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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. Can do better"
      0.5 3.0/5 "Satisfactory"
      I also have a life insurance with LIC. The tenure is for twelve years. I have taken a money back policy and every three years I would get my bonus which is a feature in this policy. The premium is normal too. Though there are things which can be done online. I still need to visit the office.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 20, 2018
    • HDFC Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance from HDFC Life. I could purchase the insurance online. The tenure is for ten years and there are good plan benefits and sum assured. I would get my maturity amount after the 10th year. The premium is nominal and I can pay it online.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 20, 2018
    • LIC Life Insurance
      "Satisfactory"
      0.5 4.5/5 "Excellent!"
      I have taken another policy with LIC. It is a Jeevan Saral policy. The premium is normal. The sum assured and the policy benefits are good. I would get the benefits of this policy after the retirement. It has been a very good experience till date.
      Was this review helpful? 2
      , vadodara
      Reviewed on Sep 18, 2018
    • LIC Life Insurance
      "Good in benefits"
      0.5 4.5/5 "Excellent!"
      I have also taken a endowment policy from LIC. The policy benefits are good. The sum assured is also good. The benefits was also provided to me immediately. It has been a good experience and it is secure to get the policies from this company. Good overall.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 18, 2018
    • LIC Life Insurance
      "Beneficial policy"
      0.5 4.5/5 "Excellent!"
      My father has taken a life insurance from LIC for me. It is a money back policy and the benefits are good and the sum assured is good. I got the benefits by default without having to go behind LIC.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 18, 2018
    • SBI Life Life Insurance
      "LIFE INSURANCE SHOULD BE TAKEN BY EVERYONE FROM SBI LIFE IN "
      0.5 4.0/5 "Great!"
      I have taken life insurance from Sbi Life insurance of money back gold policy . This policy covered with accidental coverage . This is a good policy with good returns . I have chosen for 12 years period with better policy coverage. I recommended every one to have one policy of SBI LIFE.
      Was this review helpful? 0
      , champawat
      Reviewed on Sep 18, 2018
    • Bajaj Allianz Life Life Insurance
      "Not paying back maturity amount"
      0.5 0.5/5 "Unacceptable"
      My policy (0002439625) has matured on July 2018, now three months over Bajaj Allianz has not paid my maturity amount back. Each time I contact them getting silly reason to avoid to pay back my maturity amount. The first reason was they despatch a cheque aready. After one moth they changed ask me my bank account details, I have submitted 5 times but the same is not updated their system. Now they are telling the clarity of the document is not clear. Any of the above cases Bajaj Allianz has not contacted me to inform this. Each time I have called them and ask about my maturity amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 17, 2018
    • ICICI Prudential Life Insurance
      "Worst Policy Provider. Dont Trust them"
      0.5 0.5/5 "Unacceptable"
      one of the unethical and non trusted brand. don't go with icici policy there are lots of hidden clause which these guys hide from you. please avoid going for icici pru policy. I have avail policy in month of January they have hide lots of bad things about policy.
      Was this review helpful? 3
      , pune
      Reviewed on Sep 17, 2018
    • Future Generali Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Future Genrali. I am paying a premium of 12000 per year. Their hasn't been any issues with the policy. The policy is a normal life insurance with out any commendable benefits. They need to improve their customer support services.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 15, 2018
    • Kotak Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Kotak, I am paying a premium of 11000 , they need to work on their promises while purchasing the policy. I am just paying the premium with out any benefits or a proper support. When it comes to serving customers they're all hesitant.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Sep 15, 2018
    • Max Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Max Life. I am paying a premium of 35K per year, they all provide massive offerings in order to convince the customers but once the customer has taken the policy; the service part becomes pathetic. They need to be more helpful and beneficial form the customer point of view.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 15, 2018
    • Birla Sun Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with Birla Sun Life from last 10-12 years and it is a long term policy. I pay a premium of Rs 6000 once in 6 months and i am convenient with the payment options. The tenure period for this insurance policy is 20 years.
      Was this review helpful? 1
      , mumbai
      Reviewed on Sep 14, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      My life is insured with LIC from last 12 years and it is s long term policy. The name of the policy is Jeevan anand and the tenure period for this policy. I pay my premium once in 3 months through net banking and the maturity period for this policy is 16 years.
      Was this review helpful? 2
      , pune
      Reviewed on Sep 12, 2018
    • Aviva Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with AVIVA life from last 6 years, i am happy with the coverage value of this policy. It covers critical illness as well as it has a cashless treatment. A premium of Rs 4500 has to be paid for this policy and i pay it through net banking.
      Was this review helpful? 1
      , pune
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I hold a Money back policy with LIC from last 6-8 years, i get a money back after every 4 years. 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 tenure period for this loan is 25 years.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      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 once in 3 months through net banking and i am convenient with the payment options. The maturity period for this policy is 15 years
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I have a life insurance policy with LIC from last 4 years and it is a long term policy. I am satisfied with the coverage and returns of this insurance policy. I pay my premium on yearly basis and the payment mode is Auto debit. The tenure period for this policy is 15 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, I'm paying a premium of 40000 for the two policies. I am making the premium payments online. So far there hasn't been any issues with their services.
      Was this review helpful? 1
      , lucknow
      Reviewed on Sep 11, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, I'm paying a premium of 40000 for the two policies. I am making the premium payments online. So far there hasn't been any issues with their services.
      Was this review helpful? 0
      , lucknow
      Reviewed on Sep 11, 2018
    • SBI Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the SBI Life. I am applying a low premium, So far it has been a hassle free experience with the policy. I am just paying the premium. The premium is comparatively low.
      Was this review helpful? 1
      , udaipur
      Reviewed on Sep 11, 2018
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