time back, the services which they had been very good. The premium amount has been nominal and has not been high and the payment method has been simple. I can make the payments using my credit card and there has not been any hassle faced with the services of them.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life insurance corporation of India, i took my life insurance as the agent of that and he had suggested me good policy explain me well about the coverage and the premium amount they have charged me was nominal they have given me up to 3,000 , it is in monthly basis, and the premium amount gets auto debited from my account.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with Life insurance corporation of India from long time, and the agent of LIC was know person so he suggested me best policy and there premium amount they have given me was nominal , the premium amount i use pay on yearly basis,and there is no hidden charged , and i pay premium through auto debit .
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life Insurance corporation of India,i took jeevan anand policy , and the agent is my brother , he had explained me clearly and advise me which insurance is good for me and i pay premium on half yearly basis and monthly basis as i have two policy, i use to pay through off line mode.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Best service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life Insurance corporation of India,i took life endowment policy , and the agent had properly explain me out the plan benefits and policy coverage , he had explained me clearly and advise me which insurance is good for me and i pay premium on quarterly basis,i use to pay premium up to 14000 through on line, i have two policy second policy premium i use to pay 25,000 as an yearly basis,and there patrol is good,they use to update me if any policy they use to update me, i use to pay through on line mode, through neft transfer.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Life insurance corporation of India, i have taken policy for my family , i have paying premium on half yearly basis up to 65,000 they have charged me , it is nominal for me , i use to pay through off line or on line mode,it depends according to my time, it i want to pay in emergency purpose i need to pay through on line,if there is delay in paying premium they use to charged me up to 230 rupees.
    Was this review helpful? 0
    , lucknow
    Reviewed on Jan 17, 2019
  • Bharti Axa Life Life Insurance
    "Good for nominee savings"
    0.5 4.0/5 "Great!"
    Reason to chose Bharthi Axa, my friend working there hence I took the policy. I have taken term insurance with the coverage of Rs.23 lakhs , I can add multiple nominees, I make the premium of Rs.95,000 its for per annum. It has term of 10 years, now a days they have different options too.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with HDFC LIFE INSURANCE recently in december , they have charge me nominal premium for a yearly basis, and it use to get through on line , and there agent was good they help me to get good policy and they use to update me if any update is there in this policy time to time.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good for future investment"
    0.5 4.0/5 "Great!"
    I don't have any query with Money back policy from LIC, they has all the option through online hence I can visit any branch for LIC queries. I get the bulk amount after 20 years , its good for my daughter marriage or education. therefore I make Rs.30,000 per annum.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good for education purpose"
    0.5 4.0/5 "Great!"
    Long back I done LIC, I was taken education policy for my daughter, I took for it 21 years, I need to pay the premium upto 18 years, then I get 20% of amount every two year once for my daughter education purpose, everything is online, I make the premium around Rs. 40k per annum.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with HDFC LIFE,there service is good, i use to pay my premium on yearly basis , they have charged me up to 5000 rupees ,i use to pay through on line , they are not taken any extra charges,the agent had explain me clearly about there policy coverage.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good for tax benefits with safe investment"
    0.5 4.0/5 "Great!"
    I have one LIC Policy for Rs. 60,000 in an annual basis I make the premium, its good for the tax benefits. The policy which I took is jeevan anand has the policy term of 20 years. However it has the locking period of three years. I can view the statement through online.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have chosen 2 policies, long term and money back. LIC is good but they will provide the information only If I request them. Paying monthly 2500 rupees through ECS. I did not see any benefits and have no access for online. Every 5 years once they are giving bonus on the money back plan.
    Was this review helpful? 0
    , hosur
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 4.5/5 "Excellent!"
    I have taken 4 policies with LIC from long back. Its a mixed of endowment, money back and life insurance policy for family. I am satisfied with the benefits. If there is any problem I can manage the account online. I pay the premium by cash or cheque, its hardly around 1300 or 1400 rupees every quarterly and also monthly premium has been done.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy with LIC and it was taken almost now 10 years through an agent. The tenure period is 21 years and its a JEEVAN ANAND. The benefits are quite good. I never contacted the customer service, I go through with an agent. I make the premium through online every quarter.
    Was this review helpful? 0
    , thiruvananthapuram
    Reviewed on Jan 14, 2019
  • IDBI Federal Life Insurance
    "I feel I should have taken a better product"
    0.5 2.0/5 "Expected more"
    I have taken IDBI Federal Incomesurance policy 6 yrs back, premium of Rs 1.2 Lakh/yr, for 15 yrs . Life Coverage only 18.3 lakh, I will get only 1.8 Lakh per year for 10 yrs at end of term, which is meagre by any std. I am not able to come out of it as I will be loosing heavily. I am retiring after three years and after that I have to pay for another 5 years to get this benefit (yrly payout) . I do not know what to do.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 13, 2019
  • HDFC Life Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • LIC Life Insurance
    "Good for me and for my nominees"
    0.5 4.0/5 "Great!"
    I have purchased Jeevan anand policy with LIC, my policy has the tenure period of 20 years. As per my policy I need to pay the premium for 15 years, I make Rs. 30,000 per annuam. At last I get the premium cover upto Rs. 20 lakhs and one other good benefits even after the policy expiry there is a maturity benefits of 14 lakhs will provide to the nominees for certain demise its good. But I suggest they need more improvement on the customer support,
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Trusted Insurance Company"
    0.5 4.0/5 "Great!"
    It was taken the policy with LIC in month of 2014, they have good reputation and my relative is working as an agent. To secure my family I took this policy, the policy which I am holding it for 25 years, I will be getting the maturity after the tenure period.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 11, 2019
Common Loader Icon
Page 1 of 50 1 2 3 4 5

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.