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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
    • LIC Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The life insurance policy that i have taken it from the LIFE INSURANCE CORPORATION OF INDIA, the premium for my life insurance that i am paying 7k for yearly once also they have given the tenuity period of 16 years. The policy gives the coverage is for family.
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I haev purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA from last five years they have given me the policy coverage with the 16 years of tenuity for my complete family. The premium i pay yearly once as 10k.
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have a life insurance with LIC. The policy name is JEEVAN ANAND and the tenure period is 20 years. After the maturity, I will get a good return. I am using the LIC service for 2 years. The payment mode is net banking. The policy coverage and the plan benefits are happy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Its Good for Children"
      0.5 5.0/5 "Blown Away!"
      I have Child plan took for my kid, I need to pay the premium around Rs. 10,000 on monthly basis., he will get 26 lakhs after 20 years of old. This policy has locking period I need to pay for 16 years after 20 years my son can avail the benefits its good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Good life cover with better Benefits"
      0.5 5.0/5 "Blown Away!"
      I took two policy from policy. I like Jeevan anand policy, I have pay the amount of Rs. 10 lakhs for the total term of 16 years then I get the insurance amount of Rs. 20 lakhs called matured benefits., they are providing life cover upto Rs.10 lakhs.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA and i am using it from past 6-7 years the maturity period for this policy is for 2 years where i am holding the JEEVAN ANAND policy. The premium i pay yearly once through the online.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have take my life insurance policy from Life insurance corporation of India. The policy cover with all benefits like illness coverage, i use to pay my premium through credit card or debit card, i am happy with the benefit they have provide me i use to pay premium in every 4 quarterly month , i have been holding various different policy with LIC.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my health insurance with Life insurance corporation of India from past one and the half years, they have tie up with many hospital and there customer service explained me about policy clearly and there premium amount they have charged up to 1200 on a yearly basis.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      It was an average experience in Life insurance policy with LIC, i am having this policy from last 7 years and i pay my premium on yearly basis through online. Payment options are convenient for me and the returns are not that good in this policy. The tenure period is 20 years for this policy.
      Was this review helpful? 0
      , khargone
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Best personal insurance policy"
      0.5 5.0/5 "Blown Away!"
      My life was insured with Money back policy. They are having a accidental benefits. Because of the trust in LIC i have chosen with this company. The policy has been covered with accidental and death benefits. I am going to get a first cashback by next month. I have purchased this policy in 2014.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I'm using the LIC app hence i make the payment through the digital method. I have taken my life insurance policy with Life insurance corporation of India. I pay the premium amount of Rs. 4200 for combining of 4 policies. This is a tax benefits policy. Total tenure period of the policy is 20 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken one life insurance policy with LIC. I am using this service from past 1 year, i did not face any complication while applying this insurance,they are charging up to 900 rupees per month, and it use to get auto debit from my account and there customer support team was good they explain me all the policy details very clearly.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 18, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have opened the life insurance policy 1 year back with LIC. I have chosen the plan of Jeevan Anand. I pay the premium amount of Rs. 19000. They are giving a coverage amount of Rs. 4 lakhs. Total tenure period of the policy is 20 years. I make the payment through cheque. This is a tax benefitable policy
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 18, 2018
    • LIC Life Insurance
      "Good insurance policy with LIC"
      0.5 5.0/5 "Blown Away!"
      My life insurance policy was taken with Life Insurance Corporation of India. I have been paying the premium of Rs. 1800. The amount has been deducted through ECS. My father has suggested me about this policy. Total tenure period of the 20 years. I have chosen the payment mode of every month.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 17, 2018
    • LIC Life Insurance
      "Everyone should take one policy with LIC"
      0.5 5.0/5 "Blown Away!"
      I have been holding the life insurance policy with LIC. I purchased the policy 5 years back. Total tenure period of the policy is 25 years. This is a tax beneficial policy. My father has taken care of the policy details. The interest rate and late fee charges are very low when it comes to LIC.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 17, 2018
    • LIC Life Insurance
      "Its Good"
      0.5 4.0/5 "Great!"
      The customer service is okay, when we want to any information regarding the policy, they wont explain it properly. I used to pay the premium amount around Rs. 2500 on monthly basis and it has total term of 21 years. After 10 years I get the matured benefits.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 17, 2018
    • Kotak Life Life Insurance
      "Recommendbale term life"
      0.5 5.0/5 "Blown Away!"
      Its one of the best policy with Kotak Mahindra on my term plan, it has low cost with better benefits. For any incident they are providing life cover and they have good claim settlement and renewal. Premium I used to pay around Rs. 12,500 it has term of 24 years for 1 crore coverage.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 17, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken one life insurance policy with LIC. I am using this service for long time. My relative is agent of lic so he explain me all procedure and i have applied for life insurance from him only and i use to give premium in quarterly bases , i use to pay through on line around 3190 as premium amount they use to charge me.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      My experience with the MAX LIFE INSURANCE is very good and i am using it from past ten years the maturity period is for 15 years where the premium i pay on monthly basis through the offline. This gives the coverage is for self and i am satisfied with this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have take my life insurance policy from Life insurance corporation of India. The policy cover with all benefits like illness coverage, i use to pay my premium through credit card or debit card, i am happy with the benefit they have provide me i use to pay premium in every 4 quarterly month , i have been holding various different pocily in LIC.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
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