Rider Options of an Insurance Plan
Insurance coverage protects your loved ones against risks at different stages in your life. Insurers offer lucrative plans to facilitate this process and instil a disciplined approach towards savings.
What is a Rider?
Based on your specific needs, insurance plans can be customized with add-ons called 'riders'. It is an additional feature that is purchased along with the basic policy. The benefits of riders are in addition to the base benefits. Riders can help the policyholders to customize the policy to increase the sphere of benefits.
Let's check out the riders available with Max Life insurance plans:
|Rider||Explanation||Policies that offer this rider|
|CAB Rider |
(Comprehensive Accidental Benefit)
|Accidents can derail future goals and dent your finances. |
This rider safeguards your family's financial future in case of an accidental death, and the reason you should have this rider is because accidents aren't usually covered in the base plans. You can add the rider any time to your base plan, during purchase or post purchase provided you have a specified number of years left in your policy term.
The sum assured is payable in lump sum as per the policy contract.
|• Max Life Online Term Plan Plus|
|WoP Rider (Waiver of Premium)||This rider offers waiver of all future premiums in case of dismemberment/ critical illness/death based on the following criteria, while your family continues to receive the policy benefits. It is waivered as follows: |
• If the policyholder and insured are the same - waiver of all future premiums is provided in case of dismemberment or diagnosis of specified critical illnesses
• If the policyholder and insured are different - waiver of all future premiums is provided in case of dismemberment, diagnosis of specified critical illness or death of the policyholder
|• Max Life Super Term Plan |
• Max Life Life Gain Premier
• Max Life Perfect Partner Super Plan
• Max Life Whole Life Super Plan
• Max Life Online Term Plan Plus
|Partner Care Rider||You can add the Partner Care Rider to your insurance plans as an added safeguard for your loved ones upon your death. Under this rider, in the event of death of the insured, the insurance company pays all the future premiums payable under the base policy to the nominee.|
In case of a grace period, the unpaid premium also forms a part of death benefit. This rider expires once the insured attains 60 years of age.
|• Max Life Forever Young Pension Plan |
• Max Life Platinum Wealth Plan